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Noble Energy, Inc. (NBL)

  • Tue, Jul. 7, 11:49 AM
    • Jefferies upgrades its ratings on Anadarko Petroleum (APC +0.3%), EOG Resources (EOG -0.1%) and Noble Energy (NBL -1.5%), citing “more realistic embedded oil price and growth.”
    • APC is lifted to Buy from Hold with an $88 price target, raised from $85, as the firm notes increased confidence in “a deep, future Delaware Basin (Wolfcamp) development, the potential for opportunistic monetizations (i.e., Mozambique, WGP shares) and a now more attractive valuation.”
    • EOG and NBL are raised to Hold from Underperform following recent pressure on the shares, which now better reflect “a slower ramp.”
  • Tue, Jun. 30, 8:25 AM
    • Israel's energy ministry unveils proposed guidelines for the country's natural gas sector that would leave the largest offshore project, Leviathan, in control of a U.S.-Israeli consortium while opening the industry to new competition.
    • The new plan requires Noble Energy (NYSE:NBL) and Israel’s Delek Group (OTCPK:DGRLY) to sell stakes in smaller fields while maintaining their grip on the larger Leviathan field, and requires companies to cap prices for a number of years until competition is developed.
    • Delek will have six years to sell its entire stake in a second large field, Tamar, and NBL must decrease its stake in the field to 25% from 36%.
    • Thousands demonstrated in Tel Aviv over the weekend against the expected plan, fearing the proposal fails to break up a monopoly and will result in high prices for Israeli consumers.
  • Thu, Jun. 25, 6:55 PM
    • As expected, Israel's security cabinet has voted in favor of a plan to let Noble Energy (NYSE:NBL) and Israeli's Delek Group (OTCPK:DGRLY) keep control of most of the country's natural gas deposits, a decision that ends months of uncertainty after the anti-trust regulator branded them a monopoly late last year.
    • Details of the agreement have yet to be made public, but industry sources have said NBL and Delek will be allowed to keep control of Leviathan, the world's largest offshore gas discovery of the past decade.
    • Earlier: Noble Energy, Delek likely to keep control of Israel's Leviathan field
  • Thu, Jun. 25, 7:58 AM
    • Israel's security cabinet is expected to vote in favor of a plan that will allow Noble Energy (NYSE:NBL) and Delek Group (OTCPK:DGRLY) to keep control over most of the country's natural gas deposits while putting some others up for sale.
    • Sources tell Reuters that Noble and Delek would be allowed to keep control of Leviathan, the world's largest offshore gas discovery of the past decade; the field holds ~22T cf, is primarily earmarked for exports and is expected take three years to bring online.
    • Delek would have six years to sell its entire ~45% stake in another large field, Tamar, and Noble would have to lower its stake to 25% from 36%, and both companies would be forced to sell their stakes in two smaller fields, Tanin and Karish, in up to 18 months.
  • Wed, Jun. 17, 10:35 AM
    • Israel's Minister for National Infrastructures, Energy and Water resources say the government wants to reach an agreement with exploration companies on a natural gas policy framework as soon as possible.
    • The development of Israel's Leviathan offshore natural gas field, held by Noble Energy (NBL +0.2%) and units of Delek Group (OTCPK:DGRLY), has stalled amid arguments over policy.
    • Delek shares rose to their highest levels since December in Tel Aviv trading on the news.
    | 1 Comment
  • Mon, Jun. 8, 9:49 AM
    • The Aphrodite natural gas field off Cyprus is commercially viable, and plans call for producing 8B cm/year and construction of a pipeline to Egypt, says Noble Energy (NBL -0.3%) and Delek Group (OTCPK:DGRLY), the partners behind the project.
    • Delek says the planned Egyptian exports were made possible by a cooperation agreement the countries signed in February, adding that the partners would submit their plans to the Cypriot government in the near future.
    • NBL is the project operator with a 70% stake, while Delek holds 30% through two subsidiaries but is in talks to buy an additional 19.9% for ~$155M.
  • Mon, Jun. 1, 10:58 AM
    • Delek Group (OTCPK:DGRLY) says it is in talks to buy an additional 19.9% stake of the Aphrodite offshore Cyprus gas field from its partner, Noble Energy (NYSE:NBL), for ~$155M.
    • NBL owns a 70% stake in the field, located in Block 12 off the Cypriot coast and estimated to contain 4.54T cf of natural gas; Delek, through two subsidiaries, holds the remaining 30%.
    • Cyprus is weighing options to export gas to Egypt and Jordan via pipeline from the Aphrodite field.
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  • Tue, May 26, 7:59 AM
    • Israel’s antitrust commissioner says he will resign from his position to protest a compromise framework on natural gas policy that he says will not lead to competition; the resignation would take effect at the end of August.
    • David Gilo caused an uproar in December when he ruled that Noble Energy (NYSE:NBL) and Delek (OTCPK:DGRLY) may constitute a monopoly over their control of two large natural gas fields Tamar and Leviathan, and the resignation could ease pressure on the companies.
    • Tamar began producing gas two years ago, but development of Leviathan, the world's largest offshore gas discovery of the past decade, has been frozen.
  • Mon, May 11, 11:27 AM
    • Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
    • The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
    • SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
  • Mon, May 11, 10:44 AM
    • At least half a dozen U.S.-focused energy firms say they will pump more oil and gas this year than initially expected, but closer study suggests the upgraded forecasts reflect minor adjustments rather than an emerging trend, according to data compiled by Reuters.
    • The revisions likely reflect slightly better operations than expected, not a shift to deploying more rigs, says Raymond James analyst Pavel Molchanov.
    • One of the most optimistic forecasts was offered by Devon Energy (NYSE:DVN), which pumped 272K bbl/day of oil in Q1, revised its 2015 oil growth to 25%-35% from a previous 20%-25%, while also cutting its capital and lease cost estimate by more than $400M.
    • Occidental Petroleum (NYSE:OXY) foresees higher 2015 oil and gas production but only by ~20K boe/day even as capex comes in below a planned $5.8B.
    • Noble Energy (NYSE:NBL) said it was raising full-year oil and gas guidance to 300K-315K boe/day following a strong Q1, effectively adjusting the bottom end of its initial range by a mere 5K.
    | 1 Comment
  • Mon, May 11, 6:57 AM
    • Noble Energy (NYSE:NBL) has agreed to acquire Rosetta Resources (NASDAQ:ROSE) for $2.1B in stock, giving the energy producer a position in two of the largest areas of shale production in the U.S. - Eagle Ford and Permian.
    • Under the terms of the deal, Rosetta shareholders will receive 0.542 of a Noble share for each Rosetta share they hold. Noble will also assume Rosetta’s $1.8B in net debt.
    • NBL +0.4% premarket
  • Tue, May 5, 10:12 AM
    • Noble Energy (NBL +0.8%) opens higher after beating Q1 earnings estimates by a penny but posting a 45% drop in revenues, as the price it received for a barrel of oil fell by more than half.
    • But NBL raised its sales volume guidance for the year, now expecting sales of 300K-315K boe/day after Q1 sales volume rose 11% Y/Y to a quarterly record 318K boe/day, due mostly to the development of the DJ Basin and Marcellus Shale resource plays.
    • NBL's Q1 average realized prices for crude oil and condensates fell to $45.96/bbl from $100.23 a year earlier, while average prices for natural gas fell 27%.
    • NBL says it remains on track with its capital budget of $2.9B for the year after announcing plans in February to cut its 2015 capex plans by ~40%.
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  • Tue, May 5, 7:36 AM
    • Noble Energy (NYSE:NBL): Q1 EPS of $0.03 beats by $0.01.
    • Revenue of $759M (-45.0% Y/Y) misses by $148.54M.
    • Press Release
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  • Mon, May 4, 5:30 PM
  • Tue, Apr. 28, 5:11 AM
    • Noble Energy (NYSE:NBL) declares $0.18/share quarterly dividend, in line with previous.
    • Forward yield 1.45%
    • Payable May 26; for shareholders of record May 11; ex-div May 7.
    | Comment!
  • Mon, Apr. 27, 5:13 PM
    • Select energy E&P stocks are ready to be bought on weakness following the recent rally in the space, Cowen says as it names Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD) and Range Resources (NYSE:RRC) its top picks; the three are started at Outperform with respective price targets of $72, $216 and $73.
    • Cowen says its top picks have low-cost assets and high quality balance sheets that will allow them to emerge from the oil price downturn with higher margins.
    • Devon Energy (NYSE:DVN), Noble Energy (NYSE:NBL) and Cimarex Energy (NYSE:XEC) also are initiated with Outperform rating, while Apache (NYSE:APA) and Continental Resources (NYSE:CLR) are started at Market Perform.
    | 1 Comment
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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.