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Noble Energy

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This article is about the exploration company. For the offshore contract drilling company, seeNoble Corporation.

Noble Energy, Inc.
FormerlyNoble Affiliates, Inc.
Company typePublic company
Nasdaq:NBL
IndustryPetroleum industry
Founded1932;92 years ago(1932)
DefunctOctober 5, 2020;4 years ago(2020-10-05)
FateAcquired byChevron Corporation[1]
HeadquartersHouston, Texas,U.S.
Key people
David L. Stover, (CEO)
Kenneth M. Fisher,CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
346 thousandbarrels of oil equivalent(2,120,000 GJ) per day
RevenueIncrease$4.986 billion (2018)
Increase-$0.066 billion (2018)
Total assetsDecrease$21.010 billion (2018)
Total equityDecrease$10.484 billion (2018)
Number of employees
2,282 (2019)
Websitenblenergy.com
Footnotes / references
[2]

Noble Energy, Inc.was a company engaged inhydrocarbon explorationheadquartered inHouston, Texas.In October 2020, the company was acquired byChevron Corporation.

The company was known as Noble Affiliates, Inc. until 2002.

As of December 31, 2018, the company had 1,929 millionbarrels of oil equivalent(1.180×1010GJ) of proved reserves, of which 52% was in theUnited States,43% was inIsrael,and 5% was inEquatorial Guinea.Of the company's total proved reserves as of December 31, 2018, 62% wasnatural gas,14% wasnatural gas liquids,and 24% waspetroleum.[2]

In the United States, the company's primary holdings were in theWattenberg Gas Field/Denver Basinin Colorado, theDelaware Basin,and theEagle Ford Group.[2]

As of December 31, 2018, the company owned approximately 74,000 net developed acres and 111,000 net undeveloped acres between 10 and 90 miles offshoreIsraelin water depths ranging from 700 feet to 6,500 feet. Noble holds a 39.66% working interest in theLeviathan gas field,which it discovered in 2010 and a 25% working interest in theTamar gas field.Through Dolphinus Holdings Limited, Noble sells any excess gas toEgyptafter its natural gas obligations to Israel and Jordan have been met. The company owns a minority interest in and usesEast Mediterranean Gas Company'sArab Gas Pipelineto transport the gas from Israel to Egypt. Exports toJordanare facilitated by an existing low-capacity pipeline near the Dead Sea and a large capacity pipeline under construction in northern Israel and northern Jordan. Adjacent to the Israel acreage, the company owns a license covering approximately 33,000 net undeveloped acres in theAphrodite gas fieldofCyprus.[2]

The company also owned interests in oil fields offshoreEquatorial Guinea,Cameroon,andGabon.[2]

History

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In 1932,Lloyd Noblefounded theSamedan Oil Corporation,predecessor company to Noble Energy, Inc. The company was named after his children Sam, Ed, and Ann.[3]In 1968, Samedan acquired its first offshore block in theGulf of Mexico.By the 1970s,Noble Affiliates Inc.was set up as a holding company to ownSamedan Oil Corporationand a drilling company,Noble Drilling Corporation.[3]In 1972, Noble Affiliates became apublic companyvia aninitial public offering,listing on theNASDAQ.[3][4][5]

In 1980, Noble Affiliates was first listed on theNew York Stock Exchangewith the ticker symbol NBL. In 1985, Noble Affiliates spun off its subsidiary,Noble Drilling Corporation.In 1986, the company acquired Energy Development Corporation.

In June 2000, the company announced that it will move its headquarters fromArdmore, OklahomatoHouston, Texas.[6]

In October 2000, Charles Davidson became president andCEOof the company.[7]

By April 2002, the company had diversified intomethanolandelectricityproduction, and changed its name to Noble Energy, Inc.[8]

In May 2005, the company acquired Patina Oil & Gas, giving the company acreage in theRocky Mountains.[9]

In May 2006, the company sold assets in theGulf of Mexicofor $625 million.[10]

In June 2006, the company announced a significant discovery in the Raton prospect of theGulf of Mexico.[11]

In January 2010, the company acquired assets in the DJ Basin of theRocky MountainsfromPetroCanadaandSuncor Energyfor $494 million.[12]

In May 2010, the company's Deep Blue exploration well on Green Canyon 723 in the deepwater Gulf of Mexico reached a depth of 32,684 feet.[13]

In December 2010, the company announced the discovery of theLeviathan gas field,offshoreIsrael.[14]

In February 2011, the company received the first deepwater drilling permit in the Gulf of Mexico issued by theUnited States Department of the Interiorafter the moratorium following theDeepwater Horizonincident.[15]

In 2012, the company moved its headquarters to a building formerly occupied byHewlett Packardin northwest Houston,Texasand signed a lease for 497,000 square feet of office space.[16]

In September 2012, the company sold assets in theMid-Continent oil provincefor $594 million.[17]

In October 2014, the company announced plans to establish a center to train technicians in the energy industry atRuppin Academic Centerin Israel with a donation ofNIS12 million.[18][19]

In July 2015, the company acquired Rosetta Resources in a stock transaction. The acquisition gave the company acreage in theEagle Ford Group.[20]

In September 2015, the company announced that the drilling of a well in the Cheetah exploration prospect offshoreCameroonyielded a dry hole. The company recorded a $33 million charge for this unsuccessful venture.[21]

In April 2017, the company acquired Clayton Williams Energy for $2.7 billion.[22][23]

In May 2017, the company sold Marcellus Midstream toQuantum Energy Partnersfor $765 million.[24]The company also sold its assets in theMarcellus Shalefor $1.12 billion.[25]

In January 2018, the company sold part of its interest in theTamar gas fieldfor $800 million.[26]

In April 2018, the company sold its assets in theGulf of Mexico.[27]

In December 2018, the company acquired assets in theEagle Ford Groupand theBakken Formation.[28]

Effective December 30, 2019, the company moved its share listing from theNew York Stock Exchangeto theNasdaqGlobal Select Market.[29]

In October 2020, the company was acquired byChevron Corporation.[1][30]

Controversies

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In 2015, the government ofArgentinaaccused the company of operating illegally in theFalkland Islands.The government of Argentina does not recognize British control of the Falkland Islands.[31]

In 2015, the company settled a claim by theEnvironmental Protection Agencythat its tank batteries were emitting noxious gases. The settlement included the payment of a $4.95 million civil penalty divided as follows: $3.475 million to the United States; and $1.475 million to Colorado.[32]

References

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  1. ^ab"Chevron completes $13B acquisition of Noble Energy".October 5, 2020.RetrievedOctober 5,2020.
  2. ^abcde"Noble Energy, Inc. 2018 Form 10-K Annual Report".U.S. Securities and Exchange Commission.
  3. ^abcNelson, Mary Jo (October 6, 1985)."Success: Noble Deeds Speak for Themselves".The Oklahoman.
  4. ^"Equity Financing".The New York Times.October 18, 1972.
  5. ^"New Issues Climb As Two Offerings Dominate Market".The New York Times.October 21, 1972.
  6. ^"Noble bringing HQ to Houston".American City Business Journals.June 18, 2000.
  7. ^Blum, Jordan (April 15, 2014)."Noble Energy CEO to step down".American City Business Journals.
  8. ^Perin, Monica (April 28, 2002)."Noble Affiliates to take on new name".American City Business Journals.
  9. ^"Noble Energy Closes Patina Acquisition"(Press release).PR Newswire.May 16, 2005.
  10. ^"NOBLE ENERGY, INC. SELLS GULF OF MEXICO SHELF ASSETS FOR $625 MILLION AND ANNOUNCES A $500 MILLION COMMON STOCK REPURCHASE PROGRAM"(Press release).PR Newswire.May 16, 2006.
  11. ^"Noble Energy Announces Deepwater Gulf of Mexico Discovery"(Press release).PR Newswire.June 15, 2006.
  12. ^"Noble Energy Expands DJ Basin Position with Asset Acquisition"(Press release).PR Newswire.January 5, 2010.
  13. ^"Noble Energy Announces Status of Deep Blue Exploration Well"(Press release).PR Newswire.May 11, 2010.
  14. ^"Noble Energy Announces Significant Discovery at Leviathan Offshore Israel"(Press release).PR Newswire.December 29, 2010.
  15. ^Hargreaves, Steve (February 28, 2011)."Obama issues first deepwater drilling permit".CNN.
  16. ^"Noble Energy to move HQ to former HP building".American City Business Journals.January 20, 2012.
  17. ^"Noble Energy Completes The Sale Of Mid-Continent Properties"(Press release).PR Newswire.September 18, 2012.
  18. ^"Noble Energy donates NIS 12m to Ruppin College".Globes.February 24, 2014.
  19. ^Udasin, Sharon (February 24, 2014)."Noble Energy to establish NIS 12 million energy training center at Ruppin College".The Jerusalem Post.
  20. ^"Noble Energy Closes Acquisition of Rosetta Resources"(Press release).GlobeNewswire.July 20, 2015.
  21. ^"Noble Energy Announces Cheetah Exploration Results Offshore Cameroon"(Press release).GlobeNewswire.September 25, 2015.
  22. ^"Noble Energy Closes Acquisition of Clayton Williams Energy"(Press release).GlobeNewswire.April 25, 2017.
  23. ^MATTHEWS, CHRISTOPHER M.; COOK, LYNN (January 16, 2017)."Noble Energy to Buy Clayton Williams".The Wall Street Journal.
  24. ^"Noble Energy Sells Marcellus Midstream to Quantum Energy Partners for $765 Million"(Press release).GlobeNewswire.May 18, 2017.
  25. ^Gough, Paul J. (May 2, 2017)."Noble selling Marcellus Shale assets for $1.12B".American City Business Journals.
  26. ^Pulsinelli, Olivia (January 30, 2018)."Noble Energy to sell part of stake in offshore Israel asset for $800M".American City Business Journals.
  27. ^"Noble Energy Closes Sale of U.S. Gulf of Mexico Business"(Press release).GlobeNewswire.April 12, 2018.
  28. ^"Noble Energy Partners Acquires Bakken Shale and Eagle Ford Shale Assets"(Press release).PR Newswire.December 7, 2018.
  29. ^"Noble Energy to Transfer Stock Exchange Listing to Nasdaq"(Press release). Business Wire. December 16, 2019.
  30. ^"Chevron Completes Acquisition of Noble Energy"(Press release).Chevron Corporation.October 5, 2020.
  31. ^"Argentina launches legal action to prevent Falklands oil and gas drilling".The Guardian.April 17, 2015.
  32. ^"Noble Energy, Inc. Settlement"(Press release).United States Environmental Protection Agency.April 22, 2015.
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