Noble Energy reached an agreement with CNX Resources to sell its Marcellus midstream assets. That resolved a legal dispute between the two companies. In the agreement, CNX Resources will acquire Noble’s 50% interest in CONE Gathering, which owns the general partner of CONE Midstream Partners, for $305 million cash. Noble will retain its 21.7 million common limited partner units in CONE Midstream with plans to divest them over the next few years.
FourPoint Energy closed a $188 million acquisition of Texas panhandle upstream and midstream assets and secured additional equity investments of $525 million. According to the company, the purchase adds production, upside acreage and control of a fully integrated midstream system in the Western Anadarko.
And speaking of deals, SandRidge Energy launched an effort to debunk what it called “distorted facts and myths” about its proposed merger with Bonanza Creek Energy. In a letter that was made public, the company said a vocal minority of shareholders that have attempted to criticize the acquisition are distorting the facts and misleading the investing public. Some analysts have already written off the merger because of opposition by four shareholders, including Carl Icahn. But SandRidge said that opponents of the deal have their facts wrong. Most notably SandRidge said its $36 per share offer for Bonanza is “well within the per share valuation ranges implied by Bonanza Creek’s net asset value.”
The week of Christmas, we’ll bring you a special report looking back on the top headlines from 2017. For the latest news during the holiday season make sure to stay connected to oilandgasinvestor.com.
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