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Noble Energy Announces Highlights Of 2012 Analyst Conference

HOUSTON, Dec. 6, 2012 /PRNewswire/ -- Noble Energy, Inc.'s (NYSE: NBL) senior management is hosting a conference today in Houston, Texas with analysts and investors to discuss the Company's current operations, future plans and operational outlook.  Today's presentation includes the following key highlights:

  • The Company's production is projected to increase at a compound annual growth rate (CAGR) of 17 percent over the next five years, resulting in average daily production of 540 thousand barrels of oil equivalent per day (MBoe/d) in 2017
  • Net risked resources have increased to 9.9 billion barrels of oil equivalent (BBoe), up 34 percent since 2011
  • The Company's total proven reserves are expected to be 2.6 BBoe by the end of 2016, representing a CAGR of 16 percent from year-end  2011
  • Discretionary cash flow is expected to exceed $7 billion by 2017, a CAGR of 21 percent
  • The horizontal Niobrara program in the DJ Basin has evolved into a top-tier U.S. oil play resulting in the acceleration of the drilling program to over 500 horizontal wells per year and net horizontal production of 175 MBoe/d by 2017
  • The development of the giant Leviathan field offshore Israel has been significantly advanced with the announced agreement in principle with a strategic partner

The Company announced a $3.9 billion capital program for 2013 and volume guidance of 270 to 282 MBoe/d, representing a growth rate of 20 percent adjusting for 2012 divestments

Charles D. Davidson, Noble Energy's Chairman and CEO said, "I am very excited about the future plans we are presenting today.  Noble Energy continues on a path of accelerating high value opportunities such as the horizontal Niobrara, which we believe is now one of the top oil resource plays in the United States.  As a result, we are accelerating the drilling program in this area with a 50% increase in wells drilled next year.  However, Noble Energy's bright future is not just about one area or one play.  Today, we are highlighting the extraordinary growth opportunities we are pursuing throughout our diversified global portfolio.  This portfolio continues to expand rapidly with net risked resources now totaling 9.9 BBoe, a 34 percent increase over just one year.  As we execute our growth agenda, the results now project five-year debt adjusted growth rates in reserves, production and cash flow that are all higher than those announced a year ago.  We believe these growth rates, all solidly in double-digit territory, position Noble Energy to be a top performer among our peers."

DJ Basin

Noble Energy continues to grow the resource size and accelerate the development of its top-tier Niobrara oil play in the DJ Basin.  Net recoverable resources are now estimated to be 2.1 BBoe, a 60 percent increase over last year's estimate.  As a result, the drilling program has identified 9,500 horizontal well locations and is accelerating its drilling to over 500 wells per year by 2017.  The Company's accelerated development program is now expected to grow DJ Basin production at a five-year CAGR of 20 percent, tripling oil production. 

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