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Noble Energy 1Q14: Marcellus Experiments Paying Off

Noble Energy is a big driller involved in a number of resource plays–both onshore and offshore. One of their offshore operations–off the coast of Israel–has transformed Israel from energy dependent to becoming almost completely energy independent. Yesterday in the parade of quarterly earnings updates, Noble released their update for first quarter 2014. Noble is a big driller in the Marcellus Shale and their northeast program, which is what interests us, continues to perform very well for the company.

Of particular interest to MDN is a brief paragraph about Noble’s Marcellus program and the experimentation they’ve been doing–and the impressive results they’ve been getting from those experiments…
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Changes at the Top for Noble Energy – Chairman & CEO Retiring

Some top leadership changes are on the way for Noble Energy–a big energy company with big operations in the Marcellus and Utica Shale region. Current Chairman and CEO Charles Davidson will retire May 1, 2015. Stepping up to the big chair will be David Stover. Stover, currently president and COO, will take on the CEO role in October of this year and (presumably) the chairmanship next May when Davidson retires.

Here’s the kumbaya press release from Noble announcing everyone loves everyone (and yes, Noble is a company we love and highly respect–we just couldn’t help poking a little fun at the announcement and its gushing tone):
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Noble Energy Donates $250K to WV Community College Program

Noble Energy certainly live up to it’s name of “noble.” Earlier this week Noble announced a $250,000 one-time gift to the West Virginia Community College’s new Appalachian Petroleum Technology Training Center. The Center offers one-year certifications and two-year degrees in petroleum technology–just one of 14 programs in the country like it. MDN previously wrote about the new program in May 2013 (see New Appalachian Petroleum Technology Training Center in WV). Graduates coming from the program have the ability to earn between $60,000-$100,000 per year–starting! It’s a fabulous program and Noble has really stepped up to the plate to ensure the program not only survives, but thrives–so kudos to Noble.

Here’s the announcement from the Community and Technical College System of West Virginia (WVCTCS):
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Noble Energy’s Huge Vote of Confidence in the Marcellus

Noble Energy has big plans for the Marcellus. Yesterday the company confirmed they will be new tenants in a huge new office building going up in the Southpointe business park near Pittsburgh. The new building being built by Horizon Properties will be 208,000 square feet, of which Noble is leasing 138,000 square feet. Noble’s president & CEO David Stover says the Marcellus is “the premiere gas play in the United States,” and the Marcellus figures prominently in Noble’s future plans.

Noble plans to employ 200 people in the new facility by the end of this year, and eventually–400-450 people at the facility. PA welcomes Noble to the Marcellus!…
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Noble Energy: More Marcellus Drilling Ahead in 2014

Noble Energy, one of the larger Marcellus Shale drillers (with 360,000 acres under lease) released their fourth quarter and full year 2013 results yesterday. The company reports producing 196 million cubic feet of gas per day on average, a 17% increase over 3Q13 and a big 61% increase over 4Q12. By December 31st they were producing 210 Mmcf/d. Noble is a big company with both on- and off-shore drilling operations around the world. The Marcellus continues to play in increasingly important role in their portfolio for 2014, as evidenced by the update and by comments made by Noble executives yesterday.

Below are extracts from yesterday’s Noble update and the analyst conference call with company execs. We’ve selected out portions dealing with the Marcellus so you don’t have to wade through it all…
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Noble Energy 3Q13: Marcellus Production Up 64%

Noble Energy has drilling operations in several U.S. resource basins and indeed in other countries. One of their drilling operations is the Marcellus Shale (WV & PA), and yesterday they reported (3Q13 update) that production from the Marcellus achieved a record average rate of 168 million cubic feet per day (MMcf/d) for 3Q13, up 64% from a year ago. According to the update, Noble drilled seven new pads in the Marcellus during 3Q13.

Here’s the details as reported by Noble for their Marcellus operation:
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New Pipeline, Wells Coming to Upshur & Barbour Counties in WV

Drilling for natural gas in the largely dry gas West Virginia counties of Upshur and Barbour is about to pick up–a lot. How do we know? CONE Gathering, the midstream part of a joint venture between CONSOL Energy and Noble Energy, is constructing a new 24-inch, 37-mile gathering pipeline through the heart of both counties. When that pipeline is done, it will start to connect a flurry of new wells drilled by CONSOL and Noble.

Construction on the new pipeline is set to start in six to nine months and will be completed another six to nine months after that. So the new pipeline may be online as early as a year from now…
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Brine Wastewater Spill in Marshall County, WV Investigated

Last Friday Noble Energy discovered a valve left open on a brine wastewater storage pond was allowing brine water to pour out—some 2,264 barrels (95,000 gallons) in Marshall County, WV. Brine “wastewater” is not fracking wastewater and does not contain fracking chemicals. It’s naturally-occurring water from deep below the surface that seeps out of drilled holes long after initial drilling is done. Brine contains a lot of minerals, and sometimes low amounts of radium—hence the anti-drillers mantra “it’s radioactive!”

When an accident like this happens, and when the water reaches a local tributary as it did with this incident by getting into the Big Wheeling Creek, it’s not nothing. It’s also not an ecological disaster. Fortunately, the spill was largely contained in sediment traps designed to do just what they did—stop most of the water from spreading. Here’s what we know so far about the accident:

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Noble Energy 2012 Wrap-Up: Marcellus Production, Profits Go Up

Houston-based Noble Energy, one of the big drillers in the Marcellus Shale, turned a tidy profit of $1 billion in 2012 according to their year-end financial report issued yesterday. That’s double what they earned in 2011 ($453 million). They also report Marcellus Shale production was up 19% in the 4Q12 from 3Q12—to a new high of 121 million cubic feet per day (MMcfe/d). Noble has a joint venture with CONSOL Energy in the Marcellus and the JV produced 280 MMcfe/d in 2012 (see Who’s a Member of the Marcellus “1 Bcf/d” Club?).

Noble operated three drilling rigs in the Marcellus during 2012. Here’s the year-in-review update issued yesterday:

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Who’s a Member of the Marcellus “1 Bcf/d” Club?

1 bcfd club At the end of an article about EQT, Seeking Alpha blogger and energy analyst Richard Zeits includes a short list of companies who either already belong, or soon will join, the “1 billion cubic feet per day club” of Marcellus Shale gas production.

So far only one driller has achieved 1 Bcf/d of Marcellus production (quick, which one is it?). EQT will likely join the club in 2014. Who else is on the short list to join them? Read on to find out…

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Motley Fool’s “Moguls of Marcellus”

The Motley Fool investing website published a “round-up” type of article yesterday that focuses on the major players (drillers) in the Marcellus Shale, part of a series that looks at major energy plays in the U.S.

The article starts off by listing the top 11 companies by the amount of acreage they lease. They are (from highest to lowest amount of acreage):

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Latest Round of Drilling Permits Along PA/OH Border

Hilcorp received a permit last week from the PA Dept. of Environmental Protection (DEP) to drill its 18th Utica Shale well in Lawrence County, PA. Meanwhile, Chesapeake, Noble and R.E. Gas Development received permits last week from the Ohio Dept. of Natural Resources (ODNR) to drill six new shale wells in Carroll and Harrison counties.

The details of who is drilling and where:

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Noble Energy: 800 MMcf/d of Marcellus Production by 2017

Noble Energy, Inc.’s senior management is hosting a conference today in Houston, Texas with analysts and investors to discuss the company’s current operations, future plans and operational outlook. In advance of the conference, Noble issued a preview of what they will talk about. Part of the preview includes an update (an important update) on their activities in the Marcellus Shale. One of the predictions: Noble will achieve an eye-popping 800 million cubic feet per day (MMcf/d) in production of natural gas in the Marcellus by 2017—within five years. Currently they’re at 140 MMcf/d.

Here’s Noble’s update for the Marcellus:

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Noble Energy 3Q12 Update: Marcellus Production Up 38%

Earnings reports for the third quarter continue to roll out. Yesterday, Noble Energy provided their 3Q12 update. Noble is a large company with operations in a number of countries. Here in the U.S., Noble is actively drilling in the Marcellus Shale in West Virginia. They also have a joint venture in the Marcellus in Pennsylvania. Noble reports their Marcellus production grew to 102 million cubic feet per day in the third quarter, an increase of 38% over last quarter. They also report their first two wet gas wells have started to produce natural gas liquids and are doing better than expected.

Here’s the relevant portion of the Noble announcement that focuses on the Marcellus:

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Noble Energy’s 2Q12 Results – Marcellus Well Produces 17.9 MMcfd

Noble Energy is a big driller with operations in many locations, including offshore. They released their second quarter results today. Even though their operations are spread around the world, the Marcellus Shale plays in increasingly important role in Noble’s drilling activities.

Noble reports drilling a Marcellus well in the second quarter with a lateral of 8,500 feet (over a mile and a half!). That well produced an initial rate of 17.9 million cubic feet of gas per day (MMcfd).

Below is the Noble press release. MDN highlights (in yellow) the portions relevant to their Marcellus operations.

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