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Noble Energy corporate report

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12 March 2019

Noble Energy corporate report

Report summary

Noble Energy is focused on growth and shareholder returns after portfolio restructuring. Successful execution of Leviathan and the management of unconventional capital efficiency are the near-term priorities. But investors can look forward to a step-up in production and cash flow from 2020. The company will have increasing flexibility to reduce debt, meet its commitment to increasing shareholder returns and reinvest in long-term growth opportunities.

Table of contents

  • Overview
    • 1. Maintaining momentum from US onshore unconventionals
    • 1.1 Permian: the growth engine
    • 1.2 DJ Basin: the Lower 48 hub
    • 1.3 Eagle Ford: a steady cash engine
    • 2. International gas: near-term transformation, long-term potential
    • 2.1 Successful development in Israel
    • 2.2 Equatorial Guinea offers upside
    • 3. Protecting financials in readiness for a transformational step-up
    • 3.1 Cash flow and investment outlook
    • 3.2 Capital allocation options and maintaining flexibility
    • 4. Reload the conventional exploration portfolio for future success

Tables and charts

This report includes 41 images and tables including:

  • Benchmark: share price performance
  • Benchmark: premium/discount to WM NPV10
  • Noble: reported and WM forecast production
  • Benchmark: five-year production CAGR
  • Benchmark: US L48 production
  • Noble Energy: US onshore cost curve
  • Noble: Permian average lateral length 2017-2018
  • Benchmark: Average IP30 per lateral foot
  • Noble: net Israel reserves and resources
  • Israel: Leviathan and Tamar production capacity
  • Noble Energy: year-end net debt outlook
  • Benchmark: Q4 2018 gearing ratios
  • Noble: cash flow breakeven 2019-2020 (WTI)
  • Noble: development capex profile
  • Noble Energy: base upstream cash flow
  • Benchmark: estimated 2019 shareholder yields
  • Exploration & appraisal spend and reinvestment
  • Noble: net active exploration acreage
  • Base case upstream NPV10
  • Current NPV10 vs. future NPV10
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: by region
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

What's included

This report contains:

  • Document

    Noble Energy corporate report

    ZIP 1.62 MB

  • Document

    Noble Energy corporate report

    ZIP 1.62 MB

  • Document

    noble-energy-corporate-report.xlsx

    XLSX 1.05 MB

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