Printer Friendly

NOBLE AFFILIATES ANNOUNCES SALE OF INTEREST IN NATURAL GAS CLEARINGHOUSE

NOBLE AFFILIATES ANNOUNCES SALE OF INTEREST IN NATURAL GAS CLEARINGHOUSE
 ARDMORE, Okla., April 15 /PRNewswire/ -- Noble Affiliates, Inc. ("Noble") (NYSE: NBL) today announced that it and its subsidiary, Noble Natural Gas, Inc. ("Noble Natural Gas") have signed an agreement to sell the 31.67 percent general partnership interest of Noble Natural Gas in Natural Gas Clearinghouse (NGC) and the 20 percent interest of Samedan Pipe Line Corporation, a subsidiary of Noble, in NGC's Arklatex gas processing and gathering facility for a total of $51.1 million. The purchasers of the interest will be LG&E Gas Marketing L.P. and British Gas plc.
 Noble Natural Gas acquired the NGC interest in May 1989 for approximately $5.6 million in cash and a demand promissory note of Noble in the principal amount of approximately $2.8 million. Using the equity method of accounting, Noble recorded approximately $3.3 million, $9.1 million and $12.1 million as its share of NGC's earnings for 1989, 1990 and 1991, respectively. Noble received approximately $14 million in distributions from NGC during the same three-year period.
 Upon consummation of the transactions, Noble expects to record a pretax gain of $25 million in the 1992 second quarter. Noble estimated its after-tax cash proceeds resulting from the transactions would be approximately $42 million.
 "We have been pleased with the NGC investment," said Robert Kelley, president and chief executive officer. "We will continue our business relationship in gas sales. The sale of the NGC interest in consistent with our strategy to focus on the acquisition of oil and gas reserves during 1992.
 "The after-tax cash proceeds, coupled with our existing cash flow and debt capacity, give us the ability to make a significant acquisition if the opportunity arises," Kelley added.
 Noble Affiliates, Inc. is an independent energy company with exploration and production operations throughout major basins in the United States, including the Gulf of Mexico and offshore California, as well as international operations primarily in Canada, Tunisia and Indonesia.
 -0- 4/15/92
 /CONTACT: William D. Dickson of Noble Affiliates, 405-223-4110/
 (NBL) CO: Noble Affiliates, Inc. ST: Oklahoma IN: OIL SU:


CK -- NY131 -- 8991 04/15/92 17:59 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1992
Words:362
Previous Article:ULTIMAP ANNOUNCES FOURTH-QUARTER AND YEAR-END RESULTS
Next Article:NEW YORK STOCK EXCHANGE CLOSING, WEDNESDAY, APRIL 15 /PRN/


Related Articles
LG&E ENERGY SYSTEMS ANNOUNCES ACQUISITION OF PARTNERSHIP INTEREST IN LEADING NATURAL GAS MARKETER
LG&E ENERGY CORP. ANNOUNCES CLOSING OF PARTNERSHIP INTEREST IN NATURAL GAS CLEARINGHOUSE
NOBLE AFFILIATES REPORTS GAINS IN SECOND QUARTER AND FIRST HALF RESULTS
NOBLE AFFILIATES REPORTS INCREASED OPERATING RESULTS FOR 1992 THIRD QUARTER AND FIRST NINE MONTHS
APACHE AND NATURAL GAS CLEARINGHOUSE SELL INTEREST IN NAGS SYSTEM AND EXTEND MARKETING AGREEMENT
NOBLE AFFILIATES REPORTS SECOND QUARTER AND FIRST SIX MONTHS RESULTS
NOBLE AFFILIATES REPORTS YEAR END AND FOURTH QUARTER RESULTS
NOVA CORP. AFFILIATE NGC TO COMBINE WITH TRIDENT NGL
NOVAGAS CLEARINGHOUSE AGREES TO ACQUIRE INTERESTS IN TWO GAS PLANTS FROM INTERNATIONAL COLIN
/FIRST AND FINAL ADD -- NY161 -- NGC CORPORATION/(Correction Notice)

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters