Porter Hedges represented Noble Energy, Inc. (Noble Energy) in an agreement announced today 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. 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, and Corporate partner Nick Nicholas.
For additional details on the transaction, please visit Noble Energy’s press release or refer to the press reports below.
"Joint Ventures Reach Record $12.3 Billion In 2011," Oil and Gas Investor (January 23, 2012)
"Noble Energy to Pay $3.4 Billion to Develop Marcellus Shale With Consol," Wall Street Journal (August 18, 2011)
"Noble, Consol announce $3.4 billion shale deal," Houston Chronicle (August 18, 2011)
"Oil and gas exploration company Noble Energy has agreed to pay $3.4 billion for a 50 percent stake in Consol Energy's Marcellus Shale holdings in Pennsylvania and West Virginia, " The AmLaw Daily (August 18, 2011)
"Porter Reps Noble in $3.4B Marcellus Deal with Consol," Law360 (August 18, 2011)
"Dealmaker of the Week: Size and Scope," Texas Lawyer (August 29, 2011)
“Noble Energy Acquires 50% Stake in Marcellus Shale Holdings From Consol Energy,” Lawyer Monthly (October 2011) at p164