- Noble Energy (NBL) plans a 40% reduction in capital spending for 2015 to $2.9B, in the latest example of an energy company that has slashed its spending plans in the wake of sharply lower oil prices.
- At the same time, NBL forecasts total 2015 sales volumes of 295K-315K boe, representing 5% growth at the midpoint of the range, after adjusting for assets divested in 2014.
- The capital program comprises 60% toward core U.S. onshore assets, 35% for global offshore development activities and 5% for global offshore exploration.
- In NBL's Q4 earnings results, the sharp drop in oil prices cut into revenue and offset higher sales volumes; estimated reserves at year-end 2014 were 1.4B boe.