Hedging | Capital Markets | Capital Expenditure | Capex Decrease | Capital Expenditure - 2020
Noble Lowers 2020 Capex by $500MM (30%); Delaware Basin Capital Cut by 50%
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Noble Energy, Inc. provided an operational update in response to the current global macroeconomic and commodity outlook.
Changes to 2020 Plan: Reduction of $500 million, or nearly 30%, of its 2020 capital budget - it will now range between $1.1 and $1.3 billion for the year. Approximately 80% of the capital reduction will occur in the U.S. onshore business and over 50% will occur in the Delaware Basin. Internationally, Noble is planning $100 million in capital reductions coming from major project execution, deferral of non-critical spend into future years and the exploration program.Noble Energy will update detailed capital, cost and sales volume guidance for 2020 during its Q1 call.
David L. Stover, Noble Energy's Chairman and CEO, commented, "In light of the recent commodity…
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