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November 2013 Investor Meeting – Noble Energy, Inc.

Noble Energy, Inc. · Nov 15, 2013 · 60 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. November 2013 Investor Meeting – Noble Energy, Inc. – slide 1
    Investor Meetings November 2013
  2. November 2013 Investor Meeting – Noble Energy, Inc. – slide 2
    Noble Energy Differential company with differential results 2
  3. November 2013 Investor Meeting – Noble Energy, Inc. – slide 3
    Noble Energy Unique. By Design. Positioned for a decade of growth Five Core Areas Delivering Outstanding Results Production and reserves expected to more than double by 2017 Major Projects Generating Strong Cash Flows Tamar and…
  4. November 2013 Investor Meeting – Noble Energy, Inc. – slide 4
    Five-Year Growth Outlook 2012 to 2017 Superior long-term performance Transparent Growth Profile Debt-Adjusted Growth per Share* from Discovered Resources (CAGR) Contributions from All Operating Areas 24% 21% Key Outcomes by…
  5. November 2013 Investor Meeting – Noble Energy, Inc. – slide 5
    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…
  6. November 2013 Investor Meeting – Noble Energy, Inc. – slide 6
    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…
  7. November 2013 Investor Meeting – Noble Energy, Inc. – slide 7
    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…
  8. November 2013 Investor Meeting – Noble Energy, Inc. – slide 8
    Robust Financial Position Positioned to fund long-term growth plans Well-Managed Maturity Profile 4.1 Billion of Liquidity MM 1,600 0.9 B cash on hand 1,200 3.2 B revolver available Debt-to-Capital Ratio, 800 Net of Cash 29%…
  9. November 2013 Investor Meeting – Noble Energy, Inc. – slide 9
    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** 35% Per Share 0.60 0.55 25% 0.46 0.45 0.40 0.36 0.36 15% 0.33…
  10. November 2013 Investor Meeting – Noble Energy, Inc. – slide 10
    2013 Capital and Volume Outlook Substantial growth in core areas Investing Approximately 4 Billion in 2013 Over 60% allocated to onshore unconventional horizontal programs Completed Tamar and Alen major project developments…
  11. November 2013 Investor Meeting – Noble Energy, Inc. – slide 11
    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…
  12. November 2013 Investor Meeting – Noble Energy, Inc. – slide 12
    Core Onshore Unconventional Production 3Q 13 volumes up nearly 40% from 3Q 12 MBoe/d 140 Horizontal Volumes up 61 MBoe/d from 4Q 2011 120 100 80 60 40 20 0 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q…
  13. November 2013 Investor Meeting – Noble Energy, Inc. – slide 13
    DJ Basin A premier oil play Compares Favorably to Other Plays Oil in place estimated at 74 MMBoe per section Net Resources 2.1 BBoe 9,500 horizontal locations, 85% in oil window Hz EURs continue to improve averaging 335 MBoe…
  14. November 2013 Investor Meeting – 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. November 2013 Investor Meeting – Noble Energy, Inc. – slide 15
    DJ Basin 2013 Operations Focused on oil window with superior economics Accelerating Development Target 300 horizontal wells spud 3Q13 volumes up 30% from 3Q12 Northern Delineating New Areas of Colorado Northern Colorado Robust…
  16. November 2013 Investor Meeting – Noble Energy, Inc. – slide 16
    DJ Basin Acreage Exchange Creating synergies that maximize value Northern Colorado Exchange Area Greater Wattenberg Post-Trade NBL Acreage APC Acreage Joint Operating Area Pre-Trade 16
  17. November 2013 Investor Meeting – 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. November 2013 Investor Meeting – Noble Energy, Inc. – slide 18
    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…
  19. November 2013 Investor Meeting – Noble Energy, Inc. – slide 19
    Extended-Reach Laterals Wells Ranch Maximizing value per horizontal foot drilled Boe/d 11 Wells Online and Performing Above 1,200 Expected Type Curves EURs Average Above 750 Thousand 1,000 Barrels Equivalent 800 600 400…
  20. November 2013 Investor Meeting – Noble Energy, Inc. – slide 20
    Wells Ranch and East Pony Areas Continued strong performance with tighter spacing Standard Reach Laterals (Approx 4,000 ft.) Boe/d 500 Avg Distance to Year Closest Well (ft) 2013 685 2011-2012 855 375 2013 Wells 2011-2012…
  21. November 2013 Investor Meeting – Noble Energy, Inc. – slide 21
    Northern Colorado Niobrara Leveraging expertise to unlock new opportunity Superior Economics in East Pony Wyoming Nebraska 45,000 net acres East Pony Producing 80% oil, 5% ngl Keota/LNG Plant Encouraging Results from 40-Acre…
  22. November 2013 Investor Meeting – Noble Energy, Inc. – slide 22
    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…
  23. November 2013 Investor Meeting – Noble Energy, Inc. – slide 23
    Integrated Development Plans (IDP) Optimizing ultimate resource recovery Economies of Scale Driven by Central Gathering and Processing Facilities Decreasing Capital and Lease Costs Reduced Surface and Environmental Impact and…
  24. November 2013 Investor Meeting – Noble Energy, Inc. – slide 24
    Midstream Infrastructure Expansion underway to support field growth Gas Processing Adds of 900 MMcf/d through 2015 NBL Oil Polishing OConner (LaSalle) ramping Facility East Pony up DCP Lucerne 2 Oil Takeaway Capacity (200…
  25. November 2013 Investor Meeting – Noble Energy, Inc. – slide 25
    Marcellus Shale Significant scale and growth Large Acreage Position within Marcellus Fairway 50% of 628,000 gross JV acres (SW PA and West Virginia) 87% HBP allowing for development flexibility Average NRI of 88% Net Risked…
  26. November 2013 Investor Meeting – Noble Energy, Inc. – slide 26
    Marcellus 2013 Operations Focusing near term in wet gas areas Increased NBL-Operated Wet Gas Rig Count to Five and Target 80 Wells PA OH Developing Majorsville and NBL Operated 176,000 Gross Acres C PA Dry delineating new areas…
  27. November 2013 Investor Meeting – Noble Energy, Inc. – slide 27
    Marcellus Wet Gas Activity Accelerating drilling and completions in liquid-rich areas SHL13: 7-well Pad Drilling Majorsville SHL17: 6-well Pad Washington County NBL JV Area Completing PA WFN6: 8-well Pad OH SHL1,3,6 Producing…
  28. November 2013 Investor Meeting – Noble Energy, Inc. – slide 28
    Marcellus Operated Pads Increasing lateral well lengths Avg. Lateral Ft. 10,000 Avg. Lateral Length in 2013 up to 7,000 Feet Costs per Lateral Foot Drilled Down 15% 8,000 6,000 4,000 2,000 0 SHL 1 SHL 3 SHL 6 WEB 4…
  29. November 2013 Investor Meeting – Noble Energy, Inc. – slide 29
    Marcellus Shale Economics Attractive today with potential to improve Single Well Economics* Targeting 20% Cost (5,000 Foot Lateral) Improvement BT ROR 60% Targeted YE 2012 Costs Costs Optimizing drilling and completions 40%…
  30. November 2013 Investor Meeting – Noble Energy, Inc. – slide 30
    Global Offshore Major Projects Meaningful new production and sanctions targeted Exploration Success has Delivered Substantial Cash Flow and Value Strong Track Record of Major Project Delivery 4 major projects online within budget…
  31. November 2013 Investor Meeting – Noble Energy, Inc. – slide 31
    Major Deepwater Project Line-up Next set of projects being sanctioned for development Deepwater Rio Grande GOM Gunflint Tamar First Production April 2013 Mediterranean Eastern Tamar Phase 2 Leviathan Phase 1 Leviathan…
  32. November 2013 Investor Meeting – Noble Energy, Inc. – slide 32
    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 Recent Sanctions of…
  33. November 2013 Investor Meeting – Noble Energy, Inc. – slide 33
    Deepwater Gulf of Mexico Long-lived producing assets and high-impact exploration potential Acreage Louisiana Producing Discovery Swordfish 2013-2014 Prospects Raton Santiago Sailfish Madison South Raton Isabela Yunaska…
  34. November 2013 Investor Meeting – Noble Energy, Inc. – slide 34
    Rio Grande Area Big Bend and Troubadour Progressing development for near-term impact NBL Operated Development Big Bend 54%, Troubadour 60% WI Discovered Resources of Between 50 100 MMBoe Troubadour 75% oil Big Bend Recently…
  35. November 2013 Investor Meeting – Noble Energy, Inc. – slide 35
    Gunflint Major Project Development Two-well planned tie back Mississippi Canyon 948/992 Tubular Bells Kodiak Devils NBL operates with 31% WI Tower Discovered Resources of Existing Facilities Between 65 90 MMBoe Gunflint P75…
  36. November 2013 Investor Meeting – Noble Energy, Inc. – slide 36
    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 Over 600 MMBoe Pompano Existing…
  37. November 2013 Investor Meeting – Noble Energy, Inc. – slide 37
    Dantzler Prospect Mississippi Canyon 738/782 High-impact opportunity currently drilling Louisiana Louisiana NBL Operated with 45% WI Results Expected by YE 2013 50 220 MMBoe (P75 P25) gross unrisked resources Mississippi Canyon…
  38. November 2013 Investor Meeting – Noble Energy, Inc. – slide 38
    Deepwater Gulf of Mexico Strategic approach to value creation Initial Deepwater Focus on Gross Unrisked Resource Exposure Amplitude Plays (Number of Prospects) Captured Material Subsalt MMBoe Miocene Prospects 800 Applied…
  39. November 2013 Investor Meeting – Noble Energy, Inc. – slide 39
    West Africa High-impact core area Leading Operator in the Doula Basin Liquid Projects Anticipated to Produce 45 MBbl/d and Generating 1.2 Billion BT Annual Cash Flow* by 2014 Aseng and Alen Major Projects Online and Provide…
  40. November 2013 Investor Meeting – Noble Energy, Inc. – slide 40
    West Africa Core Operations Legacy of strong production and cash flow creation Long-life Alba Asset Approx. 18 MBbl/d and 240 MMcf/d, net Gas sales to Methanol and LNG Alba Field 34% WI Cameroon Substantial Exploration and Major…
  41. November 2013 Investor Meeting – Noble Energy, Inc. – slide 41
    Aseng Field Breakthrough execution and operations increases project value NBL Operated with 40% WI Total Cumulative Production of Over 40 MMBbls Since Startup Late 2010 Currently Producing Approximately 47 MBbl/d Average over 15…
  42. November 2013 Investor Meeting – Noble Energy, Inc. – slide 42
    Alen Condensate Project Bringing high-value liquids to production NBL Operated with 45% WI Gas-cycling and reinjection project Commenced Production Late 2Q 13 Start-up ahead of schedule Ramping to Full Operations Extended…
  43. November 2013 Investor Meeting – Noble Energy, Inc. – slide 43
    Eastern Mediterranean Growing demand driving near-term value Tamar Having Significant Impact for All Stakeholders Natural Gas the Fuel of Choice for Israel Total demand grows at 15% CAGR 2012 2017 Leviathan Expected to Initially…
  44. November 2013 Investor Meeting – Noble Energy, Inc. – slide 44
    Eastern Mediterranean Substantial natural gas driving near-term value Seven Discoveries Over 35 Tcf gross resources Tanin Karish 47% WI 47% WI 2.2 Tcf net booked reserves Tamar Commenced Operation Tamar 36% WI in April 2013…
  45. November 2013 Investor Meeting – Noble Energy, Inc. – slide 45
    Israel Natural Gas Demand Supports faster and earlier development of discovered resources Natural Gas is The Fuel of Choice Currently providing 40% of Israel electric demand Strong electricity and industrial demand Potential for…
  46. November 2013 Investor Meeting – Noble Energy, Inc. – slide 46
    Tamar Project Long-term value for all stakeholders Tamar Online with Peak Deliverability Up to 1 Bcf/d First production 2.5 years from sanction industry leading cycle time 10 Tcf gross (NBL 36% WI) Near 100% Field and Facility…
  47. November 2013 Investor Meeting – Noble Energy, Inc. – slide 47
    Leviathan Development Field scale involves multiple development phases Resource Estimated at 18 Tcf Gross, 6 Tcf Net 5 Planning High-quality reservoir with strong deliverability 3 Drilled Phased Development 1 Drilled and…
  48. November 2013 Investor Meeting – Noble Energy, Inc. – slide 48
    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…
  49. November 2013 Investor Meeting – Noble Energy, Inc. – slide 49
    Cyprus-A Discovery Transforming Cyprus to an energy exporting country Resource Estimated at 5 Tcf Gross, Over 3 Tcf Net Flow test confirms high reservoir production capacity Progressing Development 2 Drilled Concept Evaluation…
  50. November 2013 Investor Meeting – Noble Energy, Inc. – slide 50
    Mesozoic Oil Play in Levant Basin A play with step-change potential Gross Unrisked Resource Potential Estimated at 3.7 BBoe Atwood Advantage Drillship Delivered to NBL in Early 2014 Oil potential exists under each of existing…
  51. November 2013 Investor Meeting – Noble Energy, Inc. – slide 51
    Global Exploration Portfolio Substantial worldwide resource exposure Inventory of Prospects at Highest Level in Company History Past successes delivering new material production Pursuing additional core area and new venture…
  52. November 2013 Investor Meeting – Noble Energy, Inc. – slide 52
    Offshore Nicaragua Significant carbonate and clastic plays 1.8 Million Acres in Two Lease Blocks NBL operated (70% WI) Initial Farm-Outs Pending Final Approvals Multiple Oil Prospects and Leads Identified on 3D Seismic 2.7 BBoe…
  53. November 2013 Investor Meeting – Noble Energy, Inc. – slide 53
    Offshore Nicaragua Paraiso Prospect World-class exploration opportunity Carbonate Reservoir Target Gross Unrisked Mean Resources 210 1,220 MMBoe (P75 P25) 25% Geologic Chance of Success CI: 200m Results Anticipated by YE 13…
  54. November 2013 Investor Meeting – Noble Energy, Inc. – slide 54
    Falkland Islands Frontier basin with 10 MM acres of running room Top 10 Targets Contain 7 BBbl Argentina West Gross Unrisked Potential Falkland Additional play types with 6 BBoe gross unrisked potential East Falkland Chile…
  55. November 2013 Investor Meeting – Noble Energy, Inc. – slide 55
    Sierra Leone New West Africa entry 1.4 Million Gross Acres Participation Interest 30% NBL 55% Chevron (Operator) Guinea 15% ODYE 10% GoSL (Carried) SL-08B Focus on Cretaceous-Age 30% WI Reservoir Systems Sierra Leone Water…
  56. November 2013 Investor Meeting – Noble Energy, Inc. – slide 56
    Elko County, N.E. Nevada Next growth possibility in U.S. Tight Oil Play Wilson Project 350,000 net acres (100% WI) 190 1,400 MMBoe (P75 P25) Great Basin gross unrisked resources Drilling Underway Pilot test program to…
  57. November 2013 Investor Meeting – Noble Energy, Inc. – slide 57
    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…
  58. November 2013 Investor Meeting – Noble Energy, Inc. – slide 58
    Appendix
  59. November 2013 Investor Meeting – Noble Energy, Inc. – slide 59
    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.…
  60. November 2013 Investor Meeting – Noble Energy, Inc. – slide 60
    61

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