NBL to spinoff midstream assets into MLP

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http://www.oilandgas360.com/noble-energ ... S_Campaign

The Houston-based company said that it plans to offer 12.5 million common units with the option for an additional 1.9 million units, representing a 39.3% and 45.2% limited partnership, respectively. Noble anticipates an offer price of $19.00 to $21.00 per unit in the MLP, which will trade under the ticker NBLX.

The IPO includes the company’s DJ Basin crude oil, natural gas and water-related midstream assets. Noble holds more than 500,000 net acres in northern Colorado’s DJ Basin, with the company’s largest onshore field located in the Wattenberg. NBL has invested approximately $600 million in DJ midstream infrastructure in order to meet the demand coming from the region according to a company investor presentation.