Noble’s midstream division finishes integration with Chevron

HOUSTON and SAN RAMON, California — The arm of Noble Energy that manages transporting oil and gas from the well to the refinery says it has been fully integrated with Chevron Corp. (NYSE: CVX) after the oil giant closed its $5 billion acquisition of Weld County’s second-largest producer.

Noble Midstream Partners LP (Nasdaq: NBLX) said it expects Chevron to primarily focus on Noble’s assets in the Denver-Julesburg Basin in Colorado, along with some activity within the Permian Basin in Texas.

Most of this activity will be connecting wells rather than investing in large-scale facilities.

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It’s still unclear how extensively Chevron plans to drill in 2021. The company said it would cut a quarter of Noble’s workforce and its budget for new drilling across the U.S. over the next several years, but has so far declined to specify how those cuts would translate to operations in Colorado.

Noble Partners said it plans to release more details on its and Chevron’s planned operations for 2021 early within the first quarter of the year.

Houston-based Noble is the second-largest producer of oil in Weld County, having produced 30.91 million barrels of oil and 215.18 million metric cubic feet of natural gas last year, according to data from the Colorado Oil and Gas Conservation Commission. Almost all of its Colorado production is in Weld County.