Noble Midstream Partners LP

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 4. Noble Midstream Partners LP

Noble Midstream Partners LP In December 2014, we formed Noble Midstream Partners LP, a growth-oriented Delaware master limited partnership, to own, operate, develop and acquire a wide range of domestic midstream infrastructure assets. Noble Midstream Partners' current areas of focus are in the DJ Basin in Colorado and in the Delaware Basin within the Permian Basin in Texas.

Initial Public Offering of Noble Midstream Partners LP On September 15, 2016, Noble Midstream Partners common units began trading on the New York Stock Exchange under the symbol "NBLX." On September 20, 2016, Noble Midstream Partners completed its public offering of 14,375,000 common units representing limited partner interests in Noble Midstream Partners, which included 1,875,000 common units issued pursuant to the underwriters’ exercise of their option to purchase additional common units, at a price to the public of $22.50 per common unit ($21.21 per common unit, net of underwriting discounts).

In exchange for the contributed assets, Noble Energy received:


•	1,527,584 common units, representing a 4.8% limited partner interest in Noble Midstream Partners;


•	15,902,584 subordinated units, representing an approximate 50.0% limited partner interest in Noble Midstream Partners;


•	incentive distribution rights in Noble Midstream Partners; and


•	the right to receive a cash distribution from Noble Midstream Partners.

In addition and concurrent with the closing of the offering, the General Partner retained a non-economic general partnership interest in Noble Midstream Partners, which is not entitled to receive cash distributions.

Noble Midstream Partners generated net proceeds of $299 million from the issuance of common units to the public, after deducting the underwriting discount, structuring fees and estimated offering expenses of $24 million.