Noble Energy Inc (NBL.N) said it would sell its 50 percent stake in privately-held Cone Gathering LLC to Quantum Energy Partners for $765 million in cash, as the U.S. oil and gas producer looks to shift its focus to low-cost drilling in oil-rich basins.

The sale includes 21.7 million units in Cone Gathering LLC and represents 33.5 percent stake in Cone Midstream Partners LP (CNNX.N), which owns natural gas pipelines in Marcellus Shale in Pennsylvania and West Virginia.

Including this transaction, Noble will realize more than $1 billion in total value from its Marcellus midstream business, Chief Executive David Stover said in a statement on Thursday.

READ FULL ARTICLE HERE