Noble Energy To Sell North Sea Assets To Maersk Oil For $127 Million

Date : 05/30/2012 @ 6:38PM
Source : Dow Jones News
Stock : Noble Energy Inc. (NBL)
Quote : 31.09  -0.15 (-0.48%) @ 4:02PM

Noble Energy To Sell North Sea Assets To Maersk Oil For $127 Million

Noble (NYSE:NBL)
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Noble Energy Inc. (NBL) has agreed to sell its stake in certain properties in the United Kingdom's North Sea to Maersk Oil North Sea Ltd. for approximately $127 million, as the oil-and-gas explorer continues to divest its noncore properties.

The sale includes Noble's 30% non-operating working interest in its Dumbarton and Lochranza properties. The company said it also considering the sale of its other North Sea assets.

"The sale of these nonstrategic properties allows us to focus our resources on our five core business units and also strengthens our balance sheet," said Chief Operating Officer David L. Stover.

Last month, Noble Energy Inc. reported its first-quarter profit surged as the company posted stronger sales volume and realized prices for crude oil, as well as far fewer losses related to derivatives.

Shares closed at $84.04 Wednesday and were unchanged after hours. The stock is off 14% over the past three months.

   -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com 

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