NBL Noble Energy Inc

   By Allison Prang 
 

Noble Energy Inc. (NBL) expects most of its organic capital expenditures to be in its U.S. onshore business in 2019.

Noble said Tuesday it expects total organic capital expenditures in 2019 to be between $2.4 billion and $2.6 billion. The company said that at the midpoint, that is a 17% drop from 2018.

Of its total estimated capital expenditures, Noble expects that between $1.6 billion and $1.7 billion will be for its onshore business in the U.S.

Chief Executive David Stover said he anticipates the company's onshore business in the U.S. to be self-funding by the end of the year.

Noble said it expects the company's 2019 volumes to be between 345 MBoe/d and 365 thousand MBoe/d. At the midpoint, it said that would be a 5% pro-forma increase compared with 2018.

"Recent market dynamics, including increased commodity price volatility, further highlight the need for our industry to prioritize capital discipline and corporate returns over top-line production growth," Mr. Stover said.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 19, 2019 07:55 ET (12:55 GMT)

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