Noble Energy and CONSOL Energy have submitted a confidential draft Registration Statement on Form S-1 to the U.S. Securities and Exchange Commission relating to a proposed initial public offering of common units of a master limited partnership (MLP).
Upon completion of the proposed offering, the MLP will own, operate, and develop Noble Energy’s and CONSOL’s jointly-owned natural gas midstream assets in the Marcellus Shale.
CONSOL and Noble Energy’s 50/50 joint venture, CONE Gathering LLC, is anticipated to own the general partner of the MLP, which would retain incentive distribution rights and a majority of the MLP’s common units.