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Noble Energy sees 2017 U.S. onshore oil output rising by 15% Y/Y

Published 11/16/2016, 03:58 PM
Noble Energy sees 2017 U.S. onshore oil output rising by 15% Y/Y
NBL
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  • Noble Energy (NBL -2.4%) is lower after announcing preliminary 2017 production guidance, which has U.S. onshore oil production coming in 15% higher than 2016, and 25% higher when comparing H2 2017 vs. the same period in 2016, with total 2017 volumes expected at 400K-410K boe/day.
  • NBL says 70% of its 2017 preliminary upstream capex is targeted for U.S. onshore activities, primarily in the DJ Basin, Delaware and Eagle Ford.
  • In its long-term outlook, NBL expects total production to reach 540K-625K boe/day by 2020, an 8%-12% compound annual growth rate, with 2020 sales volumes assuming startup of Israel's Leviathan field; for 2016-20, NBL expects oil volumes from its U.S. onshore assets to increase at a 23% compound annual growth rate in its base plan.


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