Noble Energy Inc. said Monday it will sell some of its Texas oil and natural gas properties to Sheridan Holding Company II LLC, a private energy company, for $320 million as it sells off assets that it considers peripheral to its primary business.
Noble Energy, which operates in the U.S., off West Africa and the Mediterranean, said the wells it’s selling are located on 11,000 acres in the Permian Basin, a major energy production region. The 250 wells produce about 1,500 barrels of oil and gas per day. The wells contain mostly oil and other liquid hydrocarbons.
The deal is expected to close in August.
Noble Energy has been shedding holdings it doesn’t think are central to the business. Earlier this month, it announced the sale of assets in Oklahoma and the Texas Panhandle to Unit Corp. for $617 million. In May, the company said it would sell some of its North Sea assets to Maersk Oil North Sea Limited for $127 million.
Shares rose 8 cents to $86.04 in premarket trading.