Noble Energy Loses $2.4B in 2015; Marcellus Scale-Back in 2016

Noble Energy, a driller with a significant presence in the Marcellus but with a bigger presence in other shale plays, (and operations in other countries and offshore), announced in January the company was cutting its stock dividend and 2016 capital budget (see Noble Energy Cuts Stock Dividend 44%, Lowers 2016 Capex 50%). Yesterday Noble released its fourth quarter and full year 2015 update, along with details about their plans for 2016. What do we learn? Noble lost $2.4 billion in 2015, with $2 billion of the loss coming in 4Q15. Ouch. Of the four shale plays they operate in onshore in the U.S.–the DJ Basin, Eagle Ford, Delaware and Marcellus–in 2016 Noble plans to focus on the first three and scale back in the Marcellus, limiting their Marcellus activity to completing previously drilled wells (they have 85 DUCs–drilled but uncompleted wells). Here’s an update on Noble’s performance last year, and plans for this year…

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