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NBL

Noble Energy

$37.39

0.21 (0.56%)

, NBLX

Noble Midstream

$38.07

-0.16 (-0.42%)

15:18
01/16/17
01/16
15:18
01/16/17
15:18

Noble Energy updates four-year plan, sees 2017 sales volumes 410-420 MBOED

In conjunction with its announced acquisition of Clayton Williams Energy (CWEI), Noble Energy (NBL) provided an update to its four-year, 2016-2020 operating plan: "The updated plan includes the development of the acquired acreage, which is estimated to result in production growth from approximately 10 MBOED currently to 60 MBOED in 2020 in the company's base plan and to 70 MBOED in the upside plan. Rig activity on the new acreage is planned to accelerate from 1 rig currently to 3 rigs by year end 2017 and between 5 rigs -- base plan -- and 6 rigs -- upside plan -- in 2020. Also included is the impact of an incremental 7,200 net acres acquired through multiple other Delaware Basin transactions, which closed in early 2017." Key outcomes of the updated plan through 2020 include: Total Delaware Basin net production grows to 145 MBOED in the base plan at 73% CAGR and 180 MBOED in the upside plan at 83% CAGR, from a combined 10-13 drilling rigs in the Delaware in 2020. Noble Energy's onshore U.S. oil volume CAGR has been raised 5 percentage points, now estimated to grow pro forma at a 28% CAGR in the base plan and 34% CAGR in the upside plan. Total company oil volumes now increase at a 16% CAGR in the base plan and 21% CAGR in the upside plan, up 5 percentage points versus the November 2016 plan. Full company production in 2020 is expected to reach 600 MBOED in the base plan and nearly 700 MBOED in the upside plan, representing 11%-15% CAGR. Operating cash flow is now projected to increase at a CAGR of 33% in the base plan and 45% in the upside plan, up 7 percentage points. The company's base plan utilizes $50 per barrel WTI and Brent and $3 per thousand cubic feet Henry Hub natural gas for 2017, with "modest" oil price acceleration through 2020. The upside plan adds $10 per barrel in commodity price to all periods. Noble Energy now anticipates an incremental $150M in reported 2017 capital to be allocated to the Delaware Basin, bringing total Delaware Basin reported capital in 2017 to approximately $500M. Noble Energy's total reported capital program for 2017, excluding Noble Midstream Partners' (NBLX) capital, is now estimated to total between $2.1B-$2.5B. Total reported company sales volumes for 2017 are now estimated at 410-420 MBOED.

NBL

Noble Energy

$37.39

0.21 (0.56%)

NBLX

Noble Midstream

$38.07

-0.16 (-0.42%)

CWEI

Clayton Williams

$103.98

-2.42 (-2.27%)

  • 14

    Feb

NBL Noble Energy
$37.39

0.21 (0.56%)

01/11/17
BMOC
01/11/17
UPGRADE
BMOC
Outperform
Noble Energy upgraded on valuation, multiple catalysts at BMO Capital
As noted earlier, BMO Capital upgraded Noble Energy to Outperform from Market Perform. Among the reasons provided by analyst Philli Jungwirth for the upgrade are valuation, the coming startup of the Leviathan natural gas field in Israel, his belief that its 2017 guidance is conservative, his belief that its 2017-2018 debt-adjusted production growth will be in-line with that of its peers, and its productivity improvements. Target to $50 from $45.
01/11/17
BMOC
01/11/17
UPGRADE
BMOC
Outperform
Noble Energy upgraded to Outperform from Market Perform at BMO Capital
01/04/17
DBAB
01/04/17
DOWNGRADE
Target $43
DBAB
Hold
Noble Energy downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Ryan Todd downgraded Noble Energy to Hold citing valuation as the analyst sees greater value elsewhere. He keeps a $43 price target for the stock.
12/09/16
GHSC
12/09/16
DOWNGRADE
GHSC
Sell
Noble Energy downgraded to Sell from Neutral at Seaport Global
NBLX Noble Midstream
$38.07

-0.16 (-0.42%)

10/10/16
MUFG
10/10/16
INITIATION
Target $32
MUFG
Overweight
Noble Midstream initiated with an Overweight at MUFG
MUFG analyst Barrett Blaschke started Noble Midstream Partners LP with an Overweight rating and $32 price target.
10/10/16
10/10/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Sell at Deutsche Bank. 2. Noble Midstream (NBLX) initiated with an Overweight at Barclays, a Hold at Deutsche Bank, an Overweight at JPMorgan, an Outperform at Baird, a Buy at Mizuho, a Buy at Citi, and an Overweight at MUFG. 3. AB InBev (BUD) reinstated with a Buy at Goldman. 4. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. 5. Molson Coors (TAP) reinstated with a Buy at Goldman and resumed with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/16
HOWW
10/11/16
INITIATION
Target $38
HOWW
Outperform
Noble Midstream initiated with an Outperform at Scotia Howard Weil
Scotia Howard Weil initiated Noble Midstream with an Outperform and a $38 price target.
10/31/16
WELS
10/31/16
INITIATION
WELS
Outperform
Noble Midstream initiated with an Outperform at Wells Fargo
Wells Fargo analyst Praneeth Satish started Noble Midstream Partners LP with an Outperform rating and $36-$40 price target range.
CWEI Clayton Williams
$103.98

-2.42 (-2.27%)

10/25/16
SPHN
10/25/16
NO CHANGE
Target $126
SPHN
Overweight
Clayton Williams price target raised to $126 from $110 at Stephens
Stephens analyst Will Green raised his price target for Clayton Williams to $126 from $110 after the company agreed to sell its Giddings asset for $400M. The analyst reiterates an Overweight rating on the shares.
08/09/16
ROTH
08/09/16
UPGRADE
Target $49
ROTH
Neutral
Clayton Williams upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst John White upgraded Clayton Williams to Neutral from Sell saying the company surprised to the upside with its recent drilling results in Reeves County, Texas. The analyst raised his price target on the shares to $49 from $12.
08/09/16
ROTH
08/09/16
UPGRADE
Target $49
ROTH
Neutral
Clayton Williams upgraded to Neutral from Sell at Roth Capital
Roth Capital analyst John White upgraded Clayton Williams Energy to Neutral after examining the recent drilling results on the initial wells in Reeves County, Texas. The analyst materially raised his estimate of proved undeveloped and probable reserves and upped his price target for the shares to $49 from $12.
08/04/16
NORL
08/04/16
UPGRADE
NORL
Outperform
Clayton Williams upgraded to Outperform from Market Perform at Northland

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