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BAML Global Energy Conference – Noble Energy, Inc.

Noble Energy, Inc. · Nov 13, 2014 · 26 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BAML Global Energy Conference – Noble Energy, Inc. – slide 1
    BofA Merrill Lynch Global Energy Conference November 2014
  2. BAML Global Energy Conference – Noble Energy, Inc. – slide 2
    Five Questions Worth Thinking About Regarding Energy Hopefully not keeping you awake at night, but 2
  3. BAML Global Energy Conference – Noble Energy, Inc. – slide 3
    Five Questions Worth Thinking About Regarding Energy Hopefully not keeping you awake at night, but 1. How should one think about the constant (growing) environmental challenges to U.S. unconventional resource development 3
  4. BAML Global Energy Conference – Noble Energy, Inc. – slide 4
    Financial Performance Through the Cycle Unaudited ProForma Financials ( millions) Total Revenues ( millions) Operating Income 4,000 1,000 (1) 3,219 3,000 728 694 2,500 622 2,200 2,428 2,000 500 1,400 272 1,000 0 0…
  5. BAML Global Energy Conference – Noble Energy, Inc. – slide 5
    5 Source: Resources for the Future - Center for Energy Economics & Policy
  6. BAML Global Energy Conference – Noble Energy, Inc. – slide 6
    Fracking Bans & Moratoria Limited state-wide, but local measures growing 6 Source: Food & Water Watch
  7. BAML Global Energy Conference – Noble Energy, Inc. – slide 7
    7 Source: Resources for the Future - Center for Energy Economics & Policy
  8. BAML Global Energy Conference – Noble Energy, Inc. – slide 8
    How should one think about the constant (growing) environmental challenges to U.S. unconventional resource development The Dramatic Growth in U.S. Unconventional Resources Brought With it New Challenges Renewables suddenly at risk…
  9. BAML Global Energy Conference – Noble Energy, Inc. – slide 9
    Substantially Reduced Average Fleet Age Fleet Age Comparison 40 31 Years 30 27 30 20 27 20 16 25 12 13 25 10 4 20 0 Seadrill Atwood Noble Rowan Ensco Noble Diamond (pre-spin) 15 13 10 9 5 0 (1)(2) (3)…
  10. BAML Global Energy Conference – Noble Energy, Inc. – slide 10
    U.S. Active Well Counts Active horizontal wells to substantially grow over next decade 1,800,000 1,600,000 1,400,000 700,400 1,200,000 204,800 459,800 1,000,000 800,000 600,000 952,100 971,100 400,000 868,000 200,000 0…
  11. BAML Global Energy Conference – Noble Energy, Inc. – slide 11
    Do unconventional resource plays require a different approach in planning for the future Onshore Unconventional Resource Development Has Become a Manufacturing Business Cost management and efficiency will be critical Likely that…
  12. BAML Global Energy Conference – Noble Energy, Inc. – slide 12
    Five Questions Worth Thinking About Regarding Energy Hopefully not keeping you awake at night, but 1. How should one think about the constant (growing) environmental challenges to U.S. unconventional resource development 2. Do…
  13. BAML Global Energy Conference – Noble Energy, Inc. – slide 13
    Unconventional Technology Driving U.S. Oil Production Growth rate over past five years unprecedented in countrys history U.S Oil Production U.S. Oil Production 9,000 12,000 8,500 10,000 8,000 7,500 8,000 MBopd 7,000…
  14. BAML Global Energy Conference – Noble Energy, Inc. – slide 14
    U.S. Crude & Petroleum Products Net imports falling with rising production & fuel efficiency 16000 Thousands Barrels Per Day 14000 12000 10000 8000 6000 4000 2000 0 Imports Net of Exports Exported Oil & Petroleum…
  15. BAML Global Energy Conference – Noble Energy, Inc. – slide 15
    15 Jackup Rigs Contract Visibility (1) Average contract length (1) of 24 months per rig (1) (1) (1) (1) January July January July January July 2014 2014 2015 2015 2016 2016 (1) Newbuild addition reflects…
  16. BAML Global Energy Conference – Noble Energy, Inc. – slide 16
    Five Questions Worth Thinking About Regarding Energy Hopefully not keeping you awake at night, but 1. How should one think about the constant (growing) environmental challenges to U.S. unconventional resource development 2. Do…
  17. BAML Global Energy Conference – Noble Energy, Inc. – slide 17
    Ultra-Deepwater vs. Deepwater Utilization 100% 95% 94.19% 90% 85% 84.75% 80% 75% UDW Fixtures DW Fixtures Source: IHS RigPoint 17
  18. BAML Global Energy Conference – Noble Energy, Inc. – slide 18
    Ultra-Deepwater vs. Deepwater Fixtures 800,000 700,000 600,000 500,000 400,000 300,000 200,000 UDW Fixtures DW Fixtures Source: IHS RigPoint 18
  19. BAML Global Energy Conference – Noble Energy, Inc. – slide 19
    Does it make sense for U.S. natural gas to be priced at deep discounts to oil for an extended period into the future Due to Abundance, Likely to Experience Gas-on-Gas Competition in U.S. Well into Future Incremental demand supporting…
  20. BAML Global Energy Conference – Noble Energy, Inc. – slide 20
    Jackups Utilization High Specification vs. Standard Specification 100% 95.60% 95% 90% 87.72% 85% 80% 75% High Spec JU's (After 2007) Standard Spec JU's (Before 2007) Source: IHS RigPoint 20
  21. BAML Global Energy Conference – Noble Energy, Inc. – slide 21
    Jackup Fixtures - High Specification vs. Standard Specification 300,000 250,000 200,000 150,000 100,000 50,000 0 Standard Spec JU's (Before 2007) High Spec JU's (After 2007) Source: IHS RigPoint 21
  22. BAML Global Energy Conference – Noble Energy, Inc. – slide 22
    U.S. Oil Production Projected to Peak Later This Decade 22
  23. BAML Global Energy Conference – Noble Energy, Inc. – slide 23
    How should one (producer or investor) position themselves for peak shale Energy Well Known For Violent and Unpredictable Cycles Nothing lasts forever Various Studies Show Domestic Oil Production Peaking Late This Decade to Mid Next…
  24. BAML Global Energy Conference – Noble Energy, Inc. – slide 24
    Well-Timed Shipyard Program Winding Down 2013 2014 Globetrotter II Noble Noble Noble Noble Noble Don Taylor Bob Douglas Houston Colbert Sam Croft Tom Madden Noble Noble Noble Noble Noble Mick OBrien Regina Allen Sam…
  25. BAML Global Energy Conference – Noble Energy, Inc. – slide 25
    Significant Aspect of Fleet Transformation 11 Billion in Capital Committed or Spent To Date New Rig Deliveries by Year and Newbuild Capex Newbuild Capex Rig Additions ( Millions) 7 2,000 Rigs Added: 12 Semis and Drillships 1.7…
  26. BAML Global Energy Conference – Noble Energy, Inc. – slide 26
    Believe Current Valuation Ignores Solid Long-Term Fundamentals 300% 120.00 52 wk Low Price/TBV per Share Average Oil Prices (/Bbl WTI) 250% 100.00 200% 80.00 150% 60.00 100% 40.00 Currently at 58% 50% 20.00 0%…

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