Noble Energy (NBL) Upgrade

[dan_s]

Noble's Q2 production exceeds what I have in my forecast model by 15,000 Boepd. Shortly after the announced production, Citigroup upgraded NBL to a BUY. My valuation of NBL was $44.50/share prior to this announcement. - Dan

Noble Energy, Inc. (NYSE: NBL) ("Noble Energy" or "the Company") today announced second quarter 2016 expected sales volumes of approximately 425 thousand barrels of oil equivalent per day (MBoe/d). The amount represents a record quarterly total for Noble Energy and is more than 3 percent beyond the midpoint of the Company's quarterly guidance range of 405 to 415 MBoe/d. The outperformance was driven by continued strong operating performance and execution across the Company. Significant contribution to the higher volumes resulted from new wells online in the Eagle Ford, including wells testing various lateral spacing and completion techniques. In addition, Israel gas sales volumes were higher than expected due to continued displacement of coal by natural gas in electricity generation and seasonally warmer weather than normal.

Second Quarter Results Webcast

The Company also announced that it will host its second quarter 2016 results webcast at 9:00 a.m., Central Time, on Wednesday, August 3, 2016. The Company plans to issue its financial and operating results, including supporting presentation materials, prior to the market opening on the same day.

The live audio webcast link and related presentation material will be accessible on the 'Investors' page of the Company's website at www.nobleenergyinc.com. A replay of the event will be available at the same web location for 90 days.