Noble Energy Inc. NBL, +2.09% said Friday that a review of its midstream strategy concluded with the sale of essentially all of the oil and natural gas company’s U.S. onshore midstream interests and assets to Noble Midstream Partners L.P. NBLX, -1.59%, and the elimination of its Incentive Distribution Rights (IDRs) for a value of $1.6 billion. The consideration includes $670 million in cash and 38.5 million of newly issued common shares of Noble Midstream, valued at $930 million. After the deal closes, Noble Energy will own 63% of the outstanding shares of Noble Midstream. Noble Energy’s stock edged up 0.4% in premarket trading. It has rallied 14.7% year to date through Thursday while Noble Midstream shares have tumbled 22.7% and the S&P 500 SPX, +0.08% has climbed 23.5%.