Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Noble Energy, Inc.    NBL

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Noble Energy Signs Agreement to Divest Non-Core DJ Basin Acreage

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/10/2017 | 03:02pm CET

Houston - Noble Energy, Inc. (NYSE: NBL) ('Noble Energy' or 'the Company') today announced that it has signed a definitive agreement with SRC Energy Inc. to divest approximately 30,200 net acres from the Company's non-core DJ Basinposition in Weld County, Colorado.

Included with the acreage sold is approximately 4,100 barrels of oil equivalent per day (Boe/d). The total value of the transaction is $608 million. The transaction, effective as of November 1, 2017, is anticipated to close on two separate dates, with acreage and non-operated production included in the initial closing by the end of 2017, followed by a second closing for operated producing properties by mid-2018. The closings are subject to customary terms and conditions, with the initial closing representing over 90 percent of the total transaction value.

Gary W. Willingham, Noble Energy's Executive Vice President, Operations, commented, 'This sale of acreage in our Greeley Crescent and Bronco development areas represents an acceleration of value as it was not likely to be developed by us for a number of years. Our DJ Basinactivities, both now and for several years to come, will remain focused on the northern and eastern parts of the basin. This is where we have a deep inventory of long lateral drilling opportunities in an oilier part of the basin and where our infrastructure provides a competitive advantage. Proceeds from this transaction continue to highlight a strong market valuation for our DJ Basin position and will be prioritized to further strengthen our investment-grade balance sheet.'

Approximately 50 percent of the acreage is located in the Company's Greeley Crescent area and the remainder is in the Bronco area. A map related to the transaction can be found on the 'News Releases' page under 'Investors' on the Company's website at www.nblenergy.com.

Noble Midstream Partners LP (NYSE: NBLX) maintains the acreage dedication for in-basin oil gathering, produced water gathering and fresh water delivery.

Non-operated production associated with the transaction totals approximately 2,500 Boe/d. Operated production, assumed at the time of the second closing, is estimated to be 1,600 Boe/d. The commodity mix of the production divested is 20 percent oil, 30 percent natural gas liquids, and 50 percent natural gas. The acreage and production divested represent approximately eight percent and four percent, respectively, of the Company's totals in the DJ Basin. Post transaction close, Noble Energy'sDJ Basin position will be approximately 335,000 net acres.

Tudor, Pickering, Holt & Co. acted as the lead financial advisor, and Bracewell LLP acted as outside legal advisor to Noble Energy on the transaction.

Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents. Founded 85 years ago, the company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives.

This news release contains certain 'forward-looking statements' within the meaning of federal securities laws. Words such as 'anticipates', 'believes', 'expects', 'intends', 'will', 'should', 'may', and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual reports on Form 10-K, respectively, and in other Noble Energy reports on file with the Securities and Exchange Commission (the 'SEC'). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management's estimates or opinions change.

Contact:

Brad Whitmarsh

Tel: (281) 943-1670

Email: [email protected]

(C) 2017 Electronic News Publishing, source ENP Newswire

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NOBLE ENERGY, INC.
11/16 NOBLE ENERGY INC : Change in Directors or Principal Officers (form 8-K)
11/15 NOBLE ENERGY : Gate Energy Awarded Leviathan Commissioning
11/13 Noble Energy To Divest Non-Core DJ Basin Acreage For $608 Mln
11/10 SRC ENERGY : Significantly Expands Core Greeley Crescent Development Area throug..
11/10 Noble Energy Signs Agreement to Divest Non-Core DJ Basin Acreage
11/10 NOBLE ENERGY : sells another chunk of oil, gas producing acreage in Weld County
11/09 NOBLE ENERGY : To Divest Non-Core DJ Basin Acreage For $608 Mln
11/08 Noble Energy Signs Agreement to Divest Non-Core DJ Basin Acreage
11/08 NOBLE ENERGY : to Present at Upcoming Energy Conference
11/06 Noble Energy to Present at Upcoming Energy Conference
More news
News from SeekingAlpha
11/21 WSJ : Growing gas glut threatens west Texas oil boom
11/16 Noble Energy (NBL) Presents At Bank Of America Merrill Lynch Global Energy Co..
11/08 Noble Energy to sell non-core Colorado acreage to SRC Energy for $608M
11/06 HARTSTREET LLC : Concho Reports Another Good Quarter, Outperforming Well Results
10/31 Noble Energy (NBL) Q3 2017 Results - Earnings Call Transcript
Financials ($)
Sales 2017 4 197 M
EBIT 2017 -1 975 M
Net income 2017 -1 492 M
Debt 2017 6 731 M
Yield 2017 1,56%
P/E ratio 2017 -
P/E ratio 2018 3 455,41
EV / Sales 2017 4,57x
EV / Sales 2018 4,20x
Capitalization 12 443 M
Chart NOBLE ENERGY, INC.
Duration : Period :
Noble Energy, Inc. Technical Analysis Chart | NBL | US6550441058 | 4-Traders
Technical analysis trends NOBLE ENERGY, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 35,7 $
Spread / Average Target 39%
EPS Revisions
Managers
NameTitle
David L. Stover Chairman, President & Chief Executive Officer
Gary W. Willingham Executive Vice President-Operations
Kenneth M. Fisher Chief Financial Officer & Executive Vice President
Edward F. Cox Independent Director
Michael A. Cawley Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
NOBLE ENERGY, INC.-31.79%12 443
CNOOC LTD10.05%60 845
CONOCOPHILLIPS-0.02%59 788
EOG RESOURCES INC0.53%58 782
OCCIDENTAL PETROLEUM CORPORATION-3.97%51 945
CANADIAN NATURAL RESOURCES LIMITED1.98%41 769