Noble Energy Inc. registered favorable earnings and revenue growth
in the first quarter of 2014 on the back of robust production from
its onshore U.S. as well as international assets. Plenty of growth
opportunities are on the horizon for Noble Energy as the DJ and
Marcellus basins are poised for increased production. The gradual
start-up of several pipeline and gas processing facilities will
further support the growth momentum in the future. Internationally,
capacity expansion projects at the Tamar play and advancement of
the Leviathan prospect will boost Noble Energy's supply capability
to satisfy the gas hungry Middle Eastern markets. However, concerns
arising from oil and gas price volatilities and operational
disruption due to accidents and natural disaster will always be
there. We maintain our Neutral recommendation on the stock.
Noble Energy Inc. based in Houston, TX, is an independent oil
and gas exploration and production (E&P) company, having
high-grade hydrocarbon assets across the U.S. and several
Noble Energy chiefly focuses on organic growth from exploration
and development drilling activities. This is further strengthened
by strategic mergers and acquisitions. The company is actively
engaged in periodic divestments to upgrade its portfolio. Noble
Energy gains from the strategic competitive advantage of selected
basin sites for superior yield on returns.
Noble Energy has operations in five core areas the
Denver/Julesburg (DJ) Basin in onshore U.S., the Marcellus Shale
also in onshore U.S., the deepwater Gulf of Mexico in offshore
U.S., West Africa and Eastern Mediterranean.
The operations are spread over the deepwater Gulf of Mexico
(GoM), the Rocky Mountains region (Piceance and Powder River
Basins, Bowdoin, Tri-State, Haynesville and Comanche Plains
fields), the offshore Equatorial Guinea, Cameroon, Sierra Leone,
Israel and Cyprus.
At the end of 2013, Noble Energy had total proved reserves of
1,406 million barrels of oil equivalent (MMboe). In the domestic
operations, DJ Basin had proved reserves of 450 MMboe. On the
international front, Israel had total crude oil, condensate,
natural gas liquids (NGL) and natural gas reserves of 416
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