Company report
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13 Pages

Noble Energy corporate report

Noble Energy corporate report

Report summary

We expected a pragmatic response from Noble Energy, and that is what we got. A single decisive budget cut in February 2015, of 41% year-on-year was greater than most other diversified operators. Our estimate of the Brent price required to remain cash flow neutral in 2015 fell from US$117/bbl to US$70/bbl. Including a US$1.1 billion equity issuance, this falls to just US$40/bbl. Only three companies in our coverage look stronger.

What's included?

This report includes 3 file(s)

  • Noble Energy corporate report PDF - 369.41 KB 13 Pages, 6 Tables, 12 Figures
  • Noble Energy Interim Report.xls XLS - 546.00 KB
  • Noble-Energy Report April 2015.xls XLS - 3.67 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Strategic positioning as oil prices collapsed
    • Strategic action to date
    • Impact on the financial outlook
    • Impact on key performance metrics
    • Options to release additional capital
    • Can Noble Energy take advantage of the downturn?
  • Economic assumptions
    • Wood Mackenzie Corporate Service: our response to low oil prices
    • Economic assumptions

In this report there are 18 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Relative share price performance
    • Market premium / discount to WoodMac NPV,10
    • Brent price required to stay cash flow neutral
    • Projected year-end net debt
    • Wood Mackenzie forecast total production
    • NPV before and after
    • Discretionary development spend
    • Discretionary projects by capex and IRR
    • Historic spend by category
    • NPV,10 by area
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Economic assumptions: Image 1
    • Economic assumptions: Image 2
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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Why Wood Mackenzie?

Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

We work across every sector of oil, gas, power, renewables, chemicals, metals and mining, covering more than 150 countries. Our proprietary data and models are at the core of everything we do, ensuring our independent asset and company valuations are thoroughly robust and that we offer an accurate forward-looking view of economic indicators such as market supply, demand and price trends.

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