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Noble Energy's 2Q17 Earnings: Are You Ready?

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Part 2
Noble Energy's 2Q17 Earnings: Are You Ready? PART 2 OF 5

Analyzing Noble Energy’s Production Expectations for 2017

Production guidance

Noble Energy’s (NBL) 2Q17 volumes are expected to be 395 Mboepd–415 Mboepd (thousand barrels of oil equivalent per day). The company’s total US onshore volumes, after adjusting for 2016 divestments, are expected to rise 10% in 2017—compared to 2016. The increase is expected to come on the back of contributions from its Clayton Williams Energy assets.

US onshore oil growth volumes are expected to rise 30% between 2016 and 2017 and 40% between 2H16 and 2H17.

The company’s 2H17 volumes are expected to be 440 Mboepd–460 Mboepd.

Analyzing Noble Energy’s Production Expectations for 2017

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Noble Energy wants to develop its resources in the US onshore where it operates in three key areas—the DJ Basin, the Delaware Basin, and the Eagle Ford region. Noble Energy said that its US onshore growth in 2017 would be driven by activity in the Delaware and Eagle Ford areas. Meanwhile, the DJ Basin’s 2017 volumes are expected to be equivalent to its 2016 volumes, but higher on an exit rate basis.

Read What’s Noble Energy’s Planned US Onshore Activity for 2017? to learn more about the company’s plans for each of these regions in 2017.

1Q17 production summary

Noble Energy’s 1Q17 production volumes were 382 Mboepd—down ~8.2% compared to its production volumes in 1Q16. Its 4Q16 production volumes were 410 Mboepd. Noble Energy’s crude oil and condensate production volumes were to 119,000 bpd (barrels per day), while its natural gas liquids were 55,000 bpd. Natural gas volumes touched 1.2 billion cubic feet per day. Noble Energy noted that its US onshore production volumes were at the top of its guidance. Its production volumes were driven by strong well performance in the Delaware and DJ Basins. The company noted that its offshore sales volumes were also above expectations at 142 Mboepd due to production in the Gulf of Mexico and Israel.

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