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JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc.

Noble Energy, Inc. · Jun 29, 2016 · 40 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. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 1
    Investor Handout Energizing the World, June 2016 Bettering Peoples Lives
  2. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 2
    Navigating the Cycle From a Position of Strength Four differentiated keys to success Diverse Yet Focused By Commodity, Geography, and Project Type Portfolio Proficient Industry-Leading U.S. Onshore Unconventional and Global…
  3. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 3
    Global Operations Leading portfolio provides exceptional investment optionality 2016E Sales Volumes Mix International Gas 20% Liquids Marcellus Shale 2016E 45% DJ Basin 405 MBoe/d Eagle Ford & Delaware Gulf of Mexico Israel /…
  4. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 4
    Strategic Focus Through Commodity Downturn Maintain capabilities and drive long-term value enhancement Protect the Balance Sheet Disciplined and flexible investment plan Leverage Benefits of a Well-Positioned and Diversified…
  5. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 5
    Financial Position Track record of financial strength Maintained 5 B of Liquidity1 1 B cash and 4 B undrawn revolver No near-term debt maturities Debt-to-capital 39%; well below 65% covenant level2 2016 Hedge Positions Cover 40%…
  6. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 6
    Active Portfolio Management Portfolio high-grading generating substantial cash flows Over 3 B of Cumulative Proceeds B Proceeds From Asset Since 2010 1.5 Monetizations Non-core, low-growth assets U.S. Accelerating tail inventory…
  7. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 7
    Optimize Returns with Cost Focus and Well Completions 40% reduction in DJ Basin well costs, greater than 50% sustainable MM Wells Ranch Long Lateral 9000 Well Cost 8.5 8.2 7.5 Cost Savings Breakdown 6.5 5.5 4.8 4.5 Completion…
  8. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 8
    Driving Rosetta Merger Synergies Combination offers financial and operational value 1Q16 Total LOE and G&A Including Rosetta Flat in Absolute Amount Versus Noble-Only 1Q15 Added 100 MBoe/d period over period Realizing 90 MM in G&A…
  9. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 9
    Momentum Driving Improved 2016 Outlook Increased 2016 sales volumes 15 MBoe/d on reduced capital Capital Program Priorities: MBoe/d Sales Volumes 405 390 Maintain and enhance operating capabilities 400 in the U.S. onshore 300…
  10. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 10
    2016 Capital Program Disciplined and prudent investment approach Represents a 50% Reduction to 2015 Program While Maintaining Agility Less Than 1.5 Billion Capex and Flexibility 405 MBoe/d Volumes U.S. Onshore: Focus On Best Return…
  11. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 11
    Onshore U.S. Unconventional Operations Integrate learnings between basins to unlock resource value DJ Basin Marcellus Delaware Basin and Eagle Ford Shale Over 360,000 Net Acres 350,000 Net Acres Over 100,000 Net Acres 1Q16…
  12. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 12
    DJ Basin Focus on Wells Ranch and East Pony Highest value areas and leveraging existing infrastructure Over 360,000 DJ Basin Net Acres More than 110,000 net acres in Wells Ranch and East Pony Operating Two Drilling Rigs During…
  13. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 13
    Optimizing DJ Basin Well Results Driving continuous learning curve in the DJ Basin Two Rig Program in the DJ Basin Well Productivity: IP-30 /1000 ft. Lateral footage of 4+ rigs Rate 200 Advanced Slickwater Completions with Higher…
  14. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 14
    Noble Energy Strategic DJ Basin Acreage Exchange Further enhancing value of Wells Ranch position Received 11,700 Net Acres in Wells Ranch for WELD COUNTY 13,500 Net Acres Primarily in Bronco Area Creates synergies for both parties…
  15. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 15
    DJ Basin Assets and Sale Area Accelerating value through partial Greeley Crescent divestiture Generating 505 MM Cash Proceeds WELD COUNTY Closing expected as early as June 2016 East 33,100 Net Acres Sold, Primarily Pony…
  16. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 16
    A Premier Acreage Position in the Eagle Ford Top-tier, low-risk asset in highly productive areas EUR(Boe)/Lat. ft. Eagle Ford 45,000 net acres 100% WI Multi-zone 20% oil / 40% Tom Hanks NGL / 40% gas 51 MBoe/d 1Q16 Central…
  17. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 17
    Impressive Eagle Ford Results New completion designs deliver substantial enhancement NBL Drilling and Completing Some of the Most Productive Wells in the Eagle Ford Tom Hanks Combination of tier-1 acreage with NBL enhanced…
  18. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 18
    Initial Delaware Basin Performance Results confirming quality across extent of existing acreage Productivity Per Lateral Foot Up 13% Compared to Prior Asset Average First Two Completions Verify Tier 1 Wolfcamp A Position Calamity…
  19. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 19
    Marcellus Shale Low-cost U.S. natural gas basin provides optionality Substantial Acreage Position in SW Marcellus 350,000 net acres in southwest fairway Leases largely held by production Well Performance EURs and IPs Continue to…
  20. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 20
    CONE Midstream Partners LP Overview Significant embedded midstream value Marcellus Gathering MLP Jointly owned by NBL and CNX Material acreage dedication from sponsors Substantial pipeline and compression facilities NBL Retains a…
  21. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 21
    Leveraging Offshore Capabilities in the Down Cycle EMED and West Africa sanctions success story 6 B in Gross Project Sanctions of Aseng, Alen and Tamar During Last Down Cycle Continued and Consistent Development Project Success Locked…
  22. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 22
    Leveraging Offshore Capabilities in the Down Cycle Opportunistic timing for Leviathan sanction UCCI Index: 2016 Offshore Costs at Lowest Level in the Last Decade 40% 300 Offshore Sanctions Aseng July 2009 30% Tamar September 2010…
  23. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 23
    Global Offshore Operations Delivering value through exploration and major project expertise Equatorial Guinea/ Eastern Mediterranean Gulf of Mexico Cameroon 1Q16 Average Net 1Q16 Average Net 1Q16 Average Net Sales of 65…
  24. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 24
    Eastern Mediterranean Strategic assets positioned to meet regional market demand 1Q16 Israel Natural Gas Sales Volumes of 266 MMcf/d, Net 10% growth over 1Q15 4 Bcf/d Unmet Regional Demand NBL discoveries of 40 Tcf gross Cyprus…
  25. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 25
    10 Tcf Tamar Field Supplying growing domestic and demand World-Class Reservoir and Outstanding MMcf/d Tamar Net Sales Volumes Operational Performance 350 Near 100% facility uptime Record 1Q Sales 1.1 Bcf/d 300 Gross Provides over…
  26. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 26
    Leviathan Road Map to Sanction Recent momentum on critical project work streams 26
  27. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 27
    Cyprus Block 12 Aphrodite Discovery Provides long-term optionality to serve regional demand Gross Mean Natural Gas Resources of 4 Trillion Cubic Feet Announced Partnership with BG/Shell in November 2015 Noble maintains operatorship…
  28. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 28
    Eastern Mediterranean Gas Opportunities Current and expected demand far exceeds supply Eastern Mediterranean Regional Gas Deficit Bcf/d 9 6 3 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Egypt LNG Plant Deficit…
  29. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 29
    Gulf of Mexico Program Sustained value creation with significant growth Leveraging New Project Startups Louisiana Swordfish 85% WI 2016 sales volumes nearly double 2015 Galapagos 26% Avg WI 50% reduction in capital versus 2015…
  30. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 30
    Deepwater GOM Major Projects Proven track record of exploration and development success Leading-edge Technology with Disciplined Processes Short Discovery to Production Cycle Times; Delivered Within Budget Integrated approach…
  31. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 31
    Rio Grande Development (Big Bend and Dantzler) Positive 2016 capital efficiency impact to NBL NBL Interests Big Bend (Online 3 Years From Discovery) Rio Grande development Infrastructure Potential for additional producer wells…
  32. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 32
    Gunflint Development Provides capital efficiency benefit into 2017 NBL Operated with 31% Working Interest Mississippi Canyon 948/992 First Oil on Track for Mid-2016: Two-well subsea tieback PHA with Gulfstar host facility Minimum…
  33. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 33
    West Africa Operations Substantial cash-flow with material upside Alba Platform Installation Complete Expected startup mid 2016 Extends the economic life of the field Strong Production Profile with Minimal Capital Requirements 3D…
  34. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 34
    Alba, Aseng and Alen Major Project Success Reliable and safe performance enhances value Alba Aseng Alen Alba Field in Equatorial Block I in Equatorial Guinea Block O in Equatorial Guinea Guinea 40% operated working interest 45%…
  35. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 35
    Commitment to Global Exploration Excellent environment to build long-term portfolio Exceptional Value From Conventional Offshore Exploration West Africa and Israel continue cash flow generation Gulf of Mexico is big contributor to…
  36. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 36
    Guyana Suriname Basin High potential basin Significant Recent Discovery at Liza Proves Working Hydrocarbon System Block 54 Offshore Suriname NBL 20% WI, non op. Tullow operated 4 year seismic option 2014 2018 Proprietary 3D…
  37. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 37
    Falkland Islands New frontier with significant prospectivity Over 10 MM Gross Acres North Basin - operated with 75% WI South Basin - operated with 35% WI Multi-billion barrel gross unrisked resource potential Sea Lion Discovery…
  38. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 38
    2016 Guidance Updated Original 2016 2016 Update 2Q16 Guidance Guidance Sales Volumes (MBoe/d) 390 405 405 - 415 Product Mix (Oil / NGL / Gas) 32% / 13% / 55% 31% / 14% / 55% 30% / 14% / 56% Organic Capital (B)…
  39. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 39
    Why NBL As the energy world continues to evolve Keys to Success: Diverse Yet Focused Portfolio Financial Strength Delivering Outstanding 2016 Results Leveraging Downturn: Costs and Efficiency Gains Positioned For Future Value…
  40. JP Morgan Inaugural Energy Equity Conference – Noble Energy, Inc. – slide 40
    Highly Diversified Asset Base Portfolio offers investment choices and production stability 1Q16 Asset Production Mix 1Q16 Commodity Mix DJ Basin Crude Oil and Texas Condensate Marcellus Natural Gas Liquids GOM U.S. Natural…

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