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Noble Energy Ups Q3 Sales Volume View, Updates on Israel

Zacks Equity Research
Updated

On Sep 8, 2015, Noble Energy, Inc. NBL announced that owing to strong volume performance in the first two months of the third quarter, it has increased its third-quarter sales volume expectation from the previous projection.

This Houston, TX-based energy company has increased its sales volume guidance for the third quarter of 2015 to the range of 360–370 thousand barrel of oil equivalent per day (MBoe/d) from the earlier projection of 345–365 MBoe/d. The midpoint of its new estimate represents a 10 MBoe/d boost over the prior projection. In the third quarter of 2014, Noble Energy had registered sales volume of 302 MBoe/d

Enhanced well performance and infrastructure expansion in the DJ Basin and strong production from the assets in Texas, Marcellus Shale, Israel and Equatorial Guinea are the primary factors driving output.

Noble Energy also revealed that it benefited significantly from record natural gas sales in Israel in Aug 2015 as the gross production from the company's assets in Tamar and Leviathan averaged more than one billion cubic feet of natural gas per day, for the month. Furthermore, the addition of the Lucerne-2 plant in the DJ Basin has increased the company’s total natural gas processing capacity to 840 million cubic feet per day.

Apart from its already existing assets in onshore and offshore locations, we believe that opportunistic acquisitions are working well for Noble Energy. The recent Rosetta Resources acquisition has enhanced the company’s presence in the resource-rich Eagle Ford Shale and Permian Basin.

The company also provided an update on its world class discovery in Tamar and Leviathan fields. Noble Energy is positive about gas development in the region as the Knesset, Israel's parliament, has voted in favor of a framework agreement that would lead to the development of natural gas reserves off the coast of Israel.

Noble Energy now hopes to push forward with the Tamar expansion and initial development of Leviathan with final support from the government of Israel. Besides adding to revenues, development of these major projects will bring in a second source of natural gas to the country. This is essential in the light of its current requirements which are far from being fulfilled.

Zacks Rank

Noble Energy currently has a Zacks Rank #3 (Hold). Some stocks with a better rank in the oil and gas space include Halcón Resources Corporation HK, sporting a Zacks Rank #1 (Strong Buy) and Cobalt International Energy, Inc. CIE and Rice Energy Inc. RICE, each carrying a Zacks Rank #2 (Buy).

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NOBLE ENERGY (NBL): Free Stock Analysis Report
 
COBALT INTL EGY (CIE): Free Stock Analysis Report
 
HALCON RESOURCS (HK): Free Stock Analysis Report
 
RICE ENERGY INC (RICE): Free Stock Analysis Report
 
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