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Noble Energy Sees $4.8 Billion in Capital Spending Next Year

Noble Energy Sees $4.8 Billion in Capital Spending Next Year
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Τρι, 17 Δεκεμβρίου 2013 - 17:38
Noble Energy Inc. (NBL) said it expects to spend $4.8 billion on capital investments next year, almost $1 billion more than this year's target, and also boosted its fourth-quarter volume estimate as the oil and gas company posted improved sales in the U.S., West Africa and Israel.
Noble Energy Inc. (NBL) said it expects to spend $4.8 billion on capital investments next year, almost $1 billion more than this year's target, and also boosted its fourth-quarter volume estimate as the oil and gas company posted improved sales in the U.S., West Africa and Israel.

Noble said it expects to spend 70%, or $3.2 billion, of its capital allotment on U.S. onshore development, and the remainder on global deepwater activities. The company expects total sales volumes of 302,000 to 322,000 barrels of oil equivalent per day, compared with sales volumes of 270,000 to 282,000 barrels expected this year.

Noble said it didn't adjust for the potential sale of remaining noncore assets.

This year's capital spending target was initially $3.9 billion.

The company expects production to grow for the third year in a row at double-digit rates as it focuses horizontal drilling and infrastructure development in the DJ Basin, Chief Executive Charles D. Davidson said. The northern Colorado-based onshore field is projected to account for 28% of U.S. sales volume.

Globally, the company will invest in projects in the Eastern Mediterranean and Israel , as well as in the deepwater Gulf of Mexico and West Africa .

Noble Energy raised its estimate for fourth-quarter sales volumes to a range of 286,000 to 288,000 barrels of oil equivalent a day from a range of 280,000 to 285,000 as a result of better-than-expected sales in the U.S. onshore, West Africa and Israel .

The company also expects lower exploration expenses because of successful exploration drilling in the Deepwater Gulf of Mexico and Eastern Mediterranean . The updated range is $200 million to $225 million.

Noble shares closed Monday at $69.40 and were inactive premarket. The stock is up 38% in the past 12 months.

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