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HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc.

Noble Energy, Inc. · Mar 23, 2009 · 30 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. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 1
    Howard Weil 37th Annual Energy Conference March 23 - 26, 2009
  2. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 2
    Noble Energy Strategy supporting our vision for the future f Manage a Well-positioned, Diversified Asset Portfolio f Execute a Best in Class Exploration Process Focused on Meaningful Opportunities f Commit to Disciplined Investment…
  3. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 3
    Global Portfolio Well-positioned and technically focused Onshore US North Sea China Deepwater GOM Israel Ecuador West Africa 3
  4. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 4
    Balanced Portfolio Diversity provides stability Reserves YE 2008 (864 MMBoe) f Leverage to U.S. and International Markets United States 59% f Multiple Play Types International 41% f Exposure to Crude Oil and Natural Gas f Quality…
  5. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 5
    Exploration Establishing a strong track record Exploration Resources Predicted vs. Found f Executing a Best in Class 200 Exploration Process Technology and people 160 Portfolio and risk management 120 Net MMBoe f Focusing on…
  6. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 6
    Substantial Resource Growth Transforming Noble Energy 1.5 Resources f Significant Exploration Resources Discovered 600 MM Boe net in last 2 years, nearly all unbooked* Recent successes bring largest 1.0 Israel discoveries in…
  7. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 7
    Commitment to Disciplined Investing Growth while planning for the future 5-year Discretionary Cash Flow* f Allocated Capital to Organic Programs Based on Returns f Shepherded Free Cash Flow Original Capital Incremental 5-year…
  8. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 8
    Balance Sheet Strength Supporting long-term growth plans 80 Debt to Capital, Net of Cash 1,200 Cash Balance (MM) 60 800 Percent 40 400 20 0 0 2004 2005 2006 2007 2008 f Over 1.1 Billion Cash On-hand at YE 2008…
  9. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 9
    Managing Costs Leads to Better Margins Competitive advantage generated over time Cash Costs* DD&A 16 16 14.37 14.28 12 10.55 12 10.05 / Boe / Boe 8.32 8 6.74 8 7.13 5.84 4 4 0 0 2003 2008 2003 2008 NBL Peers…
  10. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 10
    Reducing Volatility and Protecting Returns Effective risk management f Ensure Cash Flow to Support Future Capital Needs f Protect Returns on Price Sensitive Projects and Acquisitions f Hedges Enhancing 2009 Pre-tax Cash Flow by at…
  11. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 11
    2009 Capital Program Continuing to build for the future f Preliminary Capital Budget of 2009 Capital Allocation 1.6 Billion Could be adjusted +/- 10-15% Long-term 40% f Retaining Flexibility Near-term f Less Focus on Near-term 60%…
  12. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 12
    International Growth A major component of Noble Energys success Net Production 120 f Portfolio Generating Free Cash Flow for Reinvestment Low cost, long-lived properties that 100 require little maintenance capital f Leveraging…
  13. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 13
    Israel Mari-B Field Reliable and low cost operations f Sales Growth Every Year, Up 25% to 340 MMcf/d Gross in 2008 f Gross Deliverability 600 MMcf/d from 6 Wells f Nearly 100% Reliability Since Inception - 2004 f Infrastructure…
  14. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 14
    Israel Mediterranean Sea Significant new discovery Cyprus Lebanon Tamar 36% WI f Natural Gas Discovered at Tamar More than 460 feet net pay Haifa 3 high-quality lower Miocence reservoirs Dalit Mean resource estimate 5 Tcf gross…
  15. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 15
    Israel Gas Markets Long-term growth expectations f Robust Market for Monetizing Natural Gas Resources Natural Gas Demand Conversion to gas-fired electric 1,200 power continuing Industrial customers chemical, refinery, paper mill,…
  16. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 16
    West Africa Generating multiple growth opportunities West Africa f Alba Operations Net volumes 215 MMcf/d, 23 MBbls/d Gas sales to LNG facility Feedstock for Methanol plant f Block O and I in Equatorial Guinea and PH-77 in…
  17. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 17
    West Africa Exploration Results Success reduced risk of follow-up opportunities f Exceptional Exploration Track Record 11 wells successful out of 12 drilled 7 new fields discovered 3 oil reservoirs and 5 gas condensate Block O…
  18. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 18
    West Africa Development Significant future economic and production impact Net Capital* 1.6 - 2.2 B f Engineering Studies Underway Net Resources* 270 MMBoe (Mean) Scenarios better defined Phased-in approach F&D, /BOE* 6.00 - 8.00…
  19. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 19
    North Sea UK Additional development opportunities Dumbarton 30%Dumbarton WI f Successful Start-up of XX % WI Lochranza Dumbarton Using GP III FPSO 30% WI MacCulloch First production 2007 MacCulloch 14% WI XX % WI Payback…
  20. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 20
    Deepwater Gulf of Mexico Significant exploration upside with ongoing development f Leasehold 315,000 Net Acres f Exploration Potential 1 BBoe Net Unrisked f Multiple Discoveries in Various Focus on more material opportunities Stages…
  21. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 21
    Gunflint Mississippi Canyon 948 Noble Energys largest GOM discovery to-date f Well-imaged Miocene Subsalt 4-way Closure with Multiple Louisiana Objectives f Significant Oil Discovery More than 550 feet net pay, twice as thick as…
  22. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 22
    Deep Blue Green Canyon 723, 724, 768 Another impact opportunity f Lower Miocene Subsalt Louisiana Objective f On Trend with Industry Discoveries f Prospect Information NBL operated 75% WI NBLs largest GOM prospect to date…
  23. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 23
    Onshore United States A stable foundation with growth opportunities f Multi-year Inventory of Exploitation and Development Projects f Position in Conventional Rocky Mountains and Unconventional Plays Continue to Expand f…
  24. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 24
    Wattenberg Field A true Resource Play CO f NBLs Largest Onshore U.S. Field Continues to Grow Denver 5,700 producing wells 332,000 net acres Completed 1,200 projects in 2008 f Five Rigs Currently Operating f 15-Year Plus Project…
  25. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 25
    Wattenberg Drilling & Completion Efficiencies Continual improvement with latest technology f NBL Pacesetter for f 30% Decrease in Drill Times Completion Practices Since 2005 f NBL Engineers On-site to f Top 3 and 5 of Top 7 Footage…
  26. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 26
    Important Messages About Noble Energy Unrecognized potential and value f Exploration Portfolio Growing Rapidly in Value f Diversity and Depth of Visible Growth Projects f Resource Base Has Dramatically Expanded f Breadth of…
  27. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 27
  28. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 28
    Appendix
  29. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 29
    Hedges Crude Oil Fixed Price Swaps 2-way Collars Weighted Weighted Average Production Volumes Average Price Volumes Price ( per Bbl) Period Index (Bopd) ( per Bbl) Index (Bopd) Floor Ceiling FY 2009 WTI 9,000 88.43 WTI 6,700 79.70…
  30. HOWARD WEIL 37TH ANNUAL ENERGY CONFERENCE – Noble Energy, Inc. – slide 30
    Disclosure and Reconciliation of Non-GAAP Measures Discretionary Cash Flow (MM) 2004 2005 2006 2007 2008 Net Income / Adjusted Net income [1] 329 646 678 982 1,258 Adjustments to reconcile to discretionary cash flow: Depreciation,…

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