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Noble Energy: To Increase Oil Production 40% In 2012

HOUSTON -(Dow Jones)- Noble Energy, Inc. (NBL) plans to raise its oil output by 40% in 2012 as several long-awaited projects come on-line, Chief Executive Charles Davidson said Thursday. Drilling activity in the Niobrara basin in the mid-continental U.S., as well as output from the Galapagos project in the U.S. Gulf of Mexico will greatly contribute to the ramp-up in hydrocarbon liquids, Davison said in an earnings conference call. Noble Energy is in the midst of a major expansion, as several of its discoveries are scheduled to start production in the next few years. Davidson says that production, cash flow and reserves will grow at double-digit rates over the next five years. "2012 is certainly the year I've been waiting for," he said. Natural gas prices, however, are leading to reduced investment in the Marcellus shale. The company has reduced its net investment in the Marcellus by $250 million, Davidson added. The company, which has struck a series of exploration successes in the eastern Mediterranean, in December announced a new discovery off Cyprus. The company owns 70% of that project, but it remains open to selling down its stake to bring in an additional investor. "There might be opportunities to accommodate along with our partners an additional partner," Davidson said. "We are open to all options to try to accelerate value here." - By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@dowjones.com

Stock News for Noble (NBL)
DateTimeHeadline
04/24/201510:37:30Noble Energy PT Lowered to $43.00 (NBL)
04/22/201507:00:00Noble Energy Reaches Agreement With Federal And State Regulators...
04/22/201503:34:42Noble Energy Earns Reduce Rating from Analysts at Nomura (NBL)
04/21/201514:33:55Notice of Exempt Solicitation. Definitive Material. (px14a6g)
04/21/201503:22:07Noble Energy Downgraded to "Hold" at Societe Generale (NBL)
04/14/201507:30:00Noble Energy Announces Its First Quarter 2015 Earnings Webcast...
04/13/201508:24:00Noble Energy Announces Acreage Addition In The Falkland Islands...
04/10/201515:03:23Argentina Summons U.K. Ambassador -- 3rd Update
04/10/201513:07:49Argentina Summons U.K. Ambassador -- 2nd Update
04/10/201512:32:43Argentina Summons U.K. Ambassador -- Update
04/06/201516:22:44Statement of Changes in Beneficial Ownership (4)
03/27/201511:22:50Proxy Statement (definitive) (def 14a)
03/26/201507:31:37The United States Shale Boom: The Reasoning For The Low Price...
03/25/201516:38:02Current Report Filing (8-k)
03/18/201506:50:37Dolphinus to buy $1.2B of gas from Tamar field
03/17/201519:40:30EIA: Oil production falling at Eagle Ford, Bakken, Niobrara shale...
03/17/201519:12:39Analysis: ConocoPhillips may withstand oil price disruption better...
03/15/201506:57:31Dividend Challengers (And Near-Challengers): 51 Increases Expected...
03/13/201512:10:58Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/11/201507:49:56Palestine power firm nixes deal to buy Leviathan natural gas

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