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Acquisition of Clayton Williams – Noble Energy, Inc.

Noble Energy, Inc. · Jan 17, 2017 · 23 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. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 1
    Acquisition of Clayton Williams Energy, Inc. January 2017
  2. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 2
    Highly Strategic and Complementary Acquisition Rapid acceleration plan materially enhances oil and long-term growth outlook Creates an Industry-Leading Southern Delaware Basin Position Nearly 120,000 net acres More than 4,200 gross…
  3. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 3
    Clayton Williams Energy, Inc. Overview Premier Southern Delaware Basin position 71,000 Core Delaware Acres Adjacent to Existing NBL Position Delaware position avg. 80% WI, over 95% operated Delaware potential - over 2,400 gross…
  4. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 4
    CWEI Transaction Overview Strategic acquisition creates long-term value Total Transaction Value of 3.2 Bn (Includes 500 MM Net Debt Assumed) Transaction 55 MM NBL Shares to CWEI Shareholders, Who Will Own 11% of NBL Terms 665 MM Cash…
  5. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 5
    Transaction Advances NBL Delaware Expansion Strategy Superior rock, contiguous acreage, and midstream competitive advantages Focus on High-Quality Geology and Increase Oil Exposure Acreage located in the over-pressured, low GOR area…
  6. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 6
    Industry-Leading Combined Southern Delaware Basin Position Best-in-class assets and best-in-class operator Transaction Creates 2nd Largest Southern Delaware Operator Accelerating Activity and Applying NBL Expertise Leverage NBL…
  7. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 7
    Additions Significantly Expand Delaware Scale More than doubling future opportunity set Net Acres (000s) YE 2017 Rigs 47.2 71 118.2 3 3 6 CWEI CWEI NBL Combined NBL Combined Added Added Gross Hz. Drilling Locations Net…
  8. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 8
    Premier Geology Foundation for Value Creation Expanding Nobles core of the core position Over-Pressured Oil Reservoir Southern Delaware Basin GOR Map Over 75% oil High-Quality Stacked Targets Across Position Pay interval 3,200 ft…
  9. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 9
    Significant Stacked Pay Running Room Adds 2,400 identified future drilling locations Majority of Undeveloped CWEI Acreage Value Allocated to Wolfcamp A Upper and Lower Nearby Industry Well Results Indicate Substantial Stacked Pay…
  10. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 10
    Southern Delaware Basin Well Performance Strong results from multiple benches across Southern Delaware Basin Jersey Lilly 17 1H Johnny Ringo State 9 3H Johnny Ringo State 9 2H Black Jack 16 7H Lateral: 4,848 Lateral: 4,691 Lateral:…
  11. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 11
    Acquisition Stacks Up Well with Existing Delaware Inventory Robust Wolfcamp A economics enhanced with long laterals Wolfcamp A Driving Multi-Year Value and Production Growth With Estimated 1 MMBoe EUR and ROR Ranges 60% - 90% at…
  12. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 12
    Material Value Through Acceleration and Unconventional Expertise Growing volumes on acquired acreage to 60 MBoe/d by 2020 Rapid Ramp from 1 Operated Rig Currently to 3 Rigs by YE 17 and 5-6 Rigs by 2020 2018E Production (MBoe/d) 40…
  13. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 13
    NBL Outlook for CWEI Assets NBL accelerating activity and growth Volumes Grow at 60% CAGR 2016-2020E Increasing Total Operated Delaware Rig Count Asset Reaches 60 MBoe/d in 2020E in Base Plan and 70 MBoe/d in Upside Plan Net Free…
  14. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 14
    Midstream Assets Enhance Operational and Financial Flexibility Unique midstream position with acreage largely undedicated Material Benefits of Infrastructure Ownership Supports long-term growth objectives Ensures timely well…
  15. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 15
    Planning Infrastructure for Optimal Long-Term Development NBL development plan drives 600 million in current midstream value Midstream Facility Build Out Consistent With Development Underway in Delaware NBLX installing first central…
  16. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 16
    Updated Combined Delaware Outlook to 2020 Expanding on an already significant growth story 73-83% CAGR 2016-2020E Pro forma Increasing Total Operated Rig Count Plans for NBL existing acreage remain unchanged Combined Volumes Grow to…
  17. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 17
    Enhancing NBL Position as Leading U.S. Onshore Operator with Top Tier Acreage 2 BBoe each in core oil positions in DJ and Delaware Wells USO Gross Inventory 10,000 BTAX PV10 or Greater 352,000 net acres 3,220 gross locations 8,000…
  18. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 18
    Transaction Accelerates Volumes and Cash Flow Even Faster New addition increases volume growth by 3 to 5 percentage points, Cash flow up 7 points Total Company Operating Cash Flow Grows Even Stronger * (2016 2020E CAGR Pro forma)…
  19. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 19
    Track Record of Enhancing Value Through M&A Rosetta outcomes far exceeding merger plan 80-120% 50% 3.5-5.5X 50% 50 MM 2020E Texas G&A Undeveloped Delaware Texas Net 2016 Volumes Synergies Acreage Value Unrisked Resources…
  20. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 20
    Highly Strategic and Complementary Acquisition Rapid acceleration plan materially enhances oil and long-term growth outlook Creates an Industry-Leading Southern Delaware Basin Position Nearly 120,000 net acres More than 4,200 gross…
  21. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 21
    Appendix NBL 23
  22. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 22
    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…
  23. Acquisition of Clayton Williams – Noble Energy, Inc. – slide 23
    Defined Terms Defined Terms and Divestment Adjustments Term Definition Operating Cash Flow GAAP Net cash provided by operating activities Net Free Cash Flow Operating cash flow less organic cash capital less dividend Period…

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