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With CNX buying out CONE Gathering stake, Noble ends deal with Quantum company

Noble Energy Inc. terminated its purchase agreement with the Quantum Energy Ltd. portfolio company Wheeling Creek Midstream LLC, following Noble's deal to sell its 50% membership stake in CONE Gathering LLC to CNX Resources Corp. for $305 million.

Under the terminated purchase agreement, Wheeling Creek would acquire all of the outstanding membership interests in Noble's subsidiary, NBL Midstream LLC, which holds the 50% stake in CONE Gathering. The deal with Wheeling Creek included an option for both parties to terminate the purchase agreement if the deal closing does not occur by the agreed-upon "outside date" of June 30, 2018.

A Pennsylvania trial court previously ruled that CNX Resources had the right of first refusal to acquire the membership interests as the joint venture partner of Noble for CONE Midstream Partners LP, whose general partner interests are owned by CONE Gathering.