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In-Depth with Noble Energy: US Onshore, Financials, and Leviathan

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In-Depth with Noble Energy: US Onshore, Financials, and Leviathan PART 1 OF 22

NBL Focuses on Liquids Growth in DJ, Delaware, and Eagle Ford

Current acreage position

Noble Energy (NBL) has been increasing its US onshore liquids focus. The company holds acreage positions in premiere US shale plays such as the DJ Basin, the Delaware Basin, and the Eagle Ford Shale. 

The company also has international operations in the Eastern Mediterranean.

NBL Focuses on Liquids Growth in DJ, Delaware, and Eagle Ford

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Earlier this year, Noble Energy enhanced its Delaware position by acquiring Clayton Williams Energy. The transaction, which included 71,000 net acres in the Southern Delaware Basin in the Reeves and Ward counties in Texas, closed in April 2017. We’ll discuss this acquisition later in this series. Key players in the Delaware Basin include Cimarex Energy (XEC) and EP Energy (EPE).

In a bid to focus more on liquids-rich areas, the company also exited the natural gas–rich Marcellus Shale in May 2017. The proceeds of its divestments, which totaled $2 billion, were used for its Clayton Williams acquisition. NBL’s peer Cabot Oil & Gas (COG) is a key player in the Marcellus Shale.

Noble Energy’s management stated in its 1Q17 press release, “Our top-tier U.S. onshore assets and execution are delivering ahead of plan as a result of drilling advancements in all basins and continued industry-leading well performance.”

Speaking about its 2Q17 performance expectations, management also said, “During the second quarter, we are expecting volume growth in each of our U.S. onshore liquids assets. This is driven by an increased completion schedule, including the impact of the Clayton Williams Energy transaction.”

Throughout this series, we’ll discuss recent updates and developments in Noble Energy’s key operating areas to see if the company’s performance is falling in line with its management’s expectations. 

First, let’s take a look at a critical strategic decision made by management this year that fell in line with its liquids-growth focus.

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