HOUSTON, October 3, 2011: Noble Energy, Inc. (Noble Energy) announced today that it closed the previously announced agreement to create a joint venture partnership with CONSOL Energy, Inc. (CONSOL Energy) for the development of CONSOL Energy’s Marcellus Shale properties in southwest Pennsylvania and northwest West Virginia. The deal was previously announced on August 18, 2011. Porter Hedges represented Noble Energy in this transaction. For an aggregate value of approximately $3.2 billion, Noble Energy will acquire 50% of CONSOL Energy’s Marcellus Shale interest including a 50% interest in the existing Marcellus Shale wells. This joint venture establishes a new position for Noble Energy in the Marcellus shale.
This is the third transaction where Porter Hedges has represented Noble Energy in the last two years. In August 2010, Porter Hedges represented Noble Energy in its $552 million sale of Mid-Continent and Illinois basin non-core oil and gas assets to an affiliate of Citation Oil & Gas. In January 2010, Porter Hedges represented Noble Energy in the $494 million acquisition of oil and gas assets in the Rocky Mountain region from Petro-Canada Resources (USA) Inc. and Suncor Energy (Natural Gas) America, Inc.
The transaction team was led by Noble Energy’s General Counsel Arne Johnson and Associate General Counsel Kirk Moore along with Porter Hedges Energy partners Randy King and Bob Thomas, Corporate partners Nick Nicholas and Corey Brown, and Tax partner John Ransom.
For additional details on the transaction, please visit Noble Energy’s press release here or refer to the press report below.
“Noble Energy Acquires 50% Stake in Marcellus Shale Holdings from Consol Energy,” Lawyer Monthly (October 2011) at p164