Porter Hedges represented Noble Energy, Inc. (Noble Energy) in an agreement announced today to create a joint venture partnership with CONSOL Energy, Inc (CONSOL Energy) for the development of CONSOL Energy’s Marcellus Shale properties in southwest Pennsylvania and northwest West Virginia. For an aggregate value of approximately $3.2 billion, Noble Energy will acquire 50% of CONSOL Energy’s Marcellus Shale interest including a 50% interest in the existing Marcellus Shale wells. This joint venture establishes a new position for Noble Energy in the Marcellus shale.

This is the third transaction where Porter Hedges has represented Noble Energy in the last two years. In August 2010, Porter Hedges represented Noble Energy in its $552 million sale of Mid-Continent and Illinois basin non-core oil and gas assets to an affiliate of Citation Oil & Gas. In January 2010, Porter Hedges represented Noble Energy in the $494 million acquisition of oil and gas assets in the Rocky Mountain region from Petro-Canada Resources (USA) Inc. and Suncor Energy (Natural Gas) America, Inc.

The transaction team was led by Noble Energy’s General Counsel Arne Johnson and Associate General Counsel Kirk Moore along with Porter Hedges Energy partners Randy King and Bob Thomas, Corporate partner Nick Nicholas, and Tax partner John Ransom.