Highly accretive transaction backed by contracted cash flows
February 04, 2020 09:00 AM Eastern Standard Time
HOUSTON--( BUSINESS WIRE )--Noble Midstream Partners LP (NASDAQ: NBLX) (the “Partnership” or “Noble Midstream”) and Greenfield Midstream LLC (“Greenfield Midstream”) have exercised the option to acquire a 20% interest in the Saddlehorn Pipeline through their Black Diamond Gathering LLC (“Black Diamond”) joint venture. Highlights:
Black Diamond acquired a 20% interest in the Saddlehorn Pipeline for $155 million gross, or $84 million net to Noble Midstream
Expected to generate highly competitive returns and be leverage neutral in 2020
Diversifies Joint Venture into downstream, long-haul opportunities and provides customer optionality to Cushing
The Saddlehorn Pipeline, which is jointly owned by affiliates of Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) and Western Midstream Partners, LP (NYSE: WES) (“WES”), is currently capable of transporting approximately 190,000 barrels per day (Bbl/d) of crude oil and condensate from the DJ and Powder River Basins to storage facilities in Cushing, OK. Magellan serves as operator of the Saddlehorn pipeline. Following a successful open season, the Saddlehorn Pipeline is expanding by 100,000 Bbl/d, to a new total capacity of 290,000 Bbl/d. The incremental capacity is expected to be available in late 2020 following the addition of incremental pumping and storage capabilities. There will be no additional capital required by Black Diamond for the expansion of the pipeline to 290,000 Bbl/d. Backed by minimum volume commitments from high quality producers, the Saddlehorn Pipeline acquisition provides Black Diamond entry into high multiple, stable cash flows at a competitive valuation. The acquisition is expected to generate returns above organic capital options and bolster the quality and diversification of the Partnership’s cash flows. With the pipeline online, Black Diamond anticipates cash distributions from Saddlehorn in the first quarter 2020. Noble Midstream expects the acquisition to be leverage neutral to 2020 credit metrics and is expected to pay for its share of the acquisition through cash on hand and its revolving credit facility. The effective date of the transaction was February 1, 2020; Noble Midstream 2020 guidance included the Saddlehorn acquisition and remains unchanged. Commenting on the acquisition, Noble Midstream President and Chief Operating Officer Robin Fielder said, “This accretive transaction represents a rare opportunity to buy into a largely-contracted pipeline with high-quality producers and midstream operators. Saddlehorn strengthens the Black Diamond position as the premier full-service crude transportation provider in the DJ Basin and enhances the value proposition provided to our customers. Further, this investment is anticipated to generate high rates of return, provide diversification, and increase our exposure to stable cash flow streams.”
Noble Midstream operates Black Diamond, which includes a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 240 miles of pipeline in operation, 300,000 Bbl/d delivery capacity and 390,000 Bbl/d crude oil storage capacity. The system is connected to every major takeaway pipeline in the DJ Basin, including the White Cliffs Pipeline, the Saddlehorn Pipeline, the Grand Mesa Pipeline, and the Pony Express Pipeline. Greenfield Midstream owns 45.6% of Black Diamond. Noble Midstream and Greenfield Midstream jointly provide commercial efforts to bring additional producer dedications to Black Diamond Gathering and pursue expansion opportunities. About Noble Midstream Partners LP
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com . About Greenfield Midstream, LLC
Greenfield Midstream is an independent energy company focused on the development of midstream assets across North America. Based in Houston, Greenfield is led by a seasoned management team with strong commercial, technical and operational skills and a proven track record of value creation for its stakeholders. Greenfield Midstream is backed by growth capital from EnCap Flatrock Midstream. For more information, please visit www.greenfieldmidstream.com . Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com . Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.

Noble Midstream and Greenfield Midstream Exercise Saddlehorn Option

February 4, 2020
Highly accretive transaction backed by contracted cash flows
Houston, Texas - Noble Midstream Partners LP (NASDAQ: NBLX) (the “Partnership” or “Noble Midstream”) and Greenfield Midstream LLC (“Greenfield Midstream”) have exercised the option to acquire a 20% interest in the Saddlehorn Pipeline through its Black Diamond Gathering LLC (“Black Diamond”) joint venture. Highlights:
Black Diamond acquired a 20% interest in the Saddlehorn Pipeline for $155 million gross, or $84 million net to Noble Midstream
Expected to generate highly competitive returns and be leverage neutral in 2020
Diversifies Joint Venture into downstream, long-haul opportunities and provides customer optionality to Cushing
The Saddlehorn Pipeline, which is jointly owned by affiliates of Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) and Western Midstream Partners, LP (NYSE: WES) (“WES”), is currently capable of transporting approximately 190,000 barrels per day (Bbl/d) of crude oil and condensate from the DJ and Powder River Basins to storage facilities in Cushing, OK. Magellan serves as operator of the Saddlehorn pipeline. Following a successful open season, the Saddlehorn Pipeline is expanding by 100,000 Bbl/d, to a new total capacity of 290,000 Bbl/d. The incremental capacity is expected to be available in late 2020 following the addition of incremental pumping and storage capabilities. There will be no additional capital required by Black Diamond in 2020 for the expansion of the pipeline. Backed by minimum volume commitments from high quality producers, the Saddlehorn Pipeline acquisition gives Black Diamond entry into high multiple, stable cash flows at competitive valuation. The acquisition is expected to generate returns above our organic capital plan and bolster the quality and diversification of the Partnership’s cash flows. With the pipeline online, Black Diamond anticipates cash distributions in the first quarter 2020. NBLX expects the acquisition to be leverage neutral to 2020 credit metrics and is expected to pay for the acquisition through cash on hand and the revolving credit facility. The effective date of the transaction was February 1, 2020; Noble Midstream 2020 guidance included the Saddlehorn acquisition and remains unchanged. Commenting on the acquisition, Noble Midstream President and Chief Operating Officer Robin Fielder said, “This accretive transaction represents a rare opportunity to buy into a largely contracted pipeline with high-quality producers and midstream operators. Saddlehorn strengthens the Black Diamond position as the premier full-service crude transportation provider in the DJ Basin and enhances the value proposition provided to our customers. Further, this investment is anticipated to generate high rates of return, provide diversification, and increase our exposure to stable cash flow streams.”
Noble Midstream operates Black Diamond, which includes a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 240 miles of pipeline in operation, 300,000 Bbl/d delivery capacity and 390,000 Bbl/d crude oil storage capacity. The system is connected to every major takeaway pipeline in the DJ Basin, including the White Cliffs Pipeline, the Saddlehorn Pipeline, the Grand Mesa Pipeline, and the Pony Express Pipeline. Greenfield Midstream owns 45.6% of Black Diamond. Noble Midstream and Greenfield Midstream jointly provide commercial efforts to bring additional producer dedications to Black Diamond Gathering and pursue expansion opportunities. About Noble Midstream Partners LP
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com . About Greenfield Midstream, LLC
Greenfield Midstream is an independent energy company focused on the development of midstream assets across North America. Based in Houston, Greenfield is led by a seasoned management team with strong commercial, technical and operational skills and a proven track record of value creation for its stakeholders. Greenfield Midstream is backed by growth capital from EnCap Flatrock Midstream. For more information, please visit www.greenfieldmidstream.com . Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com . Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change. Contacts:

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Noble Midstream Partners LP (NYSE: NBLX) (the “Partnership” or “Noble Midstream”) and Greenfield Midstream LLC (“Greenfield Midstream”) provided a commercial and business development update for its Black Diamond Gathering LLC (“Black Diamond”) joint venture. Black Diamond provides crude oil gathering and storage services to producers in the Denver Julesburg Basin (“the DJ Basin”). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190829005159/en/
Black Diamond has entered into a new strategic relationship with Saddlehorn Pipeline Company, LLC (“Saddlehorn”), including an option for up to a 20% ownership in Saddlehorn
Black Diamond added a long-term oil gathering dedication from Verdad Resources LLC (“Verdad Resources”), increasing Black Diamond dedicated acres by approximately 85,000 acres, or 54%. Saddlehorn Investment Option
As part of such strategic relationship, Black Diamond and Noble Energy Inc. made commitments during Saddlehorn’s recent open season. Black Diamond’s investment option expires in April 2020. The Saddlehorn Pipeline, which is jointly owned by affiliates of Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) and Western Midstream Partners, LP (NYSE: WES) (“WES”), is currently capable of transporting approximately 190 thousand barrels per day (MBbl/d) of crude oil and condensate from the DJ and Powder River Basins to storage facilities in Cushing, Oklahoma owned by Magellan and Plains. With the recent successful open season, the Saddlehorn Pipeline will be expanded by 100 MBbl/d, to a new total capacity of 290 MBbl/d. The higher capacity is expected to be available in late 2020 following the addition of incremental pumping and storage capabilities. Magellan serves as operator of the Saddlehorn pipeline. Upon an option exercise by Black Diamond, Magellan and Plains would each sell-down their equity interests in the Saddlehorn Pipeline to Black Diamond on an equal 10% basis while WES would retain its 20% equity ownership. Commenting on the announcement, Noble Midstream Chief Executive Officer Brent Smolik said, “Saddlehorn is an important long-haul outlet from the DJ and Powder River Basins with premier midstream equity partners and commitments from high-quality producers. This opportunity is a natural expansion of Black Diamond’s strategic footprint, with the ability to realize economics further down the crude oil value chain while enhancing the all-in value proposition for our customers. In addition, the new open season TSAs signed by Noble Energy and Black Diamond will include a tariff reduction to transport barrels to Cushing. We are excited by another potential long-haul pipeline investment and believe this opportunity reflects our strategic advantage and differentiated playbook for long-term growth and value creation.”
Long-Term Oil Gathering Dedication to Black Diamond
In addition, Black Diamond has secured a 15-year oil gathering dedication from Verdad Resources. The dedication encompasses approximately 85,000 acres and more than 750 potential drilling locations in the DJ Basin in southern Weld County, Colorado. This increases the total acreage dedicated to the Black Diamond system to approximately 243,000 acres. Seven rigs are currently running on the Black Diamond dedicated acreage, including one rig on the Verdad acreage. Initial Verdad well connections are anticipated in early 2020. Black Diamond anticipates modest capital requirements in 2019 from the new gathering opportunity which can be absorbed within existing 2019 capital guidance provided at the Partnership’s second quarter earnings due to sustainable cost savings achieved this year. “I’m extremely pleased to add a new customer and meaningful acreage dedication to our system. This is another testament to Black Diamond’s strong competitive position in the DJ Basin as well as the differentiated value proposition we provide our customers. These positive commercial developments enhance the resiliency and long-term potential of this premier oil gathering platform,” said Smolik. Noble Midstream operates Black Diamond, which includes a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 240 miles of pipeline in operation, 300 MBbl/d delivery capacity and 390 MBbl/d crude oil storage capacity. The system is connected to every major takeaway pipeline in the DJ Basin, including the White Cliffs Pipeline, the Saddlehorn Pipeline, the Grand Mesa Pipeline, and the Pony Express Pipeline. The Partnership’s 54.4% ownership of Black Diamond is held through its wholly owned subsidiary, Laramie River DevCo LP. Greenfield Midstream owns 45.6% of Black Diamond. About Noble Midstream Partners LP
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com . About Greenfield Midstream, LLC
Greenfield Midstream is an independent energy company focused on the development of midstream assets across North America. Based in Houston, Greenfield is led by a seasoned management team with strong commercial, technical and operational skills and a proven track record of value creation for its stakeholders. Greenfield Midstream is backed by growth capital from EnCap Flatrock Midstream. For more information, please visit www.greenfieldmidstream.com . Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com . Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change. View source version on businesswire.com: https://www.businesswire.com/news/home/20190829005159/en/
© Business Wire 2019

Noble Midstream Partners LP : and Greenfield Midstream Provide Black Diamond Gathering Commercial Update

August 29, 2019
Greenfield Midstream
Houston, Texas -Noble Midstream Partners LP(NYSE: NBLX) (the “Partnership” or “Noble Midstream”) and Greenfield Midstream LLC (“Greenfield Midstream”) provided a commercial and business development update for its Black Diamond Gathering LLC (“Black Diamond”) joint venture. Black Diamond provides crude oil gathering and storage services to producers in the Denver Julesburg Basin (“the DJ Basin”). Black Diamond has entered into a new strategic relationship with Saddlehorn Pipeline Company, LLC (“Saddlehorn”), including an option for up to a 20% ownership in Saddlehorn 
Black Diamond added a long-term oil gathering dedication from Verdad Resources LLC (“Verdad Resources”), increasing Black Diamond dedicated acres by approximately 85,000 acres, or 54%. Saddlehorn Investment Option 
As part of such strategic relationship, Black Diamond and Noble Energy Inc. made commitments during Saddlehorn’s recent open season. Black Diamond’s investment option expires in April 2020. The Saddlehorn Pipeline, which is jointly owned by affiliates of Magellan Midstream Partners, L.P. (NYSE: MMP) (“Magellan”), Plains All American Pipeline, L.P. (NYSE: PAA) (“Plains”) and Western Midstream Partners, LP (NYSE: WES) (“WES”), is currently capable of transporting approximately 190 thousand barrels per day (MBbl/d) of crude oil and condensate from the DJ and Powder River Basins to storage facilities in Cushing, Oklahoma owned by Magellan and Plains. With the recent successful open season, the Saddlehorn Pipeline will be expanded by 100 MBbl/d, to a new total capacity of 290 MBbl/d. The higher capacity is expected to be available in late 2020 following the addition of incremental pumping and storage capabilities. Magellan serves as operator of the Saddlehorn pipeline. Upon an option exercise by Black Diamond, Magellan and Plains would each sell-down their equity interests in the Saddlehorn Pipeline to Black Diamond on an equal 10% basis while WES would retain its 20% equity ownership. Commenting on the announcement, Noble Midstream Chief Executive Officer Brent Smolik said, “Saddlehorn is an important long-haul outlet from the DJ and Powder River Basins with premier midstream equity partners and commitments from high-quality producers. This opportunity is a natural expansion of Black Diamond’s strategic footprint, with the ability to realize economics further down the crude oil value chain while enhancing the all-in value proposition for our customers. In addition, the new open season TSAs signed by Noble Energy and Black Diamond will includea tariff reduction to transport barrels to Cushing. We are excited by another potential long-haul pipeline investment and believe this opportunity reflects our strategic advantage and differentiated playbook for long-term growth and value creation.”
Long-Term Oil Gathering Dedication to Black Diamond
In addition, Black Diamond has secured a 15-year oil gathering dedication from Verdad Resources. The dedication encompasses approximately 85,000 acres and more than 750 potential drilling locations in the DJ Basin in southern Weld County, Colorado. This increases the total acreage dedicated to the Black Diamond system to approximately 243,000 acres. Seven rigs are currently running on the Black Diamond dedicated acreage, including one rig on the Verdad acreage. Initial Verdad well connections are anticipated in early 2020. Black Diamond anticipates modest capital requirements in 2019 from the new gathering opportunity which can be absorbed within existing 2019 capital guidance provided at the Partnership’s second quarter earnings due to sustainable cost savings achieved this year. “I’m extremely pleased to add a new customer and meaningful acreage dedication to our system. This is another testament to Black Diamond’s strong competitive position in the DJ Basin as well as the differentiated value proposition we provide our customers. These positive commercial developments enhance the resiliency and long-term potential of this premier oil gathering platform,” said Smolik. Noble Midstream operates Black Diamond, which includes a large-scale integrated crude oil gathering system in the DJ Basin, consisting of approximately 240 miles of pipeline in operation, 300 MBbl/d delivery capacity and 390 MBbl/d crude oil storage capacity. The system is connected to every major takeaway pipeline in the DJ Basin, including the White Cliffs Pipeline, the Saddlehorn Pipeline, the Grand Mesa Pipeline, and the Pony Express Pipeline.The Partnership’s 54.4% ownership of Black Diamond is held through its wholly owned subsidiary, Laramie River DevCo LP. Greenfield Midstream owns 45.6% of Black Diamond. About Noble Midstream Partners LP  
Noble Midstream is a growth-oriented master limited partnership formed by Noble Energy, Inc., to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services in the DJ Basin in Colorado and the Delaware Basin in Texas. For more information, please visit www.nblmidstream.com . About Greenfield Midstream, LLC
Greenfield Midstream is an independent energy company focused on the development of midstream assets across North America. Based in Houston, Greenfield is led by a seasoned management team with strong commercial, technical and operational skills and a proven track record of value creation for its stakeholders. Greenfield Midstream is backed by growth capital from EnCap Flatrock Midstream. For more information, please visit www.greenfieldmidstream.com. Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com . Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change. Contacts:

Noble Midstream and Greenfield Midstream Provide Black Diamond Gathering Commercial Update

Unattributed VC

Saddlehorn Bigfork, Montana: a Rocky Mountain and Flathead Lake sustainable private community offering true family living in Bigfork Montana. Located between, Glacier National Park, the Great Bear Wilderness, Flathead Lake, Rocky Mountains, Whitefish Mountain Resort, fly fishing paradise and the Flathead Valley. Saddlehorn is a private club rich in amenities, offering premier western, cowboy, simple, sustainable Montana Real Estate.

Date	2/14/2007
Round	Unattributed VC
Amount	$3M
Investors	Low Carbon Accelerator
Valuation
Revenue	0 FY undefined
Sources

First funding	2/14/2007
Last Funding	2/14/2007
Investor	Low Carbon Accelerator
Rounds	1 Unattributed VC
Board Seats
Type	Venture Capital
Location	United Kingdom

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