Noble Midstream Partners LP


As consideration for acquisition of additional interests in Colorado River DevCo LP and Blanco River DevCo LP from Noble Energy Inc., Noble Midstream will pay Noble Energy $270 million consisting of $245 million in cash and 562,430 common units representing limited partner interests. Cash consideration will be funded with about $143 million of net proceeds from concurrent private placement of common units and $102 million of borrowing under credit facility. Upon closing of acquisition and private placement, Noble Energy will own a 50.1% limited partner interest in Noble Midstream. Acquisition expected to close prior to end of second quarter. Board of directors approved transaction terms. Conflicts committee was advised by Evercore on financial matters and Baker Botts LLP on legal matters.

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