LEAWOOD, KS / ACCESSWIRE / April 29, 2021 / Tortoise Capital Advisors has sent a letter to the board of Noble Midstream Partners (NBLX) expressing its disappointment in the process of the transaction with Chevron Corporation (CVX) and the resulting price that we believe is not in the best interest of minority shareholders.

"We view our position as a large shareholder as an opportunity to actively engage with senior management and boards to enhance and improve their company's environmental, social, and governance (ESG) initiatives," said Matthew Sallee, President - Tortoise. "As one of the largest NBLX unitholders since its IPO in 2016, we are disappointed in the lack of proper governance during the process of the transaction with CVX and the result. In our view, the process did not adequately allow for proper evaluation nor fair representation of the wishes of minority holders of the units. We believe the transaction represents a discount to NBLX's fair value based on the asset quality and historical precedent of similar transactions. The valuation also does not reflect the tax impact on unitholders. We have sent a letter to respectfully ask the NBLX board to reconsider the current transaction, renegotiate to a price that more properly reflects the value of NBLX's assets, and require approval of the minority shareholders."

Read the full letter sent to the board here.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact Information

For more information, contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: Tortoise