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TheStreet Open House

Noble Energy's CEO Presents At Credit Suisse Energy Summit (Transcript)

Stock quotes in this article: NBL

So let me just jump into our program, and I’ll have a few slides here at the beginning that will talk about our strategies, a bit of an overview on where we’re going. And then I want to get into the various core areas in our business and certainly leave plenty of time for questions.

We are in interesting times. It’s interesting to see as the environment changes, the number of companies that are having to adjust strategies to reposition themselves to fit. But I guess what I would say here is I’m not here to talk about a change strategy. We believe the strategy that we put in place a number of years ago at Noble Energy is one that is very appropriate for the current environment.

It was a strategy that came about after we closed on the acquisition of Patina Oil & Gas. And what we said at that time was we wanted to move to a diversified portfolio. We wanted to develop and de-risk, we want to de-risk our development program and we wanted to move the exploration program to something that was much more material. We wanted to get away from exploration which prior to that was basically trying to deliver us near-term production. And in my view, that is not the intent of an exploration program.

The intent of an exploration program is to position the company for the future, put material legacy assets in the portfolio that will be with you for a long time. We wanted to be financially disciplined from every aspect and we wanted to build an organization that was capable of best-in-class execution. So that’s been our strategy.

During a few years after that, we’re willing to sacrifice near-term growth. Offsetting that was building the portfolio for long-term growth. But I would say that we felt this strategy played out very well. It worked for us. And we are not here to change it. So let’s just talk about some of the results and how we see the company going forward in the future.

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