Noble Energy: Sales Volumes To Grow Materially Throughout 2017 - Quick Facts

(RTTNews) - Noble Energy, Inc. (NBL) said its full year sales volumes are anticipated to average approximately 415 - 425 MBoe/d for 2017, including volumes from the Clayton Williams Energy properties, a 5 percent increase over last year, adjusted for 2016 divestments. Total company oil volumes are anticipated to be higher by approximately 9 percent, after adjusting for 2016 divestment impacts. U.S. onshore oil is anticipated to be up nearly 30 percent year on year, after adjusting for 2016 divestments.

Noble Energy expects sales volumes to grow materially throughout the year. The trajectory of volumes through the year is expected to be: first quarter: 370 - 380 MBoe/d; second quarter: 395 - 415 MBoe/d; and second half 2017: 440 - 460 MBoe/d. The company said its total company sales volumes in the second half of 2017 are expected to reflect continued growth from the onshore development programs.

Noble Energy estimates organic capital expenditures for 2017 to be between $2.3 and $2.6 billion. At the midpoint of this range, the company expects to invest approximately $1.8 billion in the U.S. onshore (75 percent of total) and $625 million (25 percent of total) in offshore and other activities.

Noble Energy's total U.S. onshore rig count is expected to average more than eight operated rigs for 2017, exiting the year with nine. The company anticipates to drill and commence production on approximately 225 onshore wells in 2017.

Total company sales volumes for the fourth quarter of 2016 were 410 thousand barrels of oil equivalent per day (MBoe/d). Total company oil volumes were above expectations at 131 thousand barrels of oil per day (MBbl/d), with the outperformance driven by the DJ Basin and Gulf of Mexico.