Noble Energy kicks off planned asset sales with $132M acreage sale

|About: Noble Energy, Inc. (NBL)|By:, SA News Editor

Noble Energy (NYSE:NBL) launches plants to pare down its portfolio with a sale of 13K net acres in Reeves County, Tex., to an unnamed buyer for $132M.

NBL has targeted 2019 asset sales of $500M-$1B to support its plan to spend 17% less on capex this year than the prior year while increasing U.S. onshore production by 10%.

NBL also says proceeds from asset sales in Q4 totaled $226M, including cash received for the divestment of a 7.5% working interest in its offshore Israel Tamar area.

Morgan Stanley analyst Devin McDermott has said the planned sales may unlock additional value for NBL, which already trades at a discount to its peers despite 10% better YTD performance.

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