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Noble Midstream Partners and Greenfield Midstream Close on DJ Basin Acquisition

HOUSTON–(BUSINESS WIRE)–Noble Midstream Partners LP (NYSE: NBLX) (“Noble Midstream” or
the “Partnership”) and Greenfield Midstream LLC (“Greenfield Midstream”)
announced today the completion of the acquisition of Saddle Butte
Rockies Midstream, LLC and certain affiliates (collectively “Saddle
Butte”) through a newly formed joint venture, Black Diamond Gathering,
LLC (“Black Diamond Gathering”). The aggregate purchase price for the
acquisition was approximately $638.5 million in cash.

The Partnership funded its $319.9 million share of the purchase price
with proceeds from its December 2017 common unit offering and borrowings
under its unsecured revolving credit facility. Noble Midstream received
a 4.4% ownership promote in the joint venture. In conjunction with the
transaction close, Noble Midstream partially exercised the accordion
feature under its existing revolving credit facility, increasing the
commitments under the Credit Agreement from $350 million to $530 million.

The Partnership’s 54.4% ownership of Black Diamond Gathering will be
held through its wholly owned subsidiary, Laramie River DevCo LP.
Greenfield Midstream will own 45.6% of Black Diamond Gathering.

Noble Midstream now operates the Saddle Butte assets, which include a
large-scale integrated crude oil gathering system in the DJ Basin,
consisting of approximately 160 miles of pipeline in operation, 300,000
barrels per day of delivery capacity and approximately 210,000 barrels
of crude oil storage capacity. Saddle Butte has approximately 141,000
dedicated acres from six customers under fixed fee arrangements. This
reflects PDC Energy, Inc.’s (“PDC Energy”) acreage dedication expansion
from approximately 72,000 acres to approximately 96,000 net acres. In
addition, PDC Energy expanded its dedication by five years, bringing the
dedication contract duration to approximately 12 years from close. Noble
Midstream and Greenfield Midstream will jointly provide commercial
efforts to attract further producer dedications to Black Diamond
Gathering.

About Noble Midstream

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

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. For more information, please visit www.greenfieldmidstream.com.

Contacts

Megan Repine
Investor Relations
Noble Midstream Partners
(832)
639-7380
mega[email protected]
or
For
Greenfield Midstream
Casey Nikoloric
TEN|10 Group
(303)
507-0510
[email protected]