Noble Energy

Noble Energy (NYSE:NBL)

Noble Energy is a leading global oil and gas exploration and production company. The company's substantial domestic presence offshore in the Gulf of Mexico and onshore in the Gulf Coast provides the resource base from which to make the most of its opportunities. Noble Energy's outstanding portfolio of international projects represents a clear growth path for several years to come.

Noble Energy is distinguished by its:

* Natural gas orientation
* Strong discretionary cash flow
* Ability to take advantage of opportunities
* Clear path to multi-year growth.

Market cap $7.41 billion(PPS $42.75)

P/E 5.46

P/B 1.18

Yield 1.6%($0.16/Q)

EPS: 2008: $7.58 2007: $5.45
2006: $3.79 2005: $4.20 2004: $2.82

Balance sheet

Assets
Current $2,158 million
Total $12,384 mllion(goodwill $759 million)

Liabilities
Current $1,174 million
Total $6,075 million

Equity 6,309 million

Reserves(proved) 2008: 864 MMBoe(natural gas 64%, oil 36%) 2007: 880 MMBoe 2006: 835 MMBoe 2005: 806 MMBoe

Undeveloped land US onshore: 1.3 million net acres, North Sea: 54 000 net acres, Israel: 807 000 net acres, Ecuador 852 000 net acres, Equatorial Guinea: 250 000 net acres, Cameroon 563 000 net acres

Production 2009P: 212-220 000 Boepd 2008: 215 000 Boepd 2007: 200,062

Total production costs per boe 2008: $7.84 2007: $6.99 2006: $6.97

Divestments/acquisitions:
2008: Mid-continent acquisition $292 million 2007: Argentinian asset divestment $117.5 million 2006: Gulf of Mexico shelf asset divestment $625 million, United States Exploration acquisition $411 million 2005: Patina merger $4.9 billion

Ownership profile
Major shareholders: NWQ Investment Management 9.7%, Axa Financial 8.5%, Barclays Global Investors 8.4%, FMR LLC 6.3%, Wellington Management Company 5.4%

Insiders own 3.03% of outstanding shares

Comments:
Current reserves are located onshore and offshore US, Israel, Ecuador, North Sea, Equatorial Guinea, Cameroon and China. The natural gas "orientation" isn't a plus as the majority of independents are willingly or unwillingly natural gas weighted reserve-wise. NBL's current reserves are located in relatively stable countries.