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Noble Energy Announces Highlights Of 2013 Analyst Conference

HOUSTON, Dec. 17, 2013 /PRNewswire/ -- Noble Energy, Inc.'s (NYSE: NBL) senior management is hosting a conference today in Houston, Texas with analysts and investors to provide an update on the Company's current operations, future plans and operational outlook.  Today's presentation includes the following key highlights:

  • Production is projected to increase at a compound annual growth rate (CAGR) of 18 percent over the next five years, resulting in production of 629 thousand barrels of oil equivalent per day (MBoe/d) in 2018
  • Net discovered unbooked resources have grown to 6.4 billion barrels of oil equivalent (BBoe), up 25 percent from the 2012 Analyst Conference
  • Discretionary cash flow is expected to grow more than $1 billion per year on average through 2018, exceeding the Company's organic cash capital beginning in 2016
  • Cumulative capital investments from 2014 to 2018 are anticipated to be $1 billion less than the capital investments projected for the same time period in the 2012 Analyst Conference plan
  • Return on average capital employed is anticipated to reach 17 percent in 2018
  • Total proven reserves are expected to be 2.9 BBoe by the end of 2017, representing an increase of over 150 percent compared to year-end 2012
  • In the DJ Basin, the implementation of Integrated Development Plans (IDPs) are anticipated to enhance before-tax net present value by more than $1 billion per IDP through drilling and completion efficiencies, improved facility coordination, and increased drilling of extended-reach laterals
  • Per well valuation in the Marcellus Shale wet-gas area has increased substantially over the past two years, driven by a 15 percent enhancement in estimated ultimate recoveries (EURs), a 10 percent decrease in drilling and completion costs, and increased drilling of extended-reach laterals
  • Four recent exploration discoveries in the Deepwater Gulf of Mexico, which represent more than $1.3 billion of before-tax net present value, are anticipated to more than double production and before-tax operating cash flow in the region over the next five years
  • Average annual before-tax operating cash flow in West Africa is estimated to be approximately $1 billion per year from 2014 to 2018
  • In the Eastern Mediterranean, net natural gas sales are expected to increase to 575 million cubic feet per day (MMcf/d) in 2018 and over one billion cubic feet per day (Bcf/d) in 2023

Charles D. Davidson, Noble Energy's Chairman and CEO stated, "Today we will be highlighting the uniqueness of Noble Energy which is enabling us to further extend our delivery of strong double-digit growth in production while also increasing returns.  After having already delivered double-digit growth over the past two years normalized for divestitures, we are now positioned to deliver another five years of growth at an annual compounded rate of 18 percent.  The result in 2018 is projected production of well over 600 thousand barrels of oil equivalent per day, more than triple what we averaged in 2011.  Our multi-year growth continues to be extremely transparent, with over 95 percent of the 2018 volume coming from our existing proven and discovered unbooked resources, which combined now total 7.5 billion barrels of oil equivalent.  Discretionary cash flow is projected to grow 19 percent per year over the next five years, resulting in our ability to fully fund our five-year capital plan of $28 billion.  We believe our plan reflects truly unique performance among exploration and production companies of similar size and will provide significant value accretion in the coming years.  I am proud of what we have already delivered and am even more excited about what we are positioned to deliver in the future."



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