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Noble Energy, Inc. (NBL)

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  • Oct. 20, 2014, 8:28 AM
    • The partners in Israel's offshore Tamar natural gas field say they have signed a non-binding agreement to supply 5B cubic meters of natural gas over seven years to private companies in Egypt.
    • The agreement follows a handful of other similar non-binding export deals, including supplying Israeli gas to Jordan.
    • The Tamar field contains ~9T cf of gas, most of which has been earmarked for the local market, and production began there last year; the nearby Leviathan field is estimated to contain 10T cf of gas, but production has not yet started.
    • The partners include Noble Energy (NYSE:NBL), which holds 36%, in addition to Israeli companies Avner Oil (OTCPK:AVOGF) and Delek Drilling (OTC:DKDRF).
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  • Oct. 2, 2014, 12:58 PM
    • Exxon Mobil (XOM -0.4%) and Pemex, Mexico's state-owned oil producer, sign a three-year cooperation agreement to exchange academic, scientific and technical knowledge in analyzing exploration, drilling and refining opportunities.
    • XOM joins a growing list of major oil producers including Chevron (NYSE:CVX), Noble Energy (NYSE:NBL) and BHP Billiton (NYSE:BHP) in expressing interest in entering Mexico’s energy industry, which is ending a 76-year state oil monopoly.
    | 1 Comment
  • Oct. 1, 2014, 10:49 AM
    • Noble Energy (NBL -0.3%) says it plans to resume exploration drilling in the Falkland Islands in 2015 following the acquisition and evaluation of a 3D seismic program over portions of its 10M acre position.
    • NBL says the latest prospect, called Humpback, has an estimated resource potential of 1B boe.
    • NBL also updates guidance for its Q3 exploration expense to $230M-$240M, including ~$75M related to the Scotia well decision; due to the increased exploration expense, it expects a Q3 adjusted effective tax rate of 35%-38%.
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  • Sep. 29, 2014, 11:19 AM
    • West Virginia is ready to let companies drill for oil and natural gas deep beneath 14 miles of the Ohio River, as state officials opened bids Friday as it seeks a substantial revenue stream at a time of tight budgets.
    • Environmentalists re alarmed at the proposal, since it would allow drilling a mile beneath a river that provides drinking water to millions of people.
    • Magnum Hunter (NYSE:MHR), Noble Energy (NYSE:NBL), Gastar Exploration (NYSEMKT:GST) and Statoil (NYSE:STO) submitted bids with 20% royalty rates; state officials plan to pick winners in the next week or two.
    | 6 Comments
  • Sep. 25, 2014, 7:59 AM
    • Vantage Energy (Pending:VEI) says it is postponing its IPO, citing unfavorable stock market conditions, while Cone Midstream Partners (NYSE:CNNX) prices its 17.5M-unit IPO at $22/unit, above the $19-$21 expected range.
    • Vantage, which focuses on the Marcellus and Barnett shales, had expected a 23.5M-share offer to price at $24-$27.
    • Cone will be 29%-34% public owned at the conclusion of the offering, with Consol Energy (NYSE:CNX) and Noble Energy (NYSE:NBL) splitting the rest as limited partners.
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  • Sep. 3, 2014, 6:56 AM
    • After many meetings with Jordanian officials, Israel will sign a deal to supply natural gas from its Leviathan field to Jordan for 15 years. The deal is said to be worth about $15B.
    • Leviathan, which holds an estimated 22T cubic feet of gas, is controlled by Noble Energy (NYSE:NBL), Delek Group (OTCQX:DGRLY) and Ratio Oil (OTC:RTEXF).
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  • Aug. 28, 2014, 2:58 PM
    • Noble Energy (NBL +0.2%) says it has found oil and gas at two deepwater wildcat wells in the Gulf of Mexico, each with the potential to produce as much as 100M boe; more exploration and drilling are needed to test the remaining potential.
    • NBL is the operator of both wells, with a 50% interest in one and a 45% stake in the other.
    | 1 Comment
  • Aug. 26, 2014, 11:11 AM
    • Consol Energy (CNX +1.7%) makes official its MLP plans for its midstream assets in the Marcellus Shale, as it and joint venture partner Noble Energy (NBL +1.2%) files with the SEC for an IPO in what will be known as Cone Midstream Partners.
    • The companies say they hope to finish the IPO by early Q4, and Cone Midstream will trade on the NYSE under the ticker CNNX.
    • The number of shares to be offered and the price have not been determined, but FBR Capital estimates CNNX could be valued at ~$1B (Briefing.com).
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  • Aug. 21, 2014, 7:19 PM
    • Amid the latest flareup of Middle East violence, one-time enemies Israel and Egypt are negotiating deals that may mean the sale of $60B in Israeli natural gas to liquefaction plants in Egypt.
    • Executives at Noble Energy (NYSE:NBL) and units of Israel’s Delek Group said this week they expect to finalize by year-end agreements to deliver as much as 6.2T cf of gas over 15 years from the Tamar and Leviathan offshore fields to LNG facilities in Egypt.
    • For Israel, the two fields have more than enough gas to supply it for decades, so it is seeking a way to export the excess, and shipping it to Egypt would be faster than building LNG plants; the Russia-Ukraine crisis has made energy security a top priority for Europe, which will be scrutinizing all potential energy sources.
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  • Aug. 15, 2014, 11:52 AM
    • Noble Energy (NBL +0.4%) says the Bright exploration well in the deepwater Gulf of Mexico came up dry after reaching the targeted objectives.
    • The well was drilled to a total depth of 13,500 ft. and has now been plugged and abandoned; NBL says full well assessment and the integration of drilling results into its geologic models will determine future exploration plans on the Atwater Valley acreage.
    • BP (BP -0.5%) operated the well with a 50% working interest, while NBL held the remaining 50%.
    | 2 Comments
  • Aug. 12, 2014, 3:09 PM
    • NiSource (NI +0.1%) says its Columbia Pipeline Group will invest $1.75B to expand and upgrade its pipeline network in Ohio and West Virginia.
    • The project will provide new infrastructure able to transport up to 1.5B cf/day of natural gas from the Marcellus and Utica shale plays to connections with U.S. Gulf coast and midwest terminals.
    • NI says suppliers already are signing up to use the pipeline, which is supported by long-term service agreements with Range Resources (NYSE:RRC), Noble Energy (NYSE:NBL), Kaiser Marketing Appalachian and former Chesapeake CEO Aubrey McClendon’s startup American Energy Utica.
    • NI expects to begin construction of the line in late 2016 and begin operations in late 2017.
    | 1 Comment
  • Aug. 11, 2014, 10:59 AM
    • Noble Energy (NBL +0.3%) and Australia’s Woodside Petroleum (OTCPK:WOPEF) sign an agreement to explore a deepwater prospect off the coast of Gabon; NBL will be the operator with a 60% working interest.
    • NBL says the execution of the production sharing contract represents its initial entry into Gabon and meaningfully expands the company's exploration portfolio.
    • Marathon Oil (MRO +0.1%) also signed a production sharing deal with Gabon for a separate offshore deepwater location in which it has a 100% working interest.
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  • Aug. 4, 2014, 2:31 PM
    • Noble Energy (NBL +5.8%) and Anadarko Petroleum (APC +5.3%) spike higher on news of an agreement to remove anti-fracking initiates from the ballot in Colorado.
    • Gov. Hickenlooper and U.S. Rep. Polis are forming a task force to craft regulations to minimize conflicts over the siting of oil and gas facilities in Colorado; under the proposal, two initiatives aimed at tightening controls would be withdrawn and two initiatives considered pro-industry also would be pulled.
    • Wells Fargo views the deal as a positive for companies with exposure to the Denver-Julesburg Basin, including NBL, APC, Bill Barrett (BBG +4.8%), PDC Energy (PDCE +10.1%), Whiting Petroleum (WLL +4.5%) and Carrizo Oil & Gas (CRZO +4.3%).
    | 6 Comments
  • Jul. 28, 2014, 3:49 PM
    • Noble Energy (NBL -0.6%) is reiterated as a Top Pick at FBR Capital as it maintains that NBL's operations update provided with Q2 earnings was one of the best in terms of subsurface progress, while also noting political issues that have since dominated investor conversation (Briefing.com).
    • Regarding Niobrara regulatory risk, even in a worst-case scenario of 2K-ft. setbacks resulting in 25% loss of locations and a 10% degradation of capital efficiency, the firm says the impact to NBL's 3P NAV is just $5/share or 3%.
    • At the same time, FBR says the selloff in shares of Synergy Resources (SYRG -2.1%) after NBL's cautious midstream and regulatory comments provides an attractive entry point into the name, believing NBL's Niobrara update has "overwhelmingly positive" implications for SYRG.
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  • Jul. 24, 2014, 11:49 AM
    • Noble Energy (NBL -3.6%) is sharply lower after Q2 earnings were cut in half from a year ago, as higher expenses masked a rise in revenue.
    • Q2 revenue rose 20% Y/Y to $1.38B, total sales volumes jumped 13%, average realized prices for crude oil and condensates rose 5.9%, while average realized prices gained 15% for natural gas liquids and 10% for natural gas.
    • Total oil and gas production rose 14% to 290K boe/day; NBL expects to produce 290K-305K boe/day in Q3 and 310K-330K boe/day in Q4.
    • While production from the Denver-Julesburg basin rose in the quarter, NBL says the output fell below its expectations due to downtime at a third-party processing plant and facility upgrades at more than 60 wells.
    • Total operating expenses for Q2 rose 8.4%.
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  • Jul. 24, 2014, 7:31 AM
    • Noble Energy (NYSE:NBL): Q2 EPS of $0.87 beats by $0.08.
    • Revenue of $1.39B (+20.9% Y/Y) in-line.
    • Press Release
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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.