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Nov. 10, 2015, 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.
Nov. 2, 2015, 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.
Nov. 2, 2015, 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.
Nov. 2, 2015, 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.
Nov. 1, 2015, 5:30 PM
Nov. 1, 2015, 9:58 AM
- Israel's economy minister, who had been holding up a government plan that would've fast-tracked the development of Leviathan - the country's largest gas field - will step down in a move that likely give the industry a major boost.
- The decision permits PM Benjamin Netanyahu to take control of the Economy Ministry and give final approval to a framework deal he reached in August with Texas-based Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY),
- That outline leaves the partners in control of the field, while forcing them to sell smaller, yet sizable, assets.
- Previously: Israel close to resolving dispute with Noble Energy, energy minister says (Oct. 20 2015)
- Previously: Noble Energy reaffirms commitment to develop Israeli natural gas (Sep. 03 2015)
Oct. 29, 2015, 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.
Oct. 22, 2015, 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.
Oct. 21, 2015, 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%).
Oct. 20, 2015, 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.
Oct. 20, 2015, 11:27 AM
- Noble Energy (NYSE:NBL) declares $0.18/share quarterly dividend, in line with previous.
- Forward yield 1.97%
- Payable Nov. 16; for shareholders of record Nov. 2; ex-div Oct. 29.
Oct. 9, 2015, 12:58 PM
- Argentina launches fresh attacks against Noble Energy (NBL -1.1%), accusing the company and others of operating illegally in the Falkland Islands, even as the country does not have sovereignty over the Falklands.
- In a resolution published this week, Argentina’s energy ministry said it warned the foreign ministry and prosecutors that it believes NBL’s operations are illegal so they can take whatever legal actions they deem necessary.
- NBL is exploring two prospects in the region: the Rhea in the North Basin, estimated to contain 250M-plus boe, and the Humpback in the South Basin, which combined with a cluster of other prospects there could hold as much as 1B boe.
Sep. 8, 2015, 12:58 PM
- Israeli lawmakers yesterday approved a framework agreement regulating how Noble Energy (NBL -0.2%) and its partners can develop two massive offshore gas fields, but the projects still cannot move forward because a critical vote to transfer the economy minister's authority on the matter to the full cabinet was not successful.
- NBL praised the Knesset vote and urged the government to quickly clear all remaining barriers to development.
- The negotiations took on a new urgency after Italian oil company Eni said last week it had discovered a “supergiant” gas field offshore Egypt that could undercut Israel’s plans to sell its gas to its energy-hungry neighbor.
Sep. 8, 2015, 8:07 AM
- Noble Energy (NYSE:NBL) +1.7% premarket rafter raising its Q3 sales volume outlook based on a stronger than expected performance in July and August.
- NBL says it now expects sales volume of 350K-370K boe/day, 10K boe/day higher at the midpoint than the previous range, driven mostly by enhanced well performance and infrastructure expansion in the DJ Basin in Colorado.
- NBL says it also is seeing strong production from assets in Texas, Marcellus Shale, Israel and Equatorial Guinea; natural gas sales in Israel set a record in August, as the Tamar field averaged more than 1B cf/day of natural gas.
- Says the addition of the Lucerne-2 plant has expanded total system natural gas processing capacity to 840M cf/day.
Sep. 3, 2015, 12:29 PM
- Noble Energy (NBL +1.3%) says it remains committed to the development of Israel's offshore natural gas fields for export, after Eni's (E +0.3%) recent discovery of the largest gas field in the Mediterranean that Israeli officials fear could threaten its deal with developers that was based on expectations of substantial gas exports to Egypt.
- The Eni discovery is seen as sparing Egypt Pres. Al Sisi the political liability of doing a major gas deal with Israel.
- Production of the Israeli fields already had been delayed by disagreements about regulation, pricing and profit-sharing, and NBL urges the government to "follow through on [the] approved framework without further delay."
- NBL CEO David Stover says the competition from Egypt could help spur Israeli regulators to approve the framework that would allow the company to move forward with an expansion of the Tamar gas field and the development of Leviathan, and says the region’s demand for natural gas, as well as demand from export markets in Europe and Asia, is substantial enough to support production from both gas fields.
- Israel's Leviathan field, found in 2010, had been considered the largest in the Mediterranean until the discovery in Egypt, and the smaller Tamar field was found in 2009.
Sep. 1, 2015, 8:21 AM
- Denbury Resources (NYSE:DNR) hires Chris Kendall as its new COO, effective Sept. 8, and will assume the role from President/CEO Phil Rykhoek, who has been serving in that capacity on an interim basis.
- Kendall is joining DNR from Noble Energy (NYSE:NBL), where he was senior VP for global operations and a member of NBL's executive management team; he had been with NBL since 2001.
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