Noble Energy has transformed itself through a series of acquisitions and divestments. It has historically used exploration as its primary engine of growth, but acquisitions have catapulted Noble into a leading Permian player. While conventional exploration is taking a back seat in terms of activity, its role is to grow the company through high-impact drilling to attain major new developments. Over the past decade, Noble has opened frontier plays and enjoyed a period of outstanding success with wildcat drilling, particularly in the Eastern Mediterranean. Commercialisation of the giant gas resources here are moving forward. We currently calculate full-cycle value creation of over US$1 billion from conventional exploration in 2008-2017. Meanwhile, rapid exploitation of acquired Delaware basin acreage pushes value creation from organic unconventionals close to US$4 billion. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.