HOUSTON, April 29, 2013 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) today announced that it has enhanced its organizational structure to support the material growth it is anticipating over the next several years, as well as to continue the development of its senior leadership team. The new organizational structure has been designed to better align business units with common activities by taking advantage of natural synergies and to better balance responsibilities to facilitate growth.
The new structure includes three major operating regions: U.S. Onshore; Eastern Mediterranean; and U.S. Gulf of Mexico (GOM), Africa and Frontier. Included in the U.S. Onshore region will be the Company's rapidly growing unconventional horizontal developments in the Marcellus Shale and DJ Basin, which should help facilitate the rapid transfer of best practices and learnings between these areas. The Eastern Mediterranean has become a very material region on its own requiring focused senior leadership as a result of Tamar recently coming on stream and several future projects being planned for offshore Israel and Cyprus. The combined U.S. GOM, Africa and Frontier region allows the Company to focus on its very material deepwater operations while preparing for the impacts of exploration success in the new areas it will be testing. Other significant changes include the creation of a Global Operations Services organization and a Corporate Development group. In addition, two senior advisory positions to the CEO and COO have been established to work with the new leadership teams to ensure performance remains best in class, to provide continuity of partner and government relations and to ensure execution of key strategic initiatives.
Charles D. Davidson, Noble Energy's Chairman and CEO, commented, "Noble Energy is now growing at a pace it has never previously experienced in its eighty-year history. By several measures, we expect to double in size within five years. Growth is exciting, but it can be challenging and needs to be well managed. As a result, we have decided that now is the appropriate time to modify our organizational structure in preparation for our future. Fortunately, we have been building a strong leadership team over the past few years. By making these changes now, we will be able to take advantage of a unique opportunity that allows us to develop our leadership for the future by leveraging the strengths and capabilities of our current leaders."
Gary W. Willingham, previously vice president of Strategic Planning, Environmental Analysis and Reserves, will serve as senior vice president for the U.S. Onshore region. J. Keith Elliott, previously vice president of Operations Services, will serve as senior vice president for the Eastern Mediterranean region. Susan M. Cunningham, previously senior vice president of Exploration and Business Innovation, will serve as senior vice president for the U.S. GOM, Africa and Frontier region. She will continue to also lead the Company's business innovation initiatives. Willingham, Elliott and Cunningham will all directly report to David L. Stover, President and COO. John T. Lewis, previously vice president of the Southern Region, will serve as senior vice president for Corporate Development and will report to Davidson. Charles J. ("Chip") Rimer, previously vice president, West Africa, will serve as senior vice president for Global Operations Services and will report to Stover. Rodney D. Cook, previously senior vice president International and Ted D. Brown, previously senior vice president Northern region, will serve as senior vice presidents and advisors to the President and the CEO.
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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "anticipated," "intends," "indicates," "suggests," "possibility," "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 planned development activities, 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, government approvals, changes in governmental policies and regulations, other political developments, the volatility in commodity prices for crude oil and, in particular, natural gas, exploration and development risks, drilling and operating risks, the presence or recoverability of estimated reserves, the possibility of regional conflict, cross-border violence, terrorist acts or other disturbances within the region, 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 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.
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