Noble closes on GoM asset sale

Offshore Staff

(US, GoM) - Noble Energy, Inc. closes on the previously announced $625 million sale of its Gulf of Mexico shelf assets to Coldren Resources LP.

After-tax cash proceeds from the sale are expected to total $504 million, including proceeds to be received from parties who exercised preferential rights to purchase certain minor properties, according to Noble.

For the full year 2006, the company expects to record an after-tax loss of $155 million, which includes a pretax gain of approximately $215 million, and $95 million after tax, during the third quarter of this year.

07/14/06