Houston-based Noble Energy (ticker: NBL) announced the company’s capital guidance for the year, stating that the company plans to increase its spending by $950 million (63%) from its 2016 capital budget. The company said it will spend between $2.3 and $2.6 billion in capex during the course of 2017 compared to $1.5 billion in its 2016 guidance.
“Noble Energy is now rapidly accelerating our pace of development in 2017,” said Noble Chairman, President and CEO David Stover. “In the U.S. onshore business, we are materially increasing the capital allocation to each of our liquids-focused assets in 2017, including the DJ Basin, the Delaware Basin, and the Eagle Ford. We will continue to concentrate on long laterals and pad drilling, enhanced completions with higher proppant loadings and tighter stage and cluster spacing, as well as integrated facility design. We have leading positions in two of the top U.S. oil basins, and we materially enhanced our Delaware Basin position earlier this year through the announced acquisition of Clayton Williams Energy. Our onshore portfolio provides some of the highest return opportunities in the U.S., and our 2017 capital plan positions us for significant value-added growth, near term and for many years to come.”
Read: http://www.oilandgas360.com/noble-energ ... al-budget/