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May 2013 Investor Meetings – Noble Energy, Inc.

Noble Energy, Inc. · May 10, 2013 · 58 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. May 2013 Investor Meetings – Noble Energy, Inc. – slide 1
    Investor Meetings May 2013
  2. May 2013 Investor Meetings – Noble Energy, Inc. – slide 2
    Noble Energy Unique. By Design. Positioned for a decade of growth Five Core Areas Delivering Outstanding Results Production expected to more than double by 2017 Proven reserves projected to increase 114% over 5 years Major…
  3. May 2013 Investor Meetings – Noble Energy, Inc. – slide 3
    Five-Year Growth Outlook 2012 to 2017 A superior long-term performance Transparent Growth Profile Debt-Adjusted Growth per Share* (CAGR) Contributions from All Operating Areas 24% Key Outcomes by 2017 21% 18% Production 540…
  4. May 2013 Investor Meetings – Noble Energy, Inc. – slide 4
    Net Risked Resources Strong foundation for current and future growth Exploration 3.7 BBoe Total Resources (BBoe) Eastern 18.8 DW Med. West GOM Africa U.S. Onshore New Ventures 9.9 Discovered Unbooked 5.1 BBoe DJ Basin…
  5. May 2013 Investor Meetings – Noble Energy, Inc. – slide 5
    Onshore Unconventional Developments Contributing impactful growth Accelerating Horizontal MBoe/d DJ Basin 200 Activity Levels Repeatable, low-risk investments Capturing economies of scale 100 20% CAGR Improving EURs and…
  6. May 2013 Investor Meetings – Noble Energy, Inc. – slide 6
    Major Deepwater Project Line-up 5 new sanctions in 2013 Deepwater *Gunflint tieback standalone GOM *Big Bend Tamar First Production April 2013 Mediterranean Eastern *Tamar Phase 2 *Leviathan Phase 1 Leviathan…
  7. May 2013 Investor Meetings – Noble Energy, Inc. – slide 7
    Production Outlook Strong diversified growth from discovered projects MBoe/d 600 540 MBoe/d 500 17% CAGR 116 MBoe/d 400 300 300 MBoe/d 200 100 0 2012 2013 2014 2015 2016 2017 Base Onshore Horizontal Offshore…
  8. May 2013 Investor Meetings – Noble Energy, Inc. – slide 8
    Discretionary Cash Flow* Outlook Growing a billion dollars per year 2012 Eastern Other Med. B DJ Basin 8 West Africa 21% CAGR Marcellus 6 DW GOM 2017 4 Eastern Other Med. 2 DJ West Basin Africa 0 DW 2012 2013…
  9. May 2013 Investor Meetings – Noble Energy, Inc. – slide 9
    Robust Financial Position Positioned to fund long-term growth plans 5.3 Billion of Liquidity MM Well-Managed Maturity Profile 1,600 1.3 B cash on hand 4.0 B unused revolver 1,200 Debt-to-Capital Ratio, 800 Net of Cash 25% 400…
  10. May 2013 Investor Meetings – Noble Energy, Inc. – slide 10
    Commodity Environment Proactively hedged to reduce cash flow volatility Hedge Positions 2013 2014* 63% Oil Floor Ceiling 57% 2013 93.40 105.68 45% 44% 2014 94.53 98.60 Gas Floor Ceiling 2013 4.40 5.21 2014 3.85 4.84 Based on…
  11. May 2013 Investor Meetings – Noble Energy, Inc. – slide 11
    NBL Dividend Commitment to competitive payout Over Last Eight Years, NBLs Dividend Per Share has Grown at a 32% CAGR 2004 2012 Dividend Growth /Share Dividends 40% 1.09 Per Share 1.00 0.91 30% 0.80 0.72 0.72 20% 0.75 0.66…
  12. May 2013 Investor Meetings – Noble Energy, Inc. – slide 12
    2013 Volumes and Capital Outlook Substantial growth in core areas Production Outlook Capital Allocation By Area 270 282 MBoe/d Other New Expect 2H 2013 to average Ventures 300 MBoe/d Eastern Med 20% Year Over Year Increase, DJ…
  13. May 2013 Investor Meetings – Noble Energy, Inc. – slide 13
    DJ Basin A premier oil play Compares Favorably to Other Plays Oil in place now estimated at 74 MMBoe per section Net Resources Now 2.1 BBoe 9,500 horizontal locations, 85% in oil window Hz EURs continue to improve averaging 335…
  14. May 2013 Investor Meetings – Noble Energy, Inc. – slide 14
    Niobrara is a Top Oil Resource Play Superior resources and low development costs Oil Play Characteristics Well Characteristics OOIP Avg. Avg. D&C Lateral Net* Depth Thickness (MMBoe / EUR Liquids Capital Length F&D (Feet) (Feet)…
  15. May 2013 Investor Meetings – Noble Energy, Inc. – slide 15
    Accelerating DJ Basin Development Program Double activity in two years Horizontal Wells Dramatic Improvements in Wells Cum Wells Economic Value Over 2011 Plan 600 3,000 Production up 35% 450 Free cash flow up 900 MM 2,000 300 1,000…
  16. May 2013 Investor Meetings – Noble Energy, Inc. – slide 16
    DJ Basin 2013 Operations Focused on oil window with superior economics Accelerating Development Wyoming Nebraska 300 actual wells or 350 standardized on 4,500 ft. laterals 230,000 Net Acres Northern 300 MMBoe NRR Added ninth rig…
  17. May 2013 Investor Meetings – Noble Energy, Inc. – slide 17
    DJ Basin Well Economics Strong returns over a broad price range GWA Gas GWA Oil BT Economics* Window Window East Pony EUR (MBoe) 435 335 345 Liquids (%) 45% 65% 85% Well Cost (MM) 4.5 4.5 4.9 NPV10 (MM) 3.6 3.9 6.0 ROR (%) 65%…
  18. May 2013 Investor Meetings – Noble Energy, Inc. – slide 18
    Northern Colorado Niobrara Leveraging expertise to unlock new opportunity Superior Economics in Wyoming Nebraska East Pony East Pony 45,000 net acres Producing 80% oil, 5% ngl Keota Plant Three Well 80-Acre Pilot Lilli Plant…
  19. May 2013 Investor Meetings – Noble Energy, Inc. – slide 19
    Extended-Reach Laterals 9,000 laterals have potential for 1 MMBoe EURs Four Wells Online and Performing Boe/d* Above Expected Type Curve 1,200 Two tracking a 1 MMBoe type curve Potential to lower F&D by 20% 1,000 800 600…
  20. May 2013 Investor Meetings – Noble Energy, Inc. – slide 20
    Extended-Reach Laterals 7,000 laterals generating excellent results Boe/d* 1,200 About 60 Wells Planned for 2013 Lateral lengths of 6,500 to 9,500 ft. 1,000 800 600 400 200 * Rolling 3 day average 0 0 20 40 60…
  21. May 2013 Investor Meetings – Noble Energy, Inc. – slide 21
    Optimizing DJ Basin Resource Recovery Continuously learning from pilot program Entire Niobrara / Codell Section Productive B Bench Wells Unaffected by Tighter Spacing Minimum 16-Well (40-acre) Development per Section Testing…
  22. May 2013 Investor Meetings – Noble Energy, Inc. – slide 22
    DJ Basin Midstream Infrastructure Development plans aligned with infrastructure build-out Gas Processing Expansions of 900 MMcf/d DCP LaSalle to be completed 2H 2013, Lucerne 2 finished 2H 2014 Front Range Express NGL Pipeline…
  23. May 2013 Investor Meetings – Noble Energy, Inc. – slide 23
    Marcellus Shale Significant scale and growth Large Acreage Position within Marcellus Fairway 50% of 628,000 gross JV acres 87% HBP allowing for development flexibility Average NRI of 88% Net Risked Resources now 10 Tcfe EUR…
  24. May 2013 Investor Meetings – Noble Energy, Inc. – slide 24
    Marcellus Shale Economics Attractive today with potential to improve Single Well Economics* Targeting 20% Cost (5,000 Foot Lateral) Improvement BT ROR 60% Targeted Current Costs Costs Optimizing drilling and completions 40%…
  25. May 2013 Investor Meetings – Noble Energy, Inc. – slide 25
    Marcellus 2013 Operations Focusing near term in wet gas areas Increase Wet Gas Rig Count from Three to Six and Target 90 Wells PA OH Developing Majorsville while NBL Operated delineating new areas in W. Virginia 176,000 Gross…
  26. May 2013 Investor Meetings – Noble Energy, Inc. – slide 26
    Marcellus Gas Marketing Processing capacity and firm transportation captured MMcf/d Gross Majorsville Processing Processing 400 230 MMcf/d of processing capacity 300 at Markwest Majorsville facility Option for additional 120…
  27. May 2013 Investor Meetings – Noble Energy, Inc. – slide 27
    Deepwater Gulf of Mexico Proven performance and impactful exploration portfolio Strategic Approach has Delivered Strong Cash Flow and Substantial Value Galapagos Project Continues to Perform Above Expectations 14.5 MBoe/d net…
  28. May 2013 Investor Meetings – Noble Energy, Inc. – slide 28
    Gunflint Appraisal and Development Commercial project established with first appraisal Estimated Gross Resource Tubular Bells Kodiak Range 90 325 MMBoe Devils Tower Includes significant untested Existing Facilities Lower…
  29. May 2013 Investor Meetings – Noble Energy, Inc. – slide 29
    Rio Grande Area Big Bend and Troubadour Significant oil potential and near-term impact Rio Grande Area Gross Resources NBL Operated P75 P25 (MMBoe) Big Bend (WI 54%) 30 65 Troubador (WI 87.5%) 20 60 Troubadour Total (WI 70%)…
  30. May 2013 Investor Meetings – Noble Energy, Inc. – slide 30
    Mississippi Canyon Play Proven play with running room, close to existing infrastructure Louisiana Subsalt Miocene Oil Play Five Prospects with Combined Mississippi Canyon Gross Mean Resources of 673 MMBoe Pompano Existing…
  31. May 2013 Investor Meetings – Noble Energy, Inc. – slide 31
    Eastern Mediterranean Growing domestic demand driving near-term value Tamar Having Significant Impact for All Stakeholders Initiated gas sales April 2013 Natural Gas the Fuel of Choice for Israel Total demand grows at 15% CAGR…
  32. May 2013 Investor Meetings – Noble Energy, Inc. – slide 32
    Israel Natural Gas Demand Supports faster and earlier development of discovered resources Natural Gas is The Fuel of Choice Shift to base load with less swing Strong electricity and industrial demand Potential for converting…
  33. May 2013 Investor Meetings – Noble Energy, Inc. – slide 33
    Electricity Market in Israel Natural gas fueling Israels future All New Generation Capacity is Gas-Fired Economic and environmental benefits Per Capita Use of Electricity in Israel is Lower than Average OECD Countries With…
  34. May 2013 Investor Meetings – Noble Energy, Inc. – slide 34
    Coal Conversion in Israel Strong incentives to convert to natural gas Coal 40% of Israel Electric Installed Generation Capacity and 60% of Actual Generation Coal Plants Required to Reduce NOx and SOx Emissions by 2016…
  35. May 2013 Investor Meetings – Noble Energy, Inc. – slide 35
    Eastern Mediterranean Existing asset position Six Consecutive Discoveries Approximately 37 Tcf gross Tanin Karish resources 47% WI 47% WI 13 Tcf net, 2.2 Tcf net booked Tamar 36% WI reserves Cyprus Dalit Karish Exploration…
  36. May 2013 Investor Meetings – Noble Energy, Inc. – slide 36
    Tamar Project Long-term value for all stakeholders Tamar Online in April 2013 with Capacity of 1 Bcf/d Gas sales to average 700 MMcf/d after start-up Industry leading cycle time 2.5 years from sanction Initial Capacity Already…
  37. May 2013 Investor Meetings – Noble Energy, Inc. – slide 37
    Leviathan Development Field scale involves multiple development phases Resource Estimated at 18 Tcf Gross, 6 Tcf Net 5 Planning Flow back test confirms high quality reservoir 3 Drilled Phased Development 1 Drilled and…
  38. May 2013 Investor Meetings – Noble Energy, Inc. – slide 38
    Leviathan Phase 1 Development Concept Offshore processing with northern entry point 38
  39. May 2013 Investor Meetings – Noble Energy, Inc. – slide 39
    Leviathan Sell Down Proposal Bringing in a strategic partner with LNG expertise NBL Selling 9.66% Interest Continue as upstream operator with 30% working interest Cash Payments Totaling 464 Million, Revenue Sharing Up to 322…
  40. May 2013 Investor Meetings – Noble Energy, Inc. – slide 40
    Israel Gas Commission Final Recommendations Incentivizing exploration to maximize value and ensure energy security Recognition of Importance of Exports to Promote Continued Exploration and Production of Offshore Resources Priority…
  41. May 2013 Investor Meetings – Noble Energy, Inc. – slide 41
    Cyprus-A Discovery Transforming Cyprus to an energy exporting country Resource Estimated at 5 8 Tcf Gross Appraisal Well and Test in 2013 Proposed Appraisal Locations Working with Government on LNG Project Agreement Paves the…
  42. May 2013 Investor Meetings – Noble Energy, Inc. – slide 42
    Eastern Mediterranean Exports Progressing multiple options Onshore LNG Sites in 3 different countries have been evaluated (Israel, Cyprus and Jordan) Plan to complete Pre-FEED in 2013 and competitively bid FEED and EPC stages…
  43. May 2013 Investor Meetings – Noble Energy, Inc. – slide 43
    West Africa High-impact core area Leading Operator in the Doula Basin Liquid Projects Producing 45 MBbl/d and Generating 1.2 Billion BT Annual Cash Flow* by 2014 Aseng and Alen Fields Provide Regional Infrastructure for Future…
  44. May 2013 Investor Meetings – Noble Energy, Inc. – slide 44
    Alen Project Bringing liquids to production Remains on Budget and Ahead of Schedule All wells, subsea and facilities complete Major hook-up and facility commission underway First Production Accelerated to 3Q 2013 Initial rate…
  45. May 2013 Investor Meetings – Noble Energy, Inc. – slide 45
    West Africa Next Developments Leveraging existing infrastructure Carla Equatorial Guinea Discovery below Alen field Alen Facilities Gross resource range 35 159 MMBoe (P75 P25), 75% liquids Appraisal program underway Carla Diega…
  46. May 2013 Investor Meetings – Noble Energy, Inc. – slide 46
    Carla Development Next liquids development Estimated Net Resources 11 47 MMBoe (P75 P25) NBL operated Carla North Two Productive Zones O-7 Flow test from O-7 Sidetrack confirms oil/condensate in both zones O-7 St 1 1-GI Plan…
  47. May 2013 Investor Meetings – Noble Energy, Inc. – slide 47
    Conceptual Carla Development Leveraging infrastructure Alen Aseng Carla 47
  48. May 2013 Investor Meetings – Noble Energy, Inc. – slide 48
    Global New Ventures Substantial worldwide resources exposure N.E. Nevada 350 M Gross Acres 1.3 BBoe Gross Resources NBL Operated 100% WI Sierra Leone 1.4 MM Gross Acres Eastern Med 1.3 MM Net Acres Deep Oil Potential NBL…
  49. May 2013 Investor Meetings – Noble Energy, Inc. – slide 49
    Elko County, N.E. Nevada Next growth possibility in U.S. Tight Oil Play with Core Area Scale Wilson Project 350,000 net acres 190 1,400 MMBoe (P75 P25) Great Basin gross unrisked resources 55% geologic chance of success Two 3D…
  50. May 2013 Investor Meetings – Noble Energy, Inc. – slide 50
    Nicaragua Carbonate and clastic plays 1.8 Million Acres in Two Lease Blocks NBL operates with 100% working interest Evaluating partner proposals Multiple Oil Prospects and Leads Identified on 3D Seismic Isabel 3,050 square…
  51. May 2013 Investor Meetings – Noble Energy, Inc. – slide 51
    Paraiso Prospect 3D Seismic Seismic gas cloud positive indicator of hydrocarbons Gas Chimney Paraiso 51
  52. May 2013 Investor Meetings – Noble Energy, Inc. – slide 52
    Levant Basin Mesozoic Oil Play A play with step-change potential Play to be Initially Tested Beneath the Oil Prospects and Leads Leviathan Gas Field Success Would be a Play Opener with Running Room Drillship for Leviathan Oil…
  53. May 2013 Investor Meetings – Noble Energy, Inc. – slide 53
    Falkland Islands Frontier basin with 10 MM acres of running room Access to 10 Million Acres Argentina West Top 10 Targets Contain 7 BBbl Falkland Gross Unrisked Potential East Additional play types with 6 BBoe Falkland gross…
  54. May 2013 Investor Meetings – Noble Energy, Inc. – slide 54
    Sierra Leone New West Africa entry Signed Contract September 2012 1.4 Million Acres Participation Interest 30% NBL Guinea 55% Chevron (Operator) 15% ODYE SL-08B 10% GoSL (Carried) 30% WI Sierra Leone Water Depth Range 20…
  55. May 2013 Investor Meetings – Noble Energy, Inc. – slide 55
    Noble Energy Positioned for a decade of growth Diversified and Focused Asset Portfolio Offers stability and superior returns Sustainable Industry-leading Exploration Program Yields significant discovered resources Competitive…
  56. May 2013 Investor Meetings – Noble Energy, Inc. – slide 56
    Appendix
  57. May 2013 Investor Meetings – Noble Energy, Inc. – slide 57
    Defined Terms and Price Assumptions Term Definition Debt Adjusted per Share Normalizes growth funded through debt by converting the change in debt into an equivalent Calculations amount of equity shares using an average stock price.…
  58. May 2013 Investor Meetings – Noble Energy, Inc. – slide 58
    59

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