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November 2016 Investor Presentation – Noble Energy, Inc.

Noble Energy, Inc. · Nov 16, 2016 · 47 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 2016 Investor Presentation – Noble Energy, Inc. – slide 1
    Long-term Outlook and U.S. Onshore Update November 16, 2016
  2. November 2016 Investor Presentation – Noble Energy, Inc. – slide 2
    Long-term Outlook Dave Stover Chairman, President and CEO NBL 2
  3. November 2016 Investor Presentation – Noble Energy, Inc. – slide 3
    3 Key Takeaways From Today Its all about value-added growth Robust Growth in Oil, Total Production, and Cash Flow 2016 2020E: U.S. onshore oil grows at a 23 29% CAGR* DJ and Delaware increase to between 240 MBoe/d (base plan) and 300…
  4. November 2016 Investor Presentation – Noble Energy, Inc. – slide 4
    Strategic Pillars and Focused Plan Delivering leading returns and enhancing value High-Quality and Advantaged Portfolio Over 7,000 U.S. onshore future drilling locations (avg. lateral length of 8,000 feet) Over 2 Billion GOM and West…
  5. November 2016 Investor Presentation – Noble Energy, Inc. – slide 5
    Recent Accomplishments Enhance Future Outlook 2015 and 2016 outcomes creating long-term value Expanded Portfolio with Entry into Two Top-Tier U.S. Basins Superior Materially De-Risked DJ Basin Development Environment Portfolio…
  6. November 2016 Investor Presentation – Noble Energy, Inc. – slide 6
    Differentiated Performance Versus Peers Maximizing value in low commodity environment NBL Delivering Top-Quartile Production Growth 2015 to 2016 within Cash Flow One of 3 in peer group to grow production while reducing net debt* in…
  7. November 2016 Investor Presentation – Noble Energy, Inc. – slide 7
    ROSE Merger: A Great Deal Gets Even Better Delivering value through early entry and activity acceleration Combined Texas Volumes Anticipated Between 165 and 195 MBoe/d by 2020, Up 80 - 120% Versus Merger Plan Generating Annual Net…
  8. November 2016 Investor Presentation – Noble Energy, Inc. – slide 8
    Focused Outcomes Through 2020 Accelerating high-margin growth DJ and Delaware Increase to 240 MBoe/d in Base DJ, Delaware, and Plan and 300 MBoe/d in Upside EMED Volume Growth 390 MBoe/d Combined CAGR of 1926% Approximately 75% of…
  9. November 2016 Investor Presentation – Noble Energy, Inc. – slide 9
    High-Margin Growth Accelerates Cash Flow Even Faster ROACE* increases to 8 14% by 2020 Total Company Operating Cash Flow Grows Even Stronger (2016 2020E CAGR) Strong Total and Oil Volume Growth 35% (2016 2020E CAGR)** 29% 23%…
  10. November 2016 Investor Presentation – Noble Energy, Inc. – slide 10
    Fully Funded Business Plan Significant growth while improving the balance sheet Cumulative Sources & Uses Operating Cash Flows Exceed Total (2016 2020E) Capital (Excluding EMED) and Dividend Upside Additional EMED Portfolio…
  11. November 2016 Investor Presentation – Noble Energy, Inc. – slide 11
    Material Midstream Embedded Value A growing portion of the NBL value opportunity NBLX and CNNX with Access to Premier 2.5 B in Midstream Value to NBL B U.S. Onshore Assets 2.5 NBLX and CNNX yields in top quartile of MLP valuations…
  12. November 2016 Investor Presentation – Noble Energy, Inc. – slide 12
    Improved 2017 Outlook and Capital Plans Delivering much more than original expectations MBoe/d 2017 Volumes Raised Nearly 10% From Original 425 Expectations Over 70% of Total Capital Allocation to 400 - 410 U.S. Onshore 400 390…
  13. November 2016 Investor Presentation – Noble Energy, Inc. – slide 13
    2017 Preliminary Volume Outlook Providing growth on a divestment-adjusted basis 15%* U.S. Onshore Oil Growth in 2017E Up 25%* 2H16 to 2H17E U.S. Onshore Oil Volumes 2H16 to 2H17E up 20 MBbl/d Total U.S. Onshore Volumes Increasing…
  14. November 2016 Investor Presentation – Noble Energy, Inc. – slide 14
    Combination Provides Competitive Advantages Premier, high-quality unconventional and offshore assets U.S. Onshore Deep inventory of locations in high-return, low-cost basins Contiguous acreage in multiple stacked pay resource plays…
  15. November 2016 Investor Presentation – Noble Energy, Inc. – slide 15
    Other Global Offshore Oil-levered Assets Cash generation supports DJ and Texas growth Leading Operational Capability and Major Project Execution Big Bend, Dantzler, Gunflint, and Alba compression all online in 2015-2016 2.1 - 2.7 B…
  16. November 2016 Investor Presentation – Noble Energy, Inc. – slide 16
    EMED: World-class Resources in a High-Demand Region Exceptional assets, margins, and growth Tamar 10 Tcf (Producing) and Leviathan 22 Tcf Gross Recoverable Resources Tamar supplying up to 60% of Israel power generation Leviathan…
  17. November 2016 Investor Presentation – Noble Energy, Inc. – slide 17
    Streamlined Exploration Program Building and maturing portfolio for significant future value Progressing Long-Cycle Exploration Potential Differential offshore exploration capabilities in discovering and monetizing resources…
  18. November 2016 Investor Presentation – Noble Energy, Inc. – slide 18
    U.S. Onshore Update Gary Willingham Executive Vice President, Operations NBL 18
  19. November 2016 Investor Presentation – Noble Energy, Inc. – slide 19
    U.S. Onshore Top Tier Acreage in Premier Basins Complementary assets driving growth and value One of the Largest Independent U.S. Onshore Producers 352,000 net acres Combined 7 BBoe net unrisked resources 3,220 gross locations…
  20. November 2016 Investor Presentation – Noble Energy, Inc. – slide 20
    Recent U.S. Onshore Accomplishments 2015 and 2016 actions enhance long-term value Added Positions in Two Top-Tier U.S. Basins Superior Enhanced Wells Ranch IDP in the DJ Basin through Acreage Exchange Portfolio Focused Activity…
  21. November 2016 Investor Presentation – Noble Energy, Inc. – slide 21
    Leading U.S. Onshore Economics Extensive and high-quality inventory with competitive returns Near Term Focus Areas BTAX ROR USO Gross Inventory ROR % Wells 7,000 BTAX PV10 or Greater 100 6,000 75 5,000 4,000 50 3,000 2,000 25…
  22. November 2016 Investor Presentation – Noble Energy, Inc. – slide 22
    U.S. Onshore Outlook Through 2020 Peer-leading oil volume growth within cash flow 410-465 USO Sales Volumes MBoe/d Accelerating Activity Levels and Growth 2016 2020E 260 - 270 255 MBoe/d USO sales volume 13-16%* CAGR MBoe/d * USO…
  23. November 2016 Investor Presentation – Noble Energy, Inc. – slide 23
    Delaware Basin: Long-term Growth Engine for the USO Portfolio 1 BBoe in the heart of the Delaware Materially Increasing Type Curves, Gross NBL Acreage Loving Winkler Locations and Resources Accelerating into Full Development Mode…
  24. November 2016 Investor Presentation – Noble Energy, Inc. – slide 24
    Delaware Outlook to 2020 Tremendous growth and value acceleration Total Sales Volumes 70-85% CAGR 2016-2020E Average Operated Rig Count Oil Volumes Grow to 50-70 MBbl/d by 2020E Net Free Cash Flow* Positive Beginning in 2018 0.5 3…
  25. November 2016 Investor Presentation – Noble Energy, Inc. – slide 25
    New Completion Techniques Delivering Enhanced Results in the Delaware Faster learning curve accelerates value creation Leveraging Learnings from Across USO to Optimize Completions ROSE NBL Quickly transitioned to slickwater, high…
  26. November 2016 Investor Presentation – Noble Energy, Inc. – slide 26
    Enhanced Delaware Basin Type Curves Rapidly improving ultimate recovery Net Unrisked Resources (MMBoe) 1,000 Net Unrisked Resource Increased by 145% to 1 BBoe Wolfcamp A Type Curve Raised to 1.2 MMBoe for 7,500 ft. Lateral Length…
  27. November 2016 Investor Presentation – Noble Energy, Inc. – slide 27
    Delaware Stacked Pay Running Room Additional opportunities to be unlocked High-quality Stacked Targets Across Position Pay interval more than 3,400 ft thick Top TVD Increased Locations by 40% to 1,675 from Merger Plan 7,950…
  28. November 2016 Investor Presentation – Noble Energy, Inc. – slide 28
    Progressing Delaware to Development Mode Driving significant capital and operating cost efficiencies Planning Infrastructure for Long-Term Development Designed to maximize flexibility, scalable to development pace Planning build-out…
  29. November 2016 Investor Presentation – Noble Energy, Inc. – slide 29
    Delaware Basin Impactful Near-Term Catalysts Focused on long laterals, pad drilling and multi-zone testing High Intensity Completions NBL Acreage Ward Multi-Zone Development Testing 3,000 lbs/ft to 7-well pad with 7,500 ft 5,000…
  30. November 2016 Investor Presentation – Noble Energy, Inc. – slide 30
    DJ Basin: Foundational Asset of the USO Portfolio Large, high-quality, contiguous acreage position Creating Differential Value with Long Laterals, Low GOR NBL Acreage Mid GOR Midstream Advantage and High Liquids Content IDP Areas…
  31. November 2016 Investor Presentation – Noble Energy, Inc. – slide 31
    DJ Basin Outlook to 2020 Solid growth from advantaged position Total Sales Volume 11-16%* CAGR 2016-2020E Average Rig Count Near-Term Focus on Wells Ranch, East Pony and Mustang Areas Continued Expansion of Necessary NBLX and…
  32. November 2016 Investor Presentation – Noble Energy, Inc. – slide 32
    Technical Expertise Driving Evolution of DJ Basin Completion Designs Enhanced completions increasing ultimate recovery Enhanced Completion Designs Driving Improved Well Productivity 2014 2015 2016 Openhole Completion Openhole…
  33. November 2016 Investor Presentation – Noble Energy, Inc. – slide 33
    DJ Basin Type Curves Significant improvement in per well recovery Wells Ranch Type Curve Raised to 1 MMBoe for 9,500 ft Lateral EUR Increase per Lateral Foot from 2013 Analyst Day Base Well Design Includes 1,400 lbs/ft Proppant and…
  34. November 2016 Investor Presentation – Noble Energy, Inc. – slide 34
    DJ Basin: Wells Ranch Development Area Creating more value in core IDP Increased Acreage Position to 78,000 Net Acres through Acreage Exchange 540 remaining locations 2,500 lbs/ft Drilling Long Laterals in Less than 6 Days and…
  35. November 2016 Investor Presentation – Noble Energy, Inc. – slide 35
    DJ Basin: Mustang IDP Planning out the next development area 75,000 Highly Contiguous Net Acres NBL Acreage 910 remaining locations, over 90% long laterals Predominately rural farm lands Moser Wells Extending Enhanced Completion…
  36. November 2016 Investor Presentation – Noble Energy, Inc. – slide 36
    Eagle Ford: 2017 Growth Driver for the USO Portfolio Unlocking new resource potential NBL Acreage Highly Prolific Wells with Exceptional Economics L&E Significant Cash Flow Generator Testing New Completion Designs on Large Upper…
  37. November 2016 Investor Presentation – Noble Energy, Inc. – slide 37
    Eagle Ford Outlook to 2020 Solid production and cash flow contributions Total Sales Volume 15% CAGR 2016-2020E Average Rig Count Net Free Cash Flow* Positive Every Year in Base Plan 0.3 1 2 2016E 2017E 2020E Commencing Production on…
  38. November 2016 Investor Presentation – Noble Energy, Inc. – slide 38
    Eagle Ford Type Curves Highly productive wells providing reliable cash flow to the business Optimizing South Gates Ranch Value with Move to 750 foot Lateral Spacing Type curve captures higher initial rates and accelerates payout to 1-2…
  39. November 2016 Investor Presentation – Noble Energy, Inc. – slide 39
    Unlocking Upper Eagle Ford with Optimized Drilling and Completions Significant opportunities within existing area Identified Several Keys to Success Based on NBL Acreage 2014 Pilot Learnings L&E Deeper landing zone, wider spacing…
  40. November 2016 Investor Presentation – Noble Energy, Inc. – slide 40
    Marcellus: Gas Optionality within the USO Portfolio Core operated position in premier gas play NBL Acreage PA Contiguous, Held By Production Acreage Supporting Long Lateral Development High net revenue interest 85% High-quality…
  41. November 2016 Investor Presentation – Noble Energy, Inc. – slide 41
    Marcellus Outlook to 2020 Substantial volume on minimal capital Total Sales Volumes Average between 420 450 MMcfe/d Average Operated Rig Count 2016-2020E Net Free Cash Flow* Positive throughout Forecast 0 0 1 Period 2016 2017E 2020E…
  42. November 2016 Investor Presentation – Noble Energy, Inc. – slide 42
    Marcellus Type Curves Prolific wells contributing steady cash flow to the USO business Enhanced Completions Significantly Improving EURs EUR Increase per Lateral Foot Base well design includes 2,000 lbs/ft proppant and slickwater from…
  43. November 2016 Investor Presentation – Noble Energy, Inc. – slide 43
    U.S. Onshore Update Summary Enhancing confidence in long-term growth and value potential Robust and Focused Outcomes Through 2020 90% of USO capital focused on DJ Basin, Delaware and Eagle Ford USO oil volume 23-29% CAGR High…
  44. November 2016 Investor Presentation – Noble Energy, Inc. – slide 44
    3 Key Takeaways From Today Its all about value-added growth Robust Growth in Oil, Total Production, and Cash Flow 2016 2020E: U.S. onshore oil grows at a 23 29% CAGR* DJ and Delaware increase to between 240 MBoe/d (base plan) and 300…
  45. November 2016 Investor Presentation – Noble Energy, Inc. – slide 45
    Appendix NBL 45
  46. November 2016 Investor Presentation – Noble Energy, Inc. – slide 46
    Price Deck Assumptions Period Base Plan Upside Plan WTI, Brent Henry Hub WTI, Brent Henry Hub (/Bbl) (/Mcf) (/Bbl) (/Mcf) 2017 50 3 60 3 2018 55 3 65 3 2019 55 3 65 3 2020 56 3 66 3 17-20 Avg 54 3 64 3 Note: Ranges of…
  47. November 2016 Investor Presentation – Noble Energy, Inc. – slide 47
    Defined Terms Term Defined Terms and Divestment Adjustments Definition Operating Cash Flow GAAP Net cash provided by operating activities Operating Cash Flow (Revenue less lease operating expenses, production taxes, transportation,…

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