Noble Energy Inc. is not letting go of its midstream business quite yet, though some analysts say the move is not the most ideal outcome.

On Nov. 15, the Houston-based independent said, in conclusion of a review launched earlier this year, it decided to retain and increase its ownership in Noble Midstream Partners LP through a dropdown transaction worth about $1.6 billion in cash and stock.

The dropdown includes essentially all of the company’s remaining U.S. onshore midstream interests and assets located in the Denver-Julesburg (D-J) and Permian basins plus the elimination of incentive distribution rights. Noble Energy estimates the EBITDA for the assets sold to be about $160 million for 2020

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