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Noble Midstream Closes Chevron Integration to Boost Cash Flow
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Noble Midstream Partners LP announced the successful consolidation of its business into its new Chevron Corporation (CVX - Free Report) affiliate, following the acquisition of its parent enterprise Noble Energy Inc. by Chevron.
The integration formed between Noble Midstream and Chevron is expected to expand midstream activities on the former’s dedicated acreage in Colorado’s Denver-Julesburg basin as well as the Delaware basin next year.
The partnership believes that Chevron is likely to operate in the DJ Basin, with major infrastructure facilities at the site. As a result, Noble Midstream plans to spend a larger share of its capital spending on connecting wells with nominal investments in large-scale facilities. However, the partnership is yet to unveil its final investment plans after getting clearance from the board in early 2021.
The partnership has mentioned that it does not expect material capital outlays in Equity Method Investments in the year ahead and expects a rising run-rate cash flow contribution next year through the intermediate and long-haul assets, which were put into operation or obtained this year. Further, Noble Midstream could face a workforce reduction and budgetary cuts by Chevron for the drilling activities across the United States in the coming years.
Notably, Noble Midstream expects to generate substantial cash flow of more than its capital expenditure in 2021 to reduce debt and maintain an excellent balance sheet.
Company Profile & Price Performance
Headquartered in Houston, TX, Noble Midstream is an energy infrastructure provider. The company’s stock has gained 37.5% in the past three months.
Zacks Rank & Stocks to Consider
Noble Midstream currently carries a Zack Rank #3 (Hold).
Northern Oil & Gas is expected to see earnings growth of 27.2% in 2021, while Enerplus is likely to see earnings growth of 816.5% next year.
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Noble Midstream Closes Chevron Integration to Boost Cash Flow
Noble Midstream Partners LP announced the successful consolidation of its business into its new Chevron Corporation (CVX - Free Report) affiliate, following the acquisition of its parent enterprise Noble Energy Inc. by Chevron.
The integration formed between Noble Midstream and Chevron is expected to expand midstream activities on the former’s dedicated acreage in Colorado’s Denver-Julesburg basin as well as the Delaware basin next year.
The partnership believes that Chevron is likely to operate in the DJ Basin, with major infrastructure facilities at the site. As a result, Noble Midstream plans to spend a larger share of its capital spending on connecting wells with nominal investments in large-scale facilities. However, the partnership is yet to unveil its final investment plans after getting clearance from the board in early 2021.
The partnership has mentioned that it does not expect material capital outlays in Equity Method Investments in the year ahead and expects a rising run-rate cash flow contribution next year through the intermediate and long-haul assets, which were put into operation or obtained this year. Further, Noble Midstream could face a workforce reduction and budgetary cuts by Chevron for the drilling activities across the United States in the coming years.
Notably, Noble Midstream expects to generate substantial cash flow of more than its capital expenditure in 2021 to reduce debt and maintain an excellent balance sheet.
Company Profile & Price Performance
Headquartered in Houston, TX, Noble Midstream is an energy infrastructure provider. The company’s stock has gained 37.5% in the past three months.
Zacks Rank & Stocks to Consider
Noble Midstream currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Northern Oil & Gas, Inc. (NOG - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Enerplus Corporation (ERF - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Northern Oil & Gas is expected to see earnings growth of 27.2% in 2021, while Enerplus is likely to see earnings growth of 816.5% next year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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