Top Story | Job Cuts / Downsize / Layoff | Capital Markets | Capital Expenditure | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Noble Execs Take Pay Cut, Lower 2020 Capex Again; Draws $1.0B from Credit Facility
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Noble Energy Inc. reported a plan to take further action in regard to cost savings as the market volatility continues.
This includes executive salary cuts, a furlough program (previously announced on April 1) as well as further capital cuts (in addition to the cuts announced in March 2020).
Capital BudgetNoble is cutting its corporate 2020 capex budget to $850 (mid-point of the guidance) which is down (50%) from the initial guidance and (65%) from 2019.
The $850 million is expected to be allocated as such that U.S. Onshore will receive $600 million and $250 million for international operations.
Drilling & CompletionsAs a results of the deep capex cut, Noble plans to run 1 rig in the DJ Basin for the remainder of 2020 and completion activities have been deffered.
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