Noble Energy Expects Total CapEx For 2014 To Be $4.8 Bln - Quick Facts

(RTTNews) - Noble Energy, Inc. (NBL) Tuesday said it expects total capital expenditures for the year 2014 to be $4.8 billion, with investments allocated 70 percent to U.S. Onshore and 30 percent to Global Deepwater activities.

Total sales volumes for 2014 from continuing operations are anticipated to average between 302 and 322 thousand barrels of oil equivalent per day, or Mboe/d.

The company noted that the midpoint of this range represents an 18 percent increase over the target for 2013, after adjusting for assets divested and exchanged in 2013.

Overall, liquid volumes are expected to represent 46 percent of the total volume in 2014, with the remaining product split estimated to be 29 percent U.S. natural gas and 25 percent international natural gas.

Charles Davidson, chairman and CEO of the company stated, "Noble Energy continues to deliver substantial value across the portfolio. For the third consecutive year, production is projected to grow at strong double-digit rates."

Noble Energy increased its fourth quarter 2013 sales volumes from continuing operations to range from 286 to 288 Mboe/d. The increase of five MBoe/d from the prior estimate is due to better than expected sales in the U.S. Onshore, West Africa and Israel, the firm said.

The company also lowered its anticipated exploration expense for the fourth quarter as a result of successful exploration drilling in the Deepwater Gulf of Mexico and Eastern Mediterranean, and updated the range to $200 to $225 million.