Noble Energy, Inc.

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  • Tue, Feb. 9, 12:58 PM
    • Crude oil at $30/bbl is blowing a hole in the insurance that U.S. shale drillers bought to protect themselves against a crash, Bloomberg reports.
    • Companies including Callon Petroleum (CPE -5.6%), Noble Energy (NBL -3.5%), Pioneer Natural Resources (PXD -3.6%), Marathon Oil (MRO -8%), Rex Energy (REXX -1.8%) and Bonanza Creek Energy (BCEI -11.4%) used a three-way hedge strategy that does not guarantee a minimum price if oil falls below a certain level; while three-ways can be cheaper than other hedges, they leave drillers exposed to sharp declines and risk worsening a cash shortfall for companies trying to survive the worst oil crash in 30 years.
    • For example, CPE CFO Joseph Gatto told investors in December that the company had hedged ~4K bbl/day in 2016, or 40% of its projected output, at $56/bbl; roughly half of those contracts are worth significantly less at $30/bbl because CPE employed three-ways.
    | Tue, Feb. 9, 12:58 PM | 3 Comments
  • Mon, Feb. 1, 11:57 AM
    • Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY) say they have signed the first contract to supply fuel from the country’s largest gas reserves, the offshore Leviathan field.
    • The Leviathan partners will supply 6B cm of gas over 18 years to two power stations owned by local electricity producer Edeltech.
    • “This deal marks a beginning. We are advancing more agreements with customers in Israel, Jordan, Egypt and Turkey,” Delek Drilling CEO Yossi Abu tells Bloomberg.
    • NBL -3.8%.
    | Mon, Feb. 1, 11:57 AM | 3 Comments
  • Tue, Jan. 26, 4:46 PM
    • Noble Energy (NYSE:NBL) declares $0.10/share quarterly dividend, -44.4% decrease from prior dividend of $0.18.
    • Forward yield 1.39%
    • Payable Feb. 22; for shareholders of record Feb. 8; ex-div Feb. 4.
    | Tue, Jan. 26, 4:46 PM
  • Thu, Jan. 21, 12:34 PM
    • Noble Energy (NBL +10.2%) marches more than 10% higher after Nomura upgrades shares to Buy from Neutral, citing NBL's asset quality and financial positioning.
    • "NBL is well placed given its current leverage, its locked-in Israel pricing, its fixed Alba contract, and its 2016 commodity hedge," the firm says, estimating 2016 CFO of ~$2B and 16% production growth, resulting in positive growth in debt adjusted cash flow - "one of the select few in the E&P universe in 2016."
    • Nomura notes NBL’s production growth is back-stopped by pre-funded growth from three Gulf of Mexico properties: Big Bend, which started up in October; Dantzler, which started in December; and Gunflint, with an anticipated mid-year 2016 start-up.
    | Thu, Jan. 21, 12:34 PM | 3 Comments
  • Thu, Jan. 7, 2:57 PM
    • Noble Energy (NBL -2.2%) has turned sharply lower, unable to hold early gains after it secured a new $1.4B term loan and disclosed plans for a cash tender offer for three series of senior notes acquired as part of the company's acquisition of Rosetta Resources.
    • Provisions of the term loan agreement, including pricing and covenants, are similar with those in NBL's existing $4B revolving credit facility.
    • Separately, Deutsche Bank upgrades shares to Buy from Hold as a relatively inexpensive defensive play while still offering investors a relatively catalyst-rich story through 2016 highlighted by Israel project de-risking and upward revision momentum to Eagle Ford and Permian type curves.
    | Thu, Jan. 7, 2:57 PM
  • Thu, Jan. 7, 10:54 AM
    • Noble Energy (NBL +1.3%) and its partners at the Leviathan gas field offshore Israel are in talks to supply gas to several domestic companies.
    • Units of Delek Group (OTCPK:DGRLY) disclosed to the Tel Aviv Stock Exchange that the firms were private electricity producers and industrial companies, but no further details were offered.
    • The partners in Leviathan, with estimated reserves of 622B cm, hope to begin production in 2018-20 and supply billions of dollars' worth of gas to Egypt and Jordan, and possibly Turkey and Europe.
    | Thu, Jan. 7, 10:54 AM
  • Dec. 24, 2015, 1:01 PM
    • Israel's government approves the start of exporting natural gas to Egypt, signalling a potential improvement in relations between two countries which have been at loggerheads over energy supplies.
    • Israel will be able to sell 5B cm of gas to Egypt in the coming seven years from the Tamar site off its Mediterranean coast, Energy Minister Steinitz says.
    • Tamar, with estimated reserves of 280B cm, is owned by Noble Energy (NYSE:NBL) as well Delek Group (OTCPK:DGRLY) units Delek Drilling and Avner Oil.
    • Earlier: Israeli PM signs gas deal, clearing path for Leviathan development (Dec. 17)
    | Dec. 24, 2015, 1:01 PM | 2 Comments
  • Dec. 17, 2015, 8:10 AM
    • Israeli Prime Minister Netanyahu signs an agreement to pave the way to development of the country's offshore gas reserves by a consortium led by Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY).
    • The consortium already is developing the Tamar offshore reserve, which is in production, but has held off proceeding with the much larger Leviathan site in the eastern Mediterranean Sea until the regulatory uncertainty regarding the project was clarified.
    • Opponents of the deal say they will challenge the move before Israel's Supreme Court.
    | Dec. 17, 2015, 8:10 AM | 1 Comment
  • Dec. 16, 2015, 2:31 PM
    • Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
    • Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
    • Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
    | Dec. 16, 2015, 2:31 PM | 36 Comments
  • Dec. 9, 2015, 12:32 PM
    • Noble Energy (NBL +2.8%) is higher after raising its expected Q4 sales volumes to 405K-415K boe/day, above the company's previous outlook for 395K boe/day.
    • NBL credits improved completion practices in the Eagle Ford and DJ Basin, as well as the accelerated ramp-up and early performance of Big Bend and Dantzler in the Gulf of Mexico; combined, the two deepwater fields have achieved their targeted peak production rate of 20M boe/day net to the company.
    • The production increase comes despite sizable cost-cutting, including earlier decisions to layoff workers, pull all rigs out of the gas-rich Marcellus Shale and drop down to one rig in the DJ Basin.
    | Dec. 9, 2015, 12:32 PM
  • Nov. 25, 2015, 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)
    | Nov. 25, 2015, 4:05 AM | 1 Comment
  • Nov. 24, 2015, 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.
    | Nov. 24, 2015, 6:45 PM | 4 Comments
  • Nov. 23, 2015, 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.
    | Nov. 23, 2015, 10:47 AM
  • Nov. 19, 2015, 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.
    | Nov. 19, 2015, 4:43 PM
  • Nov. 16, 2015, 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.
    | Nov. 16, 2015, 11:58 AM | 2 Comments
  • Nov. 10, 2015, 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
    | Nov. 10, 2015, 7:07 PM
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.