Noble Energy Announces The Sale Of North Sea Assets
HOUSTON, May 30, 2012 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today that it has entered into a definitive agreement with Maersk Oil North Sea Limited (OMX: MAERSKB) for the sale of certain assets located in the North Sea of the UK. The sale includes the Company's thirty percent non-operated working interest in the Dumbarton and Lochranza properties, which produced approximately 4,400 barrels of oil equivalent (Boe) per day, net to Noble Energy, in the first quarter of 2012. At the end of 2011, net proved reserves at Dumbarton and Lochranza were 5.6 million Boe.
Noble Energy will receive $127MM, subject to customary adjustments for net cash flows between the effective date of January 1, 2012 and the closing date, which is expected to occur by the end of the third quarter of 2012. Separate from this transaction, the Company is considering the sale of its other North Sea assets and will continue ongoing efforts to divest its non-core US onshore properties.
David L. Stover, Noble Energy's President and Chief Operating Officer, commented, "The sale of these non-strategic properties allows us to focus our resources on our five core business units and also strengthens our balance sheet."
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. They include estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, without limitation, the timing to close the transaction, the failure to satisfy closing conditions to the transaction, government regulation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, environmental risks, competition, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's business that are discussed in its most recent annual report on Form 10-K and in other reports on file with the U.S. Securities and Exchange Commission. These reports are also available from Noble Energy's offices or website, http://www.nobleenergyinc.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
SOURCE Noble Energy
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