Noble Energy Sees Most 2019 Organic Capital Expenditures to Be in U.S. Onshore
February 19 2019 - 8:10AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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