Noble Energy Announces Strategic Acreage Exchange In DJ Basin
HOUSTON, Oct. 21, 2013
HOUSTON, Oct. 21, 2013 /PRNewswire/ --Noble Energy, Inc. (NYSE: NBL) today
announced the closing of an acreage exchange with Anadarko Petroleum
Corporation (NYSE: APC) in the greater Wattenberg area of northern Colorado.
Each party contributed approximately 50,000 net acres to the exchange. The
effective date of the transaction is January 1, 2013.
David L. Stover, Noble Energy's President and Chief Operating Officer,
commented, "This strategic transaction will create numerous synergies for both
Noble Energy and Anadarko and allows us to maximize the value of this premier
oil asset, as acreage is consolidated in key operating areas. As we move
forward with our integrated development plans within the DJ Basin, we expect
to realize significant efficiency improvements including centralized field
facilities, streamlined operations and reduced land work. The large
contiguous acreage blocks will provide the opportunity to optimize drilling
activities and add more extended-reach lateral wells to the program."
Noble Energy was reimbursed $202 million for capital spent to drill and
complete wells on the conveyed acreage. This was partially offset by other
adjustments in determining the $105 million of cash the Company received at
closing. The exchange will lower net production from recent levels by
approximately 8,000 barrels oil equivalent per day, almost entirely related to
the recently drilled wells. This short-term reduction in production is
anticipated to be quickly offset with operational efficiencies and cost
savings. For 2014, the Company's DJ Basin volumes are still expected to grow
at a rate of at least 20 percent.
The attached map shows the impact the exchange had on the Company's acreage
Noble Energy is a leading independent energy company engaged in worldwide oil
and gas exploration and production. The Company has core operations onshore in
the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf
of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble
Energy is listed on the New York Stock Exchange and is traded under the ticker
symbol NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Words such as "anticipated," "intends,"
"indicates," "suggests," "possibility," "believes," "expects," "intends,"
"will," "should," "may," and similar expressions may be used to identify
forward-looking statements. Forward-looking statements are not statements of
historical fact and reflect Noble Energy's current views about future events.
They include planned development activities, business strategy and other plans
and objectives for future operations. No assurances can be given that the
forward-looking statements contained in this news release will occur as
projected and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations, estimates and
assumptions that involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks include,
without limitation, government approvals, changes in governmental policies and
regulations, other political developments, the volatility in commodity prices
for crude oil and, in particular, natural gas, exploration and development
risks, drilling and operating risks, the presence or recoverability of
estimated reserves, the possibility of regional conflict, cross-border
violence, terrorist acts or other disturbances within the region,
environmental risks, competition, the ability of management to execute its
plans to meet its goals and other risks inherent in Noble Energy's business
that are discussed in its most recent annual report on Form 10-K and in other
reports on file with the Securities and Exchange Commission. These reports are
also available from Noble Energy's offices or website
http://www.nobleenergyinc.com. Forward-looking statements are based on the
estimates and opinions of management at the time the statements are made.
Noble Energy does not assume any obligation to update forward-looking
statements should circumstances or management's estimates or opinions change.
SOURCE Noble Energy
Contact: Investor: David Larson, (281) 872-3125, firstname.lastname@example.org,
Brad Whitmarsh, (281) 943-1670, email@example.com; Media: Reba
Reid, (281) 876-8873, firstname.lastname@example.org
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