Noble Energy, Inc., formerly Noble Affiliates, Inc., is an American petroleum and natural gas exploration and production company headquartered in Houston, Texas. The company is ranked 653rd on the Fortune 1000.
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Current operations
As of December 31, 2016, the company had 1,437 million barrels of oil equivalent (8.79×109 GJ) of proved reserves, of which 68% was in the United States, 23% was in Israel, and 9% was in Equatorial Guinea.
Of the company's total proved reserves as of December 31, 2016, 62% was natural gas, 15% was natural gas liquids, and 23% was petroleum.
United States
In the United States, the company's primary holdings are in the Wattenberg Gas Field / Denver Basin in Colorado, the Delaware Basin, the Marcellus Shale, and to a lesser extent, in the Eagle Ford shale.
Africa
As of December 31, 2016, the company owned approximately 118,000 net developed acres and 10,000 net undeveloped acres in Equatorial Guinea, 168,000 net undeveloped acres in Cameroon, and 403,000 net undeveloped acres in Gabon.
Middle East
As of December 31, 2016, the company owned approximately 78,000 net developed acres and 116,000 net undeveloped acres between 10 and 90 miles offshore Israel in water depths ranging from 700 feet to 6,500 feet. In Cyprus, the company owned a license covering approximately 33,000 net undeveloped acres adjacent to the Israel acreage.
South America
In South America, the company operates in the Falkland Islands, where it holds 210,000 net acres. However, the company does not have any proved reserves there. The company also owns 419,000 net acres in Suriname.
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History
In 1932, Lloyd Noble founded the Samedan Oil Corporation, predecessor company to Noble Energy, Inc. The company was named after his children Sam, Ed, and Ann. In 1968, Samedan acquired its first offshore block in the Gulf of Mexico. By the 1970s, Noble Affiliates Inc. was set up as a holding company to own Samedan Oil Corporation and a drilling company, Noble Drilling Corporation. In 1972, Noble Affiliates became a public company via an initial public offering, listing on the NASDAQ.
In 1980, Noble Affiliates was first listed on the New York Stock Exchange with the ticker symbol NBL. In 1985, Noble Affiliates spun off its subsidiary, Noble Drilling Corporation. In 1986, the company acquired Energy Development Corporation.
In June 2000, the company announced that it will move its headquarters from Ardmore, Oklahoma to Houston, Texas.
In October 2000, Charles Davidson became president and CEO of the company.
By April 2002, the company had diversified into methanol and electricity production, and changed its name to Noble Energy, Inc.
In May 2005, the company acquired Patina Oil & Gas, giving the company acreage in the Rocky Mountains.
In May 2006, the company sold assets in the Gulf of Mexico for $625 million.
In June 2006, the company announced a significant discovery in the Raton prospect of the Gulf of Mexico.
In January 2010, the company acquired assets in the DJ Basin of the Rocky Mountains from PetroCanada and Suncor Energy for $494 million.
In May 2010, the company's Deep Blue exploration well on Green Canyon 723 in the deepwater Gulf of Mexico reached a depth of 32,684 feet.
In December 2010, the company announced a significant natural gas discovery at Leviathan, offshore Israel.
In February 2011, the company received the first deepwater drilling permit in the Gulf of Mexico issued by the United States Department of the Interior after the moratorium following the Deepwater Horizon incident.
In 2012, the company moved its headquarters to a building formerly occupied by Hewlett Packard in northwest Houston, Texas and signed a lease for 497,000 square feet of office space.
In October 2014, the company announced plans to establish a center to train technicians in the energy industry at Ruppin Academic Center in Israel with a donation of NIS 12 million.
In July 2015, the company acquired Rosetta Resources in a stock transaction. The acquisition gave the company acreage in the Eagle Ford shale.
In September 2015, the company announced that the drilling of a well in the Cheetah exploration prospect offshore Cameroon yielded a dry hole. The company recorded a $33 million charge for this unsuccessful venture.
In April 2017, the company acquired Clayton Williams Energy for $2.7 billion.
In May 2017, the company sold Marcellus Midstream to Quantum Energy Partners for $765 million.
Controversies
Falkland Islands
In 2015, the government of Argentina accused the company of operating illegally in the Falkland Islands. The government of Argentina does not recognize British control of the Falkland Islands.
Environmental record
In 2015, the company settled a claim by the Environmental Protection Agency that its battery tanks were emitting noxious gases. The settlement included the payment of a $4.95 million civil penalty divided as follows: $3.475 million to the United States; and $1.475 million to Colorado.
References
External links
Source of the article : Wikipedia
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