Noble Midstream Partners LP (NBLX) Reduces Expected 2020 Capital by $75 Million

Noble Midstream Partners LP (NASDAQ: NBLX) (Noble Midstream or the Partnership) announced that the Partnership has reduced its 2020 organic capital guidance to a range of $120 to $150 million to reflect updated producer forecasts in the DJ and Delaware basins.

With increasing capital efficiency and a 2020 organic capital program focused mainly on well connections, Noble Midstream anticipates the additional capital savings will essentially offset the cash flow loss from reduced activity. Noble Midstream will continue to communicate with its customer base and is well positioned to further adjust its capital program. Noble Midstream will update detailed guidance for 2020 in association with its first quarter conference call.

“Following recent volatility and announced changes to customer activity plans, Noble Midstream has reduced its expected organic capital spend. We are also nearing full service on several pipeline investments, which are expected to contribute meaningfully to our 2020 EBITDA. Noble Midstream will prioritize free cash flow1 and protect our balance sheet in the current market environment,” stated Brent Smolik, Chief Executive Officer of the General Partner of Noble Midstream.

You May Also Be Interested In

• Chevron confirms oil and gas find in Angola's Block 0
• Glucotrack regains Nasdaq compliance with stockholders' equity rule
• Bitmine reports 5.82 million ETH holdings, $11.4B total assets