Noble Energy Reduces 2020 Expenditure Guidance by $550 Million, Focuses on Protecting Returns, Cash Flow, and Balance Sheet
NOBLE ENERGY (NBL)
Last noble energy earnings: 2/12 06:45 am
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today provided an operational update in response to the current global macroeconomic and commodity outlook.David L. Stover, Noble Energy’s Chairman and CEO, commented, “In light of the recent commodity price downturn, we are sharply reducing capital expenditures. Deferring activity until commodity prices recover protects our investment returns, maintains free cash flow and strengthens the balance sheet. While this is a challenging environment, Noble Energy is well positioned to achieve attractive long-term returns for our shareholders. The impact of bringing a mega-project like Leviathan on production is evident today, as it provides greater certainty of cash flows, supports strong financial liquidity and improves our annual production decline profile.”ACTIVITY PLANSAs compared to its earlier announced guidance, the Company is immediately acting to reduce its planned 2020 capital expenditu
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