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Noble Energy, Inc. (NBL)

  • Wed, Nov. 25, 4:05 AM
    • The partners in Israel's massive offshore natural gas field Leviathan have signed a preliminary deal to supply gas to Egypt via an existing underwater pipeline to the Sinai peninsula.
    • The agreement would supply Egypt's Dolphinus Holdings with up to 4B cubic meters of gas a year for 10-15 years.
    • Leviathan (expected to begin production in 2019-2020) is owned by a group led by Texas-based Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY).
    • Previously: Israel to fast-track development of Leviathan (Nov. 01 2015)
    | Wed, Nov. 25, 4:05 AM | 1 Comment
  • Tue, Nov. 24, 6:45 PM
    • The massive Zohr gas discovery found offshore Egypt earlier this year by Eni (NYSE:E) has been seen as a major competitor to Israel’s Leviathan field discovered by Noble Energy (NYSE:NBL) in 2010, but a new report research firm GlobalData says it actually could provide the catalyst needed to ignite broader development of the entire eastern Mediterranean.
    • But Eni may be able to move faster than NBL and spend less to develop its project because it has the backing of top Egyptian leaders including Pres. Al-Sisi, according to GlobalData.
    • The report expects Zohr, which could hold as much as 22T cf of natural gas, could cost ~$7.7B to develop, similar to Eni’s estimates of $7B-$10B, while Leviathan, estimated to contain about half as much gas at 12.5T cf, likely will cost ~$8.9B to bring online.
    | Tue, Nov. 24, 6:45 PM | 3 Comments
  • Mon, Nov. 23, 10:47 AM
    • Noble Energy (NBL +1.2%) agrees to sell a 35% stake in its gas exploration rights in waters off Cyprus to the U.K.'s BG Group (OTCQX:BRGXF, OTCQX:BRGYY), which includes the Aphrodite natural gas discovery, for $165M.
    • NBL will maintain operatorship of the block with a 35% interest, while Israel's Delek Group (OTCPK:DGRLY) holds 30%.
    • Aphrodite, discovered in 2011, has ~4T cf in gross mean natural gas resources.
    • Cyrpus' energy minister says the deal is an important step forward for the country's plans to supply Egypt with natural gas.
    | Mon, Nov. 23, 10:47 AM | Comment!
  • Thu, Nov. 19, 4:43 PM
    • Noble Midstream Partners (NYSE:NBLX) says it is postponing its planned IPO due to unfavorable equity market conditions.
    • The Noble Energy (NYSE:NBL) subsidiary, whose initial assets would have consisted of some of NBL's DJ Basin midstream services, had filed to register its IPO just last month.
    • NBL -0.5% AH.
    | Thu, Nov. 19, 4:43 PM | Comment!
  • Mon, Nov. 16, 11:58 AM
    • Noble Energy (NBL +1.1%) agrees to sell its 47% stake in two undeveloped gas fields in the eastern Mediterranean to Israeli partner Delek Group (OTCPK:DGRLY) for $67M to satisfy concerns that NBL held too much control over Israel’s natural gas resources.
    • The deal allows Delek to have exclusive control to sell the full rights to a separate buyer within 14 months as part of an arrangement with Israel's government to open the country’s reserves to additional developers.
    • Hess (HES -0.1%), EOG Resources (EOG +0.4%) and Eni's (E +0.4%) are considered potential buyers, Globes reports; the two fields - the Karish and Tanin fields contain a total of ~3T cf of gas.
    | Mon, Nov. 16, 11:58 AM | 2 Comments
  • Tue, Nov. 10, 7:07 PM
    • Noble Energy (NYSE:NBL) will cut 180 jobs as part of previously announced plans to shrink its workforce, FuelFix reports.
    • NBL has said it would trim capital spending and curtail exploration activity until the market rebounds; NBL has pulled all rigs out of the Marcellus Shale, dropped one rig from the DJ Basin to bring its total in the area to three, and plans to operate one rig each on acreage in the Eagle Ford and Permian Basin.
    • It is NBL's second round of layoffs in seven months after chopping 230 jobs in April
    | Tue, Nov. 10, 7:07 PM | Comment!
  • Tue, Nov. 10, 11:38 AM
    • Israel's energy minister says the country is encouraging global oil companies to further explore its offshore waters for natural gas, adding that he has met senior execs of more than 20 energy companies, including Eni (NYSE:E), Royal Dutch Shell (RDS.A, RDS.B), Exxon Mobil (NYSE:XOM) and Hess (NYSE:HES) to gauge interest.
    • Yuval Steinitz estimates 350T-530T cf of gas, or at least 60B boe, in the whole of the eastern Mediterranean basin, which includes Israeli, Egyptian and Cypriot waters.
    • Steinitz also says a framework agreement on two gas fields would be signed off by the prime minister this year and that exploration for more fields could begin thereafter; Noble Energy (NYSE:NBL) and Delek (OTCPK:DGRLY) had been negotiating long-term contracts to sell gas from the fields to companies in Egypt, but the deals were delayed by bureaucratic hurdles in Israel.
    | Tue, Nov. 10, 11:38 AM | 7 Comments
  • Mon, Nov. 2, 2:27 PM
    • Noble Energy (NBL +5.9%) says it expects to make a final investment decision on the Leviathan and Tamar natural gas fields offshore Israel in about a year, a day after the country promised to fast-track the projects.
    • "Yesterday's announcement from the Prime Minister's office is a further indication of the commitment to moving forward with gas development," NBL CEO David Stover said during today's earnings conference call.
    • The framework deal reached in August gives control of Israel's Leviathan gas field, with reserves of 22T cf, to a consortium led by NBL and Delek Group; first production would take 3-4 years from the final investment decision, Stover said on the call.
    • NBL is looking at a separate FIDs for the Tamar field, which started production in 2013 and has reserves of 10T cf, the CEO said.
    | Mon, Nov. 2, 2:27 PM | Comment!
  • Mon, Nov. 2, 10:39 AM
    • Noble Energy (NBL +7.2%) pushes out to a strong early gain despite missing Q3 earnings estimates, as it raises its sales forecast for the current quarter and cutting its 2015 capital budget by $100M.
    • NBL says it now expects Q4 sales volume of 385K-405K boe/day from its earlier outlook of 375K-400K boe/day after Q3 sales volume totaled 379K boe/day; Q3 sales volumes were 4K boe/day short of production due to the timing of the lifting of some oil and natural gas liquids from its Equatorial Guinea operations.
    • NBL also says it now plans to spend slightly less than $3B this year, 40% less than a year ago.
    | Mon, Nov. 2, 10:39 AM | 1 Comment
  • Mon, Nov. 2, 7:18 AM
    • Noble Energy (NYSE:NBL): Q3 EPS of -$0.21 misses by $0.03.
    • Revenue of $801M (-36.9% Y/Y) misses by $161.2M.
    • Press Release
    | Mon, Nov. 2, 7:18 AM | Comment!
  • Sun, Nov. 1, 5:30 PM
  • Sun, Nov. 1, 9:58 AM
    | Sun, Nov. 1, 9:58 AM | 11 Comments
  • Thu, Oct. 29, 4:58 PM
    • Noble Energy (NYSE:NBL) is planning additional job cuts as it reduces spending, but it is not yet known how many jobs may be cut or where layoffs may be targeted, FuelFix reports.
    • The decision would mark the second time in seven months that NBL has trimmed its workforce, after cutting 230 jobs, or ~10% of the company’s U.S. workforce, in April.
    • Separately, NBL has started production from its Big Bend oil development in the deepwater Gulf of Mexico, and says it continues to accelerate its Dantzler development, where production is seen starting by early November.
    • Production from the single-well Big Bend field is expected to reach a maximum gross rate of 20K boe/day over the next few weeks; ~90% of the volumes being produced are oil.
    | Thu, Oct. 29, 4:58 PM | Comment!
  • Thu, Oct. 22, 8:58 AM
    • Noble Energy (NYSE:NBL) files to register an IPO of its Noble Midstream Partners subsidiary.
    • Noble Midstream's initial assets will consist of some of NBL's DJ Basin crude oil, natural gas and water-related midstream services.
    • The company intends to list its common stock on the NYSE under the symbol NBLX.
    | Thu, Oct. 22, 8:58 AM | 1 Comment
  • Wed, Oct. 21, 12:58 PM
    • Canadian Natural Resources (CNQ -2.4%) is Barclays' top E&P pick in an otherwise dismal sector, as analyst Thomas Driscoll notes that E&P firms likely slowed their completion activity due to low oil prices in Q3 while Q4 volumes may be at risk.
    • But Driscoll calls Overweight-rated CNQ his "most fundamentally undervalued" name, and says the company is transitioning to a "long-lived, low-maintenance and low-decline" production profile which is not reflected in the "annuity-like character of its asset base."
    • The firm also has Overweight ratings on EOG Resources (EOG -0.6%), Noble Energy (NBL -0.5%) and Southwestern Energy (SWN -4.4%).
    | Wed, Oct. 21, 12:58 PM | Comment!
  • Tue, Oct. 20, 9:45 PM
    • Noble Energy (NYSE:NBL) likely will gain approval soon to move ahead with developing the huge Tamar and Leviathan natural gas fields offshore Israel after months of delays, Israeli Energy Minister Yuval Steinitz says.
    • Israel’s Knesset approved a deal in September regulating how NBL and its partners can develop the gas fields, resolving a key sticking point in the negotiations, but an economy minister required to sign off on the deal still has not done so.
    • Steinitz says Prime Minister Netanyahu is committed to resolving the stalemate, without providing details, but Israel's media has reported that the PM has tried twice to transfer powers from the dissenting minister but postponed the votes when he failed to draw enough lawmaker support for the measures.
    • Steinitz also brushed off concerns that a massive gas find in Egypt could thwart Israel’s plans to sell gas to the region, saying Egypt’s energy minister has pledged to continue negotiating with Israel to buy gas locked from the Tamar and Leviathan fields.
    | Tue, Oct. 20, 9:45 PM | 1 Comment
Company Description
Noble Energy Inc is an independent energy company. The Company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production.