Houston-based Noble Midstream Partners said it is delaying its Initial Public Offering, amid the low oil price environment. The wholly-owned subsidiary of Noble Energy had filed a Registration Statement with the US SEC in connection with its proposed IPO on October 22.
The board of directors and management of Noble Midstream’s general partner and Noble Energy opted to delay the offering “as a result of unfavorable equity market conditions.” Noble Midstream said it will continue to evaluate the timing for the proposed offering as market conditions unfold.
Per the proposed offering, Noble Midstream would have owned assets in Colorado’s DJ Basin crude oil, natural gas and water-related midstream services. The company had intended to list its common stock on the NYSE under the symbol “NBLX”.
In the October 22 filing, Noble Midstream had established a nominal fundraising goal of $100 million.
On November 12, Noble Midstream Partners announced that it had commenced its IPO of 12,500,000 common units representing limited partner interests in Noble Midstream, at an expected initial public offering price between $19.00 and $21.00 per common unit. The company said at the time that it expected to grant the underwriters a 30-day option to buy up to an additional 1,875,000 common units at the IPO price.