Noble Midstream Partners LP NBLX has inked a deal with Chevron Corporation’s CVX unit to provide oil transmission services for long-distance transportation out of the DJ Basin. The services will be carried out from the Wells Ranch development area to Platteville.In December, 2020, Noble Midstream successfully merged its business with Chevron following the acquisition of its parent entity Noble Energy Inc. by the latter. The recent deal is the first business agreement of the partnership with Chevron.Details of the DealWith the completion of this pact, the partnership will be responsible for substantially all crude oil gathering and intermediate oil transportation services from the Wells Ranch development area.Concurrently, it entered into a lease agreement with the subsidiary of Energy Transfer LP ET to utilize substantial capacity of the latter’s Wattenberg Oil Trunkline (WOT) through 2031.The in-service pipeline ends in Platteville where the partnership has an extensive existing infrastructure and storage capacity with access to all four major pipelines in the DJ Basin.Benefits of the DealThis deal is in line with the partnership’s aim to diversify its cash flow profile and provide operational support and value to both Chevron and the partnership. Also, it will add third-party business to Noble Midstream and further bolster its already establishedpresence in the DJ Basin.Notably, Noble Midstream expects to generate a substantial cash flow, which will exceed its capital expenditure in 2021 to reduce debt and maintain an excellent balance sheet.Price PerformanceThe stock has gained 68.2% in the past six months, outperforming the industry’s rise of 62.7%.Zacks Rank & Key PickNoble Midstream currently carries a Zack Rank #5 (Strong Sell).A better-ranked player in the same industry is Diamondback Energy, Inc. FANG, currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Diamondback Energy is expected to see earnings growth of 21.9% in the long term (three to five years). It delivered an earnings surprise of 121.2% in the trailing four quarters, on average.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Energy Transfer LP (ET): Free Stock Analysis Report Diamondback Energy, Inc. (FANG): Free Stock Analysis Report Noble Midstream Partners LP (NBLX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research