CNX to Buy Noble’s 50% Share of CONE Midstream for $305M

On Monday MDN shared news with you that we believe was exclusive news--nobody else picked up on it. The news was that Noble Energy's original plan to sell its 50% stake in CONE Midstream to Quantum Energy Partners for $765 million, announced back in May, is in trouble (see Noble’s 50% CONE Midstream Sale in Trouble – Shopping Deal to CNX). We told you that according to a recent Securities and Exchange Commission filing Noble had begun negotiations with CNX Resources (formerly CONSOL Energy), which is the other 50% owner of CONE, to sell Noble's share to them. It seems we were prophetic. This morning CNX issued a press release to announce they have cut a deal to buy Noble's 50% CONE share--for $305 million. That's 40% of the deal price Noble previously worked out with Quantum. Must be it's a buyer's market for midstream assets... 12/18/17 Update: On Friday, following CNX's announcement about buying the rest of CONE from Noble Energy, Noble also issued an announcement (below). Noble's announcement amusingly leaves out the purchase price--less than half of the previously deal they had with Quantum.

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