V&E Advises Noble in Marcellus Exit

© 2017 The Texas Lawbook.By Natalie Posgate (May 19) – Houston-based Noble Energy said Thursday that it will exit the Marcellus Shale by divesting its midstream assets in the Marcellus Shale to a portfolio company of Quantum Energy Partners for $765 million. The transaction entails Noble Energy selling the holding company that owns a 50 percent interest in CONE Gathering as well as 21.7 million limited partnership units, or a 33.5 percent ownership stake, in CONE Midstream Partners. CONE Gathering, which is a joint venture between Noble Energy and CONSOL Energy, owns the general partner of CONE Midstream. The announcement comes less than a month after Noble agreed to divest its upstream assets in the Marcellus for $1.2 billion. Noble Energy executives said in a statement that Thursday’s transaction marks Noble shifting its midstream efforts to DJ Basin and Delaware Basin in Colorado and West Texas, two areas that are trending this year with the oil & gas industry. Noble Energy General Counsel Arnold J. Johnson turned to a primarily Houston-based team from Vinson & Elkins led by corporate partner Ramey Layne and associate Brittany Sakowitz to handle its end of the deal. They received assistance from associates Ali Choate…