Noble Energy’s (NBL) 4Q17 production volumes totaled 380 Mboepd (thousand barrels of oil equivalent per day)—down 7.3% compared to its production volumes in 4Q16.
The production was lower in 4Q17 due to asset sales, winter storms in December, and third-party facility impacts.
In November 2017, Noble Energy closed the sale of its mineral and royalty interests for $340 million. In December 2017, the company closed the sale of ~30,200 net acres of its DJ Basin position. Noble Energy received $568 million from the initial close of the DJ Basin sale.
Noble Energy’s production volumes in fiscal 2017 were 381 Mboepd, which represents an annual decline of ~9.3%. Including the impact of divestments, Noble Energy’s production in fiscal 2017 was 303 Mboepd.
Management provided its production outlook through 2020. Noble Energy expects its production volumes to grow to ~525 Mboepd in 2020, from 303 Mboepd in fiscal 2017.
US onshore volumes
The total production volumes across Noble Energy’s US onshore assets were 249 MBoepd—down 2% since 4Q16. To focus more on its liquids-rich areas, Noble Energy exited the Marcellus Shale in May 2017. The proceeds from these divestments, which totaled $2 billion, were used for the Clayton Williams acquisition.
Israel and other offshore assets
Noble Energy’s production volumes in Israel averaged 262 million cubic feet equivalent per day—compared to 274 million cubic feet equivalent per day reported in 4Q16. In West Africa, the company reported production of 64 Mboepd in 4Q17—compared to 77 Mboepd reported in 4Q16.
Providing an update on the Leviathan project, Noble Energy said the project is ~40% complete. Management said, “Construction of the production platform is underway, preparations to mobilize the drilling rig commenced and the project remains on budget and schedule with first gas sales anticipated by the end of 2019.”