Noble Energy, Inc. (NBL) - NYSE
  • Tue, Mar. 29, 11:41 AM
    • Noble Energy (NBL -0.7%) is maintained with a Buy rating at Stifel but at a reduced price target of $37, cut from $40, even after Israel's Supreme Court struck down the government's plan to develop and export offshore its natural gas reserves.
    • Stifel continues to believe the 22T cf Leviathan discovery will be developed, although the court ruling clouds the timing and all but eliminates a potential 2016 catalyst associated with project sanctioning.
    • Separately, Israel's energy minister says he thinks the turmoil in the country's natural gas sector can be resolved within a couple of months.
    | Tue, Mar. 29, 11:41 AM
  • Mon, Mar. 28, 8:26 AM
    • Shares in Israeli gas companies Avner Oil (OTCPK:AVOGF) and Delek Drilling (OTC:DKDRF) sink even after partners in Israel’s Leviathan offshore gas field said the high court ruling that blocked a proposal to regulate the natural gas industry would not derail their development plans.
    • Delek Group (OTCPK:DGRLY) CEO Assi Bartfeld said in a conference call that the partners would work hard to find the solutions necessary to come to an agreement, a stance that Barclays analyst Tavy Rosner calls “overly optimistic... The partners are unlikely to manage to secure export contracts without a stability clause in place. Working around that clause could take several months.”
    • Noble Energy (NYSE:NBL) Chairman David Stover says the court ruling was “disappointing and represents another risk to Leviathan timing.”
    • In the U.S., NBL -4.1% premarket.
    | Mon, Mar. 28, 8:26 AM
  • Mon, Mar. 28, 2:56 AM
    • Partners in Israel's offshore Leviathan natural gas field are calling on the government to quickly resolve remaining regulatory uncertainty after the Supreme Court struck down an agreement on the project's development.
    • The objection was due to a clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment.
    • The government last year reached a deal with Noble Energy (NYSE:NBL) and Israeli partner Delek Group (OTCPK:DGRLY) that would leave them in control of the gas trove, while forcing them to sell smaller, yet sizable, assets.
    • Previously: Israel's Supreme Court strikes down government gas deal (Mar. 27 2016)
    | Mon, Mar. 28, 2:56 AM | 3 Comments
  • Sun, Mar. 27, 6:52 PM
    • Israel’s Supreme Court rules against the government's plan to develop and export the country’s offshore natural gas reserves, in a major setback for Prime Minister Netanyahu - who had appeared before the court to defend the deal - and for Israel's energy industry.
    • In ruling the deal unconstitutional, the court objected to a clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment.
    • The main stakeholders in the fields, Noble Energy (NYSE:NBL) and Israeli partner Delek Group (OTCPK:DGRLY), had argued that the stability clause was required for them to make the investments necessary to develop the fields.
    • The deal will be suspended for one year, during which time the Netanyahu government will be required to amend it and potentially put the details to a vote in the Knesset.
    | Sun, Mar. 27, 6:52 PM | 12 Comments
  • Tue, Mar. 22, 6:06 PM
    • For the first time in years, drillers are expected to add less oil from new fields in 2016 than they lose to natural decline in old ones, according to an analysis by Rystad Energy.
    • New projects expected to generate ~3M bbl/day will come from new projects this year compared with 3.3M bbl/day lost from established fields, but the decline will outstrip new output by 1.2M bbl/day in 2017 as investment cuts made during the oil rout start to take effect on the way to a "very strong effect" by 2020, Rystad says.
    • In the deepwater Gulf of Mexico this year, Shell (RDS.A, RDS.B) is scheduled to start the Stones project, with projects run by Noble Energy (NYSE:NBL) and Freeport McMoran (NYSE:FCX) also due to begin; Anadarko Petroleum (NYSE:APC) started the Heidelberg field in January.
    • Eni (NYSE:E) commenced the Goliat field in the Arctic this month, Shell started producing from a new area of the BC-10 project in Brazil earlier this month, and Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) plans to begin output from the TEN field offshore Ghana this summer.
    • Morgan Stanley estimates nine projects are in contention to get a green light this year, including BP’s Mad Dog Phase 2 in the Gulf of Mexico and Eni’s Zohr gas field in Egypt, yet Rystad believes these developments will not be enough to counter the natural decline in oil fields that are starting to suffer from lower investment.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Mar. 22, 6:06 PM | 25 Comments
  • Mon, Mar. 21, 10:32 AM
    • Noble Energy (NBL -1.2%) and Delek Group (OTCPK:DGRLY), partners in Israel’s Leviathan natural gas discovery, are seeking to raise $3.5B-$4B to develop the offshore field and are in talks with banks on funding plans, Bloomberg reports.
    • The companies are negotiating with lenders including Deutsche Bank, Citigroup, HSBC, BNP Paribas, JPMorgan Chase and Natixis to cover ~65% of the development costs, with the remainder possibly coming from bond sales or equity, according to the report.
    • The partners also are said to be negotiating to export ~10B cm/year of natural gas to Turkey, which would be worth ~$2B/year; in November, they began talks with an Egyptian-led group of non-government gas consumers and distributors to supply as much as 4B cm/year of natural gas for 10-15 years.
    | Mon, Mar. 21, 10:32 AM
  • Wed, Mar. 9, 7:20 PM
    • Oil production in the Permian Basin has been much more resilient in the face of the ~65% drop in oil prices since mid-2014 than other shale regions, and in fact has been climbing steadily while the Eagle Ford and Bakken plays are showing overall declines.
    • As of early February, Permian's oil production slightly exceeded 2M bbl/day - up from 1.4M bbl/day at the beginning of 2014 - even though the drilling rig count for the basin fell to 181 from about 550 a year earlier, and EIA data released Monday projects Permian’s output at 2.036M bbl/day while Eagle Ford and Bakken are expected to continue to drop.
    • "If you are in an oil-producing related business, the Permian Basin is the place to be in 2016,” says energy consultant Charles Perry.
    • Relevant tickers include PXD, OXY, CVX, COP, CXO, APA, DVN, APC, XOM, NBL, CPE, PE, FANG, RSPP, LPI, XEC, EQT
    | Wed, Mar. 9, 7:20 PM | 47 Comments
  • Thu, Feb. 25, 10:59 AM
    • Noble Energy (NBL -1.4%), Delek Group (OTCPK:DGRLY) and the other partners in the Leviathan gas field development offshore Israel present a revised plan that calls for 21B cm of gas production each year, up from 16B cm in their initial plan.
    • The companies also lower the estimated cost of the project to $5B-$6B from a previous $6B-$7B, and said they expect to bring the project online by the end of 2019.
    • Leviathan was discovered in 2010 in the eastern Mediterranean and has estimated reserves of 622B cm, making it one of the world's largest finds of the past decade, but development has been slowed due to regulatory uncertainty in Israel.
    | Thu, Feb. 25, 10:59 AM | 6 Comments
  • Sat, Feb. 20, 8:25 AM
    • Moody’s says it has downgraded a total of 28 energy companies since December, including another eight yesterday.
    • Anadarko Petroleum (NYSE:APC), Continental Resources (NYSE:CLR), Hess (NYSE:HES), Murphy Oil (NYSE:MUR), Southwestern Energy (NYSE:SWN) and Western Gas Partners (NYSE:WES) were cut to junk levels.
    • National Fuel Gas (NYSE:NFG) and Noble Energy (NYSE:NBL) were lowered to Baa3, one notch above junk.
    • Outlooks for Cimarex Energy (NYSE:XEC) and EQT Corp. (NYSE:EQT) were confirmed above junk without downgrades, while EQT Midstream (NYSE:EQM) was affirmed in junk territory but not downgraded.
    • Moody's says weakness in prices for crude oil and natural gas has caused a fundamental change in the energy industry, whose ability to generate cash flow has fallen substantially - a condition Moody's believes will persist for "several years," so it is in the process of recalibrating the ratings of many energy companies to reflect the industry shift.
    • More downgrades are sure to be on the way following last month's move by the ratings agency in placing the credit ratings of 120 energy companies and 55 mining companies from around the world on review for possible downgrade.
    | Sat, Feb. 20, 8:25 AM | 39 Comments
  • Fri, Feb. 19, 7:17 PM
    • Even with the price of oil at just ~$30/bbl, the U.S. Energy Information Administration foresees crude production from the Gulf of Mexico hitting record levels in 2017.
    • The EIA projects Gulf production - which generally is less sensitive to short-term crude pricing movement than onshore shale production - will average 1.63M bbl/day in 2016 and 1.79M bbl/day in 2017, including hitting 1.91M bbl/day in December 2017; The previous high of more than 1.7M came in 2009 ahead of the 2010 drilling moratorium after the Deepwater Horizon spill.
    • The low price of oil is keeping most energy companies from approving new Gulf projects, but several already are in the works, such as Shell’s (RDS.A, RDS.B) Stones and Noble Energy’s (NYSE:NBL) Gunflint.
    • Some of the projects already in operation include Shell’s Perdido and Mars B projects, Exxon’s (NYSE:XOM) and Anadarko Petroleum’s (NYSE:APC) Lucius, and NBL’s Rio Grande; APC’s Heidelberg field just came online in January.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Feb. 19, 7:17 PM | 58 Comments
  • Thu, Feb. 18, 5:57 PM
    • Noble Energy's (NYSE:NBL) Q4 earnings report yesterday contained the surprising revelation that the company had brought $858M of its foreign earnings back to the U.S. - reflective of the company's need for cash during hard times, but also raising the question of whether the move could be replicated across the broader U.S. corporate sector.
    • NBL has "full fungibility of about a couple billion dollars of additional monies that could be repatriated through time to the U.S.,” CFO Kenneth Fisher said in yesterday's earnings conference call, “so it adds a lot to our flexibility, and it was in a sense, a good time, because we could utilize the foreign tax credits efficiently.”
    • NBL's repatriation of its foreign earnings is "a product of unique circumstances in the energy industry," and few other companies appear to be inclined to follow suit, says Investopedia's Rakesh Sharma.
    | Thu, Feb. 18, 5:57 PM
  • Wed, Feb. 17, 8:48 AM
    • Noble Energy (NYSE:NBL) +1.2% premarket after reporting better than expected Q4 earnings on reduced revenue despite boosting oil and gas output.
    • NBL reported an unadjusted quarterly loss, compared with a year-earlier profit, hurt by $2.2B in charges including asset writedowns.
    • NBL says Q4 total operating costs averaged $6.93/boe, down 22% Y/Y, while its average realized price for crude oil fell 44% and its realized price for natural gas decreased 27%.
    • The company says total Q4 sales volumes jumped 34% to 422K boe/day but forecasts Q1 production available for sale of 395K-405K boe/day, citing downtime at its Alba field compression project offshore Equatorial Guinea for the decline.
    • NBL forecasts FY 2016 sales volumes averaging ~390K boe/day, a 10% Y/Y increase and essentially flat pro-forma for the Rosetta merger.
    • NBL reaffirms 2016 capex at $1.5B, a ~50% reduction from 2015 levels.
    | Wed, Feb. 17, 8:48 AM
  • Wed, Feb. 17, 7:34 AM
    • Noble Energy (NYSE:NBL): Q4 EPS of $0.44 beats by $0.48.
    • Revenue of $846M (-20.9% Y/Y) misses by $194M.
    • Press Release
    | Wed, Feb. 17, 7:34 AM
  • Tue, Feb. 16, 5:30 PM
  • Sun, Feb. 14, 10:48 PM
    • Prime Minister Netanyahu told Israel's Supreme Court today the country must move forward developing the Leviathan natural gas field for economic and security reasons.
    • In a highly unusual move, Netanyahu voluntarily testified before the court to defend a framework gas deal in response to petitions to block plans to develop the field, which is estimated to hold 622B cm of reserves.
    • Netanyahu argued the framework provides vital opportunities for Israel's foreign relations and that any delay in its implementation could lead to the deal's collapse and cause "long-term significant damage" to Israel's security and economy.
    • The deal's critics, including Israel's anti-trust authority, say planned control of the country's gas reserves by one consortium will limit competition and keep prices high.
    • Under the deal, U.S.-based Noble Energy (NYSE:NBL) and Israel's Delek Group (OTCPK:DGRLY), which discovered Leviathan in 2010, would retain control of the field.
    | Sun, Feb. 14, 10:48 PM | 3 Comments
  • Sat, Feb. 13, 8:25 AM
    • Large energy companies will slash dividend payouts by a total of $12B this year, bringing global payouts down 9% Y/Y to $147B, according to Markit's dividend forecasting unit.
    • Ten of the world's large-cap oil and gas companies are set to cut their dividend in 2016, Markit predicts, including ConocoPhillips (NYSE:COP), which already has slashed its payout for 2015 but likely will announce additional cuts by year-end.
    • The other nine large-cap energy firms Markit sees cutting their dividend this year: Anadarko Petroleum (NYSE:APC), Ecopetrol (NYSE:EC), Eni (NYSE:E), Kinder Morgan (NYSE:KMI), Noble Energy (NYSE:NBL), Sinopec (NYSE:SNP), Cnooc (NYSE:CEO), PetroChina (NYSE:PTR) and Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
    | Sat, Feb. 13, 8:25 AM | 47 Comments
Company Description
Noble Energy, Inc. is an independent energy company engaged in oil and natural gas exploration and production. The company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West... More
Industry: Independent Oil & Gas
Country: United States