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Noble Energy Reported the Highest Growth in Production in 2Q16

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Noble Energy increased production the most

Noble Energy’s (NBL) total production volumes in 2Q16 were 427,000 barrels of oil equivalent per day (or boepd). This represents a rise of ~43% year-over-year (or YoY).

NBL’s 2Q16 press release noted that higher volumes in 2Q16 were driven by higher US oil volumes, higher US onshore sales volumes, and higher global offshore sales volumes.

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EQT’s and AR’s production volumes rose by 15% or more YoY

EQT’s (EQT) 2Q16 production volumes were ~184.5 Bcfe (billion cubic feet equivalent), which represents a ~26% YoY increase. EQT’s production volumes have mostly increased steadily over the quarters since 2Q15.

EQT attributes this quarterly production increase to improved well productivity, especially in the Marcellus Shale. The Marcellus Shale contributed ~84% to EQT’s total production for 2015.

Antero Resources’s (AR) 2Q16 production volumes totaled ~1.8 billion cubic feet equivalent per day, 18.5% higher than its 2Q15 production levels.

COG’s production increased the least

Cabot Oil and Gas’s (COG) 2Q16 production volumes were 151.8 Bcfe, ~10% higher than its 2Q15 production levels. COG’s 2Q16 production gained the least of its peers, which likely stems from the highest capex reduction in 2Q16 when compared to its peers.

As we saw in Part 4, Cabot Oil and Gas’s fiscal 2016 capex reduction is the most among its peers as well. For more information about COG’s operational plans, please read Why Cabot Oil and Gas Increased Its 2016 Capital Guidance.

Production guidance for 2016

For fiscal 2016, EQT has provided production growth guidance of ~19% at midpoint, and Antero Resources (AR) has provided growth guidance of 15% at midpoint. Noble Energy has provided growth guidance of 6%.

On the other hand, Cabot Oil and Gas expects its annual production to grow 2%–7% in fiscal 2016 versus fiscal 2015.

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