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200709-IPAATIPRO-Davidson

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					   IPAA/TIPRO - Leaders in Industry
                September 12, 2007
Chuck Davidson – Noble Energy, Inc.
   Energy Environment Creating Unique Opportunities



World Economies Able to Absorb
Higher Energy Costs

Continued Demand Growth for
Energy

Costs for New Reserves Rising

People & Technology Continue to be
Key Ingredients For Success

LNG Becoming an Increasingly
Important Source of Energy

Climate Change Concerns May Have
Significant Long-term Implications

                                                      2
                       Energy Consumption Per GDP Has Declined
                       40% From 1981 When Real Oil Prices Spiked


                      20                                                            70
                      18
                                                                                    60
                      16
1,000's Btu / $ GDP




                      14                                                            50

                      12
                                                                                    40




                                                                                         $ / Bbl
                      10
                                                                                    30
                        8
                        6                                                           20
                        4
                                                                                    10
                        2
                        0                                                           0
                        60

                        63

                        66

                        69

                        72

                        75

                        78

                        81

                        84

                        87

                        90

                        93

                        96

                        99

                        02

                        05
                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      19

                      20

                      20
                                           Energy/GDP   Inflation Adj. Oil Prices
                      Source : EIA & DOE                                                           3
         North America F&D Costs Rapidly Rising
         Independent E&P’s (Organic - Excluding Revisions)



        $20
                                                                                                    $18.05
        $18
                                                                                           $15.65
        $16

        $14

        $12                                                                       $11.52
$/Boe




                                                                          $9.70
        $10                                                 $9.25 $9.15
                                    $8.38           $8.36
         $8                 $6.67
              $6.24 $6.09                   $6.41
         $6

         $4

         $2

         $0
              1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Source: Credit Suisse E&P Sector 2007 Sector Book (25 April 2007)
                                                                                                             4
Technology Can Unlock New Opportunities




                         Avg. Wattenberg Drilling              Wattenberg Drilling Times Reduced
                                 Times                         25% From 2002 to 2006
 Wattenberg          8                 25%                       – Enhanced Rigs, Drilling Fluids and
  DJ Basin                                                         Drillbit Technology
                     7
                     6
                                                               Coiled Tubing Drilling in
                                                               Wattenberg Has Potential to Further




                                                        50
                     5
                                                               Reduce up to 50%
              Days




                                                           %
                     4
                                                                 – Currently in Early Stages of Testing
                     3                                             With Encouraging Results
                     2                                           – Reducing Costs Thus Expanding
                     1                                             Resources That Can Be Developed
                     0                                           – Reducing Emissions Per Well
                                                                   Drilled


                                                          l
                                                          oi
                           02



                                  04



                                                         06


                                                        C
                         20



                                20



                                                      20



                                                                 – Reducing Impact & Disturbance to
                                                    ith

                                                                   Neighboring Surface Users
                                                  lW
                                                ia
                                             nt




                                                               Other Basins Such as Nearby
                                           te
                                         Po




                                                               Niobrara Have Successfully Used
                                                               Coiled Tubing Drilling As Well


                                                                                                   6      5
             U.S. Natural Gas Production Now Growing



        60                                                                          21


        58                                                                          20
                       L-48 Production Up 8% in Last 18 Months

        56                                                                          19
Bcfpd




                                                                                         Bcfpd
        54                                                                          18


        52                                                                          17
                                           TX Production Up 12% in Last 18 Months

        50                                                                          16
             D- J- F- M- A- M- J- J- A- S- O- N- D- J- F- M- A- M- J-
             05 06 06 06 06 06 06 06 06 06 06 06 06 07 07 07 07 07 07


Source: EIA (Survey 914)         Lower-48          Texas
                                                                                                 6
          LNG Imports Up Dramatically in Early 2007


        3.0

                                                                          2.5
        2.5


        2.0                                       1.8    1.7
                                                                1.6
Bcfpd




        1.5                                1.4


        1.0
                 0.6         0.7    0.6
        0.5


        0.0
                2000         2001   2002   2003   2004   2005   2006      2007
                                                                       (6 Months)
              Source : EIA                                                          7
            Approximately 60% of Current U.S. Gas Supply
            Comes From Wells Completed in Last Four Years

                     Simulated Results Based on Annual Decline Rates
                        Growing From 15% in 1990 to 30% in 2006
 60

        Bcfd
 50


 40
                                                                                               60%
 30


 20


 10


  0
    0




             92




                       94




                                  96




                                           98




                                                         00




                                                                  02




                                                                           04




                                                                                         06
  99




           19




                     19




                                19




                                         19




                                                       20




                                                                20




                                                                         20




                                                                                       20
<1




          <1990   1991   1992   1993   1994     1995     1996   1997   1998     1999    2000
          2001    2002   2003   2004   2005     2006
                                                                                                 8
       Petroleum Engineering Ranks Finally on the Rise



                                      SPE Membership
80,000
                                             Student Membership Near 17,000 in 2006
70,000

60,000

50,000

40,000

30,000

20,000

10,000

     0
    78

           80

                  82

                         84

                                86

                                       88

                                              90

                                                     92

                                                            94

                                                                   96

                                                                          98

                                                                                 00

                                                                                        02

                                                                                               04

                                                                                                      06
  19

         19

                19

                       19

                              19

                                     19

                                            19

                                                   19

                                                          19

                                                                 19

                                                                        19

                                                                               20

                                                                                      20

                                                                                             20

                                                                                                    20
                                     Members          Student Members
  Source: Society of Petroleum Engineers                                                                   9
     20% of SPE Members Now Under Age 35


          SPE Membership By Age (Excluding Student Members)

100%


 80%


 60%


 40%


 20%


  0%
          1997     1998      1999        2000   2001   2002    2003   2004   2005   2006

                                            <35    35-49      >50
Source: Society of Petroleum Engineers                                                     10
     Noble Energy



YE 2006 Proven Reserves of 835 MMBoe
     55% U.S. & 45% International
     65% Natural Gas & 35% Crude Oil

  2nd Quarter 2007 Production
     658 MMcfpd
     79,000 Bpd

  Interest in 12.2 Million Gross Ac. & 12,600 Gross Wells

  Enterprise Value of $12.5 Billion

  1,100 Employees

  75th Anniversary on August 31, 2007

                                                            11
A Simplified Business Model
For Value Creation




                                        Deepwater
                   High                 West Africa
            Impact Exploration          New Ventures


            LONG-TERM GROWTH
                                               Wattenberg / Niobrara / Piceance
                                               Mid-continent
     Large Inventory of High Return/
            Low Risk Projects
                                                             Acquisitions
            NEAR-TERM GROWTH

                                                       N. America Onshore
     High Quality / Long-lived Assets                  International Legacy


                                                             Acquisitions
               FOUNDATION

                                                                                  12
         A Very Different Noble Energy
         More Stable, Longer-lived Production

                                                                                    2Q07 EV = $12.5 B
                                          Production
         225
                                                                                197-218
         200
                                                                            r
         175                                                            Y ea
                                                                    r                          International
                                                                 Pe                                 46%
         150                                                th
                                                   r   ow
MBoepd




                                               G
         125   1Q00 EV = $1.8 B            %
                                        12
         100                94

         75

         50                                    Gulf of Mexico &
                                                 Gulf Coast
                                                     80%
         25
                                                                                              Gulf of Mexico &
                                                                                                Gulf Coast
          0                                                                                          6%
                           2000                                                 2007E
                       GOM Deepwater                    GOM Shelf                Gulf Coast

                       Midcon/Rockies                   International            Gas-to-LNG
                                                                                                                 13
                     Controlling Costs Can Yield Differential Returns



        OPEX + Prod. Taxes + Transportation + G&A                                                   DD&A

            $14.00                         13.83                       $14.00
                                                                                                           12.27
            $12.00                                                     $12.00

                                                                                                                   10.11
            $10.00                                    9.82             $10.00




                                                               $ Per BOE
$ Per BOE




                                                                                                 8.32
             $8.00                                                         $8.00
                      6.74                                                         7.13
                                    5.84
             $6.00                                                         $6.00

             $4.00                                                         $4.00

             $2.00                                                         $2.00

             $0.00                                                         $0.00
                             2003              1H07                                       2003                 1H07




                                                       Peers   Noble Energy
                                                                                                                           14
    Significant Milestones: 2003 to 2005


                                                      Capital ($MM)
            Commenced Production        $900                                $890 MM1
            in China, Israel and        $800
            Ecuador                     $700

            Completed Phase 2A and      $600
                                                     $545 MM
            2B Expansions in            $500

200 5       Equatorial Guinea           $400

            Acquired Patina Oil & Gas   $300

                                        $200

200 4       Obtained Block ‘O’, Block
            ‘I’ and Suriname Licenses
                                        $100

                                         $0

            Announced Belinda                         2003                   2005
200 3       Discovery
            Initiated Production at                GOM Shelf                    W. Africa
            Swordfish                              Rockies / Mid-con            Israel
                                                   Deepwater                    Other

                                               1Excluding   acquisitions.
                                                                                            15
   Significant Milestones: 2006


                                                        Capital ($MM)
           Sold GOM Shelf               $1,500
                                                                              $1,356 MM1
           Commenced Production at      $1,250

200 6      Ticonderoga and Lorien
                                        $1,000
                                                        $890 MM1
           Realized 7% Production
           Growth from Patina Assets     $750


           Acquired U.S. Exploration     $500


           Executed Teton Joint          $250

           Venture
                                           $0

           Announced Two Deepwater                      2005                    2006
           Discoveries
           Obtained Cameroon                         GOM Shelf                     Deepwater
           License                                   Rockies                       North Sea

           Increased Israel Gas Sales                Mid-con                       Other

                                                 1Excluding   acquisitions.
                                                                                               16
  Significant Milestones: 2007 (To-date)

                                                     Capital ($MM)
          Commenced Dumbarton
                                      $1,700                       $1,600 MM
          Production
200 7     Commenced LNG Sales in      $1,450        $1,356 MM 1

          West Africa
                                      $1,200
          Initiated West Africa
          Exploration Program             $950

             Benita Discovery
                                          $700
             Belinda Appraisal
                                          $450
          China Supplemental
          Development                     $200

          Expanded Into Norway With       -$50
          Two Licenses                                 2006        2007E
          Announced Isabela
          Deepwater Discovery                     Rockies             W. Africa

          Expanded Acreage Position               Mid-con             North Sea
          in Niobrara, Piceance and               Deepwater           Other
          New Albany Shale Plays      1                                           17
                                          Excluding Acquisitions
                    Key Operating Statistics

                                    Reserves                                                                     Production
              900                                 806
                                                               835                               250
                                                                                                                                              197 - 218
                                                                                                 200                                   186




                                                                                      (MBoepd)
    (MMBoe)




              600                    525                                                                                     145
                       457                                                                       150
                                                                                                                106
                                                                                                 100   92
              300
                                                                                                 50

                0                                                                                 0
                       2003         2004          2005         2006                                    2003     2004         2005      2006    2007E


                                    Capital1                                                                    Pretax Income 2
         2,000                                                                               $1,750
                                                               $1,600                                                                          $1,526
         1,600                                                                               $1,500
                                                    $1,356
                                                                                             $1,250                                 $1,105
($MM)




         1,200

                                                                                   ($MM)
                                           $890                                              $1,000
              800               $583                                                           $750                   $601
                      $545
                                                                                               $500
              400                                                                                        $217
                                                                                               $250
               0                                                                                 $0
                                                                                                                                                        3
                     2003      2004        2005     2006      2007E                                     2003          2004          2005       2006
                                                         International       North America              Gas to LNG
                1 Excluding acquisitions.
                2 Excluding Corporate and Other.
                3 Adjusted for gain on sale of shelf assets and loss on hedge contracts associated with shelf sale. Unadjusted amount is $1,338 MM.
                                                                                                                                                            18
                North America Key Operating Statistics


                          Reserves                                                            Production
          500                                  460                              125                             121
                                  425                                                                                   114
          400                                                                   100
                                                                                                          83




                                                                     (MBoepd)
(MMBoe)




          300                                                                   75
                                                                                        60     62
          200                                                                   50
                 135     142
          100                                                                   25
           0                                                                     0
                                                                                                                               2
                 2003   2004     2005         2006                                     2003   2004     2005     2006    1H07
                  Northern Region
                  Southern Region
                  Shelf Divestiture                              Reserve Mix (YE 2006)               Production Mix (1H07)


                                                                      37%                                      40%

       Year-end 2006
                                                                                      63%                              60%
  Reserve Life – 11 Years1

                                                                                              Natural Gas
  1 Based on 1Q07 Production.                                                                 Crude Oil
  2 Includes impact of severe storms   in the Northern Region.                                                                     19
                 International Key Operating Statistics


                                 Reserves                                              Production
                                                                                                                 78
          400                     383       383    375                    75
                                                                                                          65
                       322                                                                       62
          300




                                                               (MBoepd)
(MMBoe)




                                                                          50           45
          200                                                                    33

                                                                          25
          100

             0                                                            0
                      2003        2004      2005   2006                         2003   2004     2005     2006   1H07
                         West Africa
                         Israel
                         North Sea
                                                          Reserve Mix (YE 2006)               Production Mix (FY 2007E)
                         Other Int’l


                                                                 34%                                             56%

          Year-end 2006
                                                                               66%                     44%
      Reserve Life – 14 Years1

                                                                                       Natural Gas
                                                                                       Liquids
          1 Based   on 1Q07 Production.                                                                                20
 Substantial Global Resource Exposure


Total Proven Reserves (12/31/06): 835 MMBoe
Total Unproven Resource Inventory (5/07): 1.4 – 3.1 BBoe
   18 to 40 Times 2007E Annual Production
   1.7 to 3.7 Times Total Proven Reserves


                                   NBL




              NBL
                                               NBL         NBL

                    NBL



                             NBL
                                         NBL

                      NBL




                            NBL



                                                                 21
             Northern Region
             A Stable Foundation With Multi-year Growth Opportunities



                                  Bowdoin Dome
                                 50 Well Program
                                                                     33% of Company Production
                                                                     and 41% of Company Reserves
      Wind River Basin
       5 Well Program                  Wattenberg - DJ Basin
                                         554 Well Program
                                                                     Inventory of 30,000 Projects
                                  710 Refrac, Trifrac, Recompletes

                                                                     3P Resources of 5.6 Tcfe
                                                 East DJ Basin
                                                 Tri-state Area

Piceance Basin
                                               150 Well Program      Focus
80 Well Program
                                                                        Continuous Cost and
                                                                        Completion Improvements
                                                                        Execution of Repeatable,
    San Juan Basin
    3 Well Program
                                                                        Long-life, Strong Return
                                                                        Opportunities
                         Anadarko Basin
                         63 Well Program




                                                                                                    22
    Wattenberg Summary
    Significant Long Term Contributor



Largest Asset in North America Continues
to Grow Production and Reserves                            2004 – 2007 Net Production
    + 5% Annual Production Growth Expected
    Over the Next 5 Years                                250
    “3P” Resources of 2.8 Tcfe Provides                                            R      236 - 242
    Over 15 Year Inventory of Low Risk,                                      C   AG227
    Long Life, Strong Return Projects                                    %
                                                         225          10
    Over 80% “3P” Growth During the
    Last 4 Years                                                        197
                                                         200   196




                                               MMcfepd
    Project Economics Able to Withstand
    Commodity Price Cycles
    + 40% Liquid Content                                 175

Record Levels of Activity with Cost
Control Measures in Place                                150
    Coiled Tubing Drilling Improvements
    Continuing to Refine Completions
                                                         125
    Always Striving to Apply New Operational                   2004    2005        2006    2007E
    Techniques Combined with Fracture
    Stimulation Design Experiments /
    Improvements
                                                                                                      23
        Piceance Basin
        Developing A New Core Area


              Wells Drilled                                                  Piceance Production Forecast
90                                                                      45

75                                                                      40

60                                                                      35




                                                    Net Gas (MMcfepd)
45                                                                      30
30
                                                                        25
15
                                                                        20
0
                                                                        15
     2004      2005     2006     2007E
                                                                        10

Additional Compression – September / October                            5
Recent Acquisition Adds 10,500 Net Acres
                                                                        0
     Doubles Future Inventory                                                 2005       2006      2007
     Increases Net Resource Potential to 1.5 Tcfe
Three Drilling Rigs Operating
     Two New Builds 1Q08
     Drilling Times Declined 44% Since 2005

                                                                                                            24
Southern Region Overview




                                            Illinois &
                                                         23% of Company
                                             Indiana
                                                         Production and 15% of
                Kansas                                   Company Reserves
                                                         Multi-Year Deepwater
                      Central
                                                         Exploration Inventory
                     Oklahoma

                                     North
                                                         Additional Deepwater
West
                                   Louisiana
                                                         Developments
Texas
                                       South
                                     Louisiana           Emerging New Albany
        South
        Texas
                                                         Resource Play
                                Deepwater
                                                         Onshore Redevelopment
                                                         Programs



                                                                                 25
                           New Albany Shale
                           An Emerging Play



                                                            55                       Recently Expanded Position From
                                                                                     60,000 to 169,000 Acres
                                                            45
                                             (ATAX ROR %)
                                                                                     7 Vertical Wells and 4 Horizontal
                                                            35
                                                                                     Laterals Drilled To-date
                                                            25
                                                                                     2007 Program
                                                                                       Targeting 10 Horizontals in 2nd Half
                                                            15
                                                                 5    6      7   8
                                                                       $/Mcf
                                                                                     Significantly Reducing Drilling Costs
                     Shale Drilling Cost Improvements
                    2.5                                                              Economics Assume 1 Bcf Per Well
                     2
                                                                                     and $1 MM Per Well Cost
Drilling Cost $MM




                                                                                       Stabilized Rate of 300 Mcfpd Per Well
                    1.5
                                                                                       Production Life of 20 Years Per Well
                     1

                    0.5
                                                                                     Net Unrisked Potential of 265 Bcfe

                     0
                          Initial Wells   Current                    Target
                                                                                                                               26
    Deepwater
    A Significant Contributor With Substantial Upside



Leasehold
  243,705 Net Acres                                              30
  86 Leases, 58 Operated, 9 Developed
  – Average Working Interest 50%                                 25

Exploration Potential                                            20




                                                    Net MBoepd
  Recently Announced Isabela Discovery
  Remaining 2007 Program 1 to 2 Wells
                                                                 15
  2 to 4 Exploration Wells in 2008 and Thereafter
  Substantial Inventory of Prospects and Leads                   10

2007 Development Potential                                        5
  4 to 5 Projects
  Resources 15 – 21 MMBoe (Net)
                                                                  0
                                                                         2005   2006   2007   2008

                                                                      Production       Development


                                                                                                     27
       Deepwater
       Significant Resource Potential



Robusto
  MC 524 and 568, NBL WI: 20%, Shell Operator
  WD 7,500 Ft., PTD 16,000 Ft.
                                                                                      Robusto
  Gross UR Resource Range 40 – 80 MMBoe, Pg 56%                       Cimarron
  Spud 3Q07

Cimarron
  MC 709, NBL WI: 100%, NBL Operator                                      Gull Wing
  WD 2,200 Ft., PTD 20,000 Ft.                                                           Gunflint

  Gross UR Resource Range 30 – 85 MMBoe, Pg 40%

Gunflint
  MC 948, NBL WI: 50%, NBL Operator
                                                    Acreage
  Water Depth 5,700 Ft., PTD 28,000 Ft.             86 Blocks, 9 Developed
  Gross UR Resource Range 45 – 170 MMBoe, Pg 25%    243,705 Net Acres

Gull Wing                                           3D Seismic Coverage
  AT 67, NBL WI 50%, NBL Operator                   Contiguous Regional 3D in Core Areas
  Water Depth 5,200 Ft., PTD 27,000 Ft.             2,800 Blocks (25,000 Sq. Mi.) Coverage
  Gross UR Resource Range: 55 – 245 MMBoe, Pg 25%   75% Depth Imaged

                                                                                                    28
    International Continues To Perform



International Assets Providing Near-term Growth        2007 Capital
                                                           $330 MM
   EG LNG Sales Contributed 58 MMcfpd in 2Q07
   Dumbarton Continues to Ramp-up
   Record Gas Sales in Israel
                                                      W. Africa
Growing International Exploration                       53%
Inventory Setting Stage for the Future                             Europe
   Two Rigs Running in West Africa                                Middle East
                                                       LAFE          33%
   Announced Benita Discovery                           14%
   Announced Belinda Appraisal Success
   Israel Tamar Prospect in 2008
   Suriname Scheduled for 2008
   Expanding New Ventures Program
                                                  Exploration
Low Unit Costs 1H07                                  60%
   LOE $3.20 / BOE                                                Development
                                                                      40%
   DD&A $4.10 / BOE

Long-lived Assets
                                                                                29
      North Sea
      Contributing To International Growth



Strong Production Growth in 2007
   Successful Start-up of Dumbarton
   in January (NBL WI: 30%)
   Increased Ownership in
   MacCulloch (NBL WI: 14%)

Successful Appraisal of Flyndre
(NBL WI: 22.5%)
New Entry into Norway
   Bream (NBL WI: 20%)
   Gardrofa (NBL WI: 40%)

Opportunities to Expand
   Fiddich (NBL WI: 10%)
   Morgan (NBL WI: 40%)

 GP III at Dumbarton Field




                                             30
       Israel
       Reliable, Secure Energy For The Future



2007
  Completed “Super Well” Resulting
  in Deliverability of 600 MMcfpd              300
                                                      Gross Production
  1H07 Production up 27% over 1H06             250
  Start-Up of Additional Power                 200




                                      MMcfpd
  Plant(s) Late 2007
                                               150
                                                                     227    243
2008                                           100
                                                               161
  Sales to Gezer and Hagit Power                50   117
  Plants
  Tamar Exploration Results                      0
                                                     2004     2005   2006   1H07
  Continued Infrastructure
  Development                                              NBL WI: 47%

Low Cost Production 1H07
  $0.43 Per Mcf DD&A
  $0.24 Per Mcf Operating Costs

                                                                                   31
           Equatorial Guinea
           Adding Significant New Resources



Alba Field                                                   Alba Field
      1H07: 16.2 MBbls Condensate Per                         WI: 34%
      Day1                                                                            Victoria

      1H07: 8.4 MBbls LPG Per Day1
      1H07: 85.8 MMcf Gas Per Day1             Pipeline




                                                                          Ca uat nea
                                                                            m
                                                              LPG Plant




                                                                            Eq Gu

                                                                             er
Methanol                                   Methanol Plant      WI: 28%




                                                                                oo l
                                              WI: 45%




                                                                                  n
                                                                                  or
                                                                                  i
                                                                                     ia
      1H07: 80.8 MMGal Produced1                              Malabo

      1H07 Realized Price: $1.06 Per                                       Block O
      Gallon                                                               WI: 45%
                                                            Bioko
New Exploration Opportunities                               Island                Belinda


      Belinda Block ‘O’ Discovery 4Q05                                             Benita
      – Successful Appraisal Announced
                                                                               Block I
      Benita Block ‘I’ Discovery 2Q07                                          WI: 40%
      Multiple Prospects Provide
      Significant Upside at Reduced Risk


1   Net Production.                                                                              32
            Belinda Appraisal Prospect
            Block ‘O’ Equatorial Guinea




                                                                         Ca uat ine
                                                                           m
                                                                           Eq Gu

                                                                             er rial
O-3 Appraisal




                                                                               oo
                                                                                          Belinda




                                                                                 o a

                                                                                  n
  High Quality Miocene Reservoir                                                         Appraisal
  Test Rate1: 30.4 MMcfpd                                                Block O
               1,540 Bblpd Methanol
                                                      Bioko
O-1 Original Discovery                                Island




                                                                         Ca uat nea
                                                                                Belinda
  Test Rate1 : 24 MMcfpd




                                                                           m
                                                                           Eq Gu
                                        O-1




                                                                             er
               1,225 Bblpd




                                                                                oo l
                                                                                  or

                                                                                  n
                                                                                  i
                                                                                Benita




                                                                                    ia
                                                                            Block I




                                                  s   Technical Operator: Noble Energy
                                              ile
                                          M

                                  O-3                 NBL WI:      45%
                                          2
                                        4.



                                                      Acreage:     P25 – 12,250 Acres
                                                                   P75 – 8,800 Acres
                                                      Resources:   P25 – 200 MMBoe
                                                                   P75 – 125 MMBoe
                                                      Water Depth: 1,740 Ft.


1   Limited by test facilities.                                                                  33
            Benita Discovery
            Block ‘I’ Equatorial Guinea




                                                                                  Ca uat ine
                                                                                    m
                                                                                    Eq Gu

                                                                                      er rial
135 Feet of Net Hydrocarbon Pay




                                                                                        oo
                                                                                          o a

                                                                                           n
High Quality Miocene Reservoir
Test Rate1 : 34.3 MMcfpd                                                          Block O
             1,038 Bblpd                                                                           Benita
                                                               Bioko
                                                               Island




                                                                                  Ca uat nea
                                                                                         Belinda




                                                                                    m
                                                                                    Eq Gu

                                                                                      er
                                                        I-1




                                                                                         oo l
                                                                                           or

                                                                                           n
                                                                                           i
                                                                                         Benita




                                                                                             ia
                                                    Benita-1                         Block I


                                  1.8
                                        Mi
                                           les
                                                         s     Technical Operator: Noble Energy
                                                     ile
                                                    M          NBL WI:      40%
                                                2
                                             11.               Acreage:     P25 – 9,700 acres
                                                                            P75 – 7,400 acres
                                                               Resources:   P25 – 265 MMBoe
                                                                            P75 – 120 MMBoe
                                                               Water Depth: 2,900 Ft.


1   Limited by test facilities.                                                                             34
Cameroon
Near Term Drilling With Significant Potential



                                      NBL Acquired 50% Interest in
                                      PH-77 Block in 2006 and is the
                                      Operator (1.125 MM Acres)
                      Cameroon
                                      Petronas, State Petroleum
                                      Company of Malaysia Holds
                                      Remaining 50% Interest
 YoYo/Pilar

                                      18,000 km of 2D Seismic, 2,900
              PH-77                   Sq. km of 3D Seismic Evaluated

                                      Under-Explored Hydrocarbon
                                      Basin with Large Prospects

                                      Currently Drilling YoYo/Pilar




                                                                       35
   Noble Energy
   Positioned For Continued Value Creation



Opportunity Portfolio Continues to
Expand

Sustainable Organic Growth While
Generating Free Cash Flow

Significant Exposure to Exploration
Success

Balance Sheet and Free Cash Flow
Allow for Substantial Incremental
Opportunities




                                             36
     Forward-looking Statement


This presentation/communication may include projections and other “forward-looking statements”
within the meaning of the federal securities laws. Any such projections or statements reflect Noble
Energy’s current views about future events and financial performance. No assurances can be given
that such events or performance will occur as projected, and actual results may differ materially from
those projected. Risks, uncertainties and assumptions that could cause actual results to differ
materially from those projected include, without limitation, the volatility in commodity prices for crude
oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace
reserves, environmental risks, drilling and operating risks, exploration and development risks,
competition, government regulation or other action, the ability of management to execute its plans to
meet its goals and other risks inherent in Noble Energy’s business that are detailed in its Securities
and Exchange Commission filings. Words such as “anticipates,” “believes,” “expects,” “intends,”
“will,” “should,” “may,” and similar expressions may be used to identify forward-looking statements.
Noble Energy assumes no obligation and expressly disclaims any duty to update the information
contained herein except as required by law.
This presentation also contains certain forward-looking non-GAAP measures of financial performance
that management believes are good tools for internal use and the investment community in evaluating
the company’s overall financial performance. These non-GAAP measures are broadly used to value
and compare companies in the crude oil and natural gas industry. This presentation contains forward-
looking non-GAAP financial measures identified as discretionary cash flow and discretionary cash
flow per share (utilizing current shares outstanding). The GAAP measure most comparable to
discretionary cash flow is net cash provided by operating activities (net operating cash). Net operating
cash is not accessible on a forward-looking basis and reconciling information is not available without
unreasonable effort. The reconciling information that is unavailable would include a forward-looking
balance sheet prepared in accordance with GAAP. The probable significance of having a forward-
looking GAAP balance sheet is estimated to be a variance of plus or minus 10 percent of the forward-
looking discretionary cash flow in this presentation.
For additional information – website www.nobleenergyinc.com

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