Noble Energy Adjusts Quarterly Dividend for Commodity Price Environment
January 26 2016 - 3:23PM
Noble Energy, Inc. (NYSE:
NBL) today announced a
decision by its Board of Directors to adjust the Company’s
quarterly cash dividend to 10 cents per common share, which
represents a reduction of 8 cents and aligns the dividend yield
with historical levels. The dividend is payable on February 22,
2016 to the shareholders of record at the close of business on
February 8, 2016.
Kenneth M. Fisher, the Company's Executive Vice President and
CFO, commented, “The decision to adjust the quarterly dividend,
along with a substantially reduced and flexible capital program for
2016, is part of a comprehensive effort to spend within cash flow
and manage the Company’s balance sheet. We also intend to reduce
leverage in this environment. The dividend adjustment and our
recent debt refinancing provide approximately $200 million annually
in support of these efforts. Paying a dividend remains an important
element of our long-term value creation strategy. The Board of
Directors will continue to evaluate the appropriate dividend level
on a quarterly basis.”
Noble Energy is starting 2016 with a capital program of
approximately $1.5 billion, which is about 50 percent lower than
2015 (pro-forma for the Rosetta Resources Inc. merger). This
investment level is expected to deliver 2016 annual sales volumes
of approximately 390 thousand barrels of oil equivalent per day,
which is consistent with the full-year 2015 pro-forma amount. The
2016 program remains flexible to changes in the commodity price
environment and will be discussed at the Company’s scheduled
conference call on February 17, 2016.
Noble Energy (NYSE: NBL) is an independent oil
and natural gas exploration and production company with a
diversified high-quality portfolio of both U.S. unconventional and
global offshore conventional assets spanning three
continents. Founded more than 80 years ago, the company is
committed to safely and responsibly delivering our purpose:
Energizing the World, Bettering People’s Lives®. For more
information, visit www.nobleenergyinc.com.
Forward Looking Statements
This news release contains certain “forward-looking statements”
within the meaning of federal securities law. 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, 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 volatility in commodity prices for
crude oil and natural gas, the presence or recoverability of
estimated reserves, the ability to replace reserves, environmental
risks, drilling and operating risks, exploration and development
risks, competition, government regulation or other actions, 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, management’s estimates, or opinions change.
Investor Contacts:
Brad Whitmarsh
(281) 943-1670
brad.whitmarsh@nblenergy.com
Megan Repine
(832) 639-7380
megan.repine@nblenergy.com
Media Contacts:
Reba Reid
(713) 412-8441
media@nblenergy.com
Paula Beasley
(281) 876-6133
media@nblenergy.com
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