NOBLE ENERGY, INC. (NYSE:NBL) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement.
and CNX Gas Company LLC (CNX), a subsidiary of CONSOL Energy
Inc., terminated the Joint Development Agreement dated September
30, 2011 (the JDA), in connection with the closing of the
previously announced Exchange Agreement dated October 29, 2016
between us and CNX. The JDA provided for the development of
certain oil and gas properties that were jointly owned by us and
CNX (including certain related assets, the Co-Owned Properties)
and, in certain circumstances, required us to fund one-third of
CNXs working interest share of certain drilling and completion
costs incurred in connection with the Co-Owned Properties (the
Carried Costs). As of October 1, 2016, our Carried Cost
obligation under the JDA totaled $1.6 billion.
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the remaining balance of our Carried Cost obligation was
satisfied and extinguished; |
|
CNX transferred all of its interest in a portion of the
Co-Owned Properties to us; |
|
we transferred all of our interest in the remainder of the
Co-Owned Properties to CNX; and |
|
we paid CNX $213 million in cash (which included $8 million
of closing adjustments). |
of the parties under that agreement were terminated and are of no
further force or effect.
About NOBLE ENERGY, INC. (NYSE:NBL)
Noble Energy, Inc. is an independent energy company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production. The Company’s portfolio is diversified between short-term and long-term projects, domestic and international and a balanced production mix among crude oil, natural gas and NGLs. The Company operates in over seven core areas, including the DJ Basin (onshore United States), the Marcellus Shale (onshore United States), Eagle Ford Shale (onshore United States), Permian Basin (onshore United States), the deepwater Gulf of Mexico (offshore United States), offshore West Africa and offshore Eastern Mediterranean. Its sanctioned projects include DJ Basin (onshore United States), Marcellus Shale (onshore United States), Eagle Ford Shale (onshore United States), Permian Basin (onshore United States), Gunflint (deepwater Gulf of Mexico) and Tamar Southwest (offshore Israel). Its proved reserves are approximately 1,420 million barrels oil equivalent. NOBLE ENERGY, INC. (NYSE:NBL) Recent Trading Information
NOBLE ENERGY, INC. (NYSE:NBL) closed its last trading session up +0.37 at 39.87 with 3,804,468 shares trading hands.
