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Noble Energy Announces 2020 Capital Expenditure & Production Outlook

Noble Energy, Inc. (NBL) said its 2020 capital program has been established at a range of $1.6 to $1.8 billion, a reduction of approximately $560 million from 2019. Capital expenditures within the U.S. program are planned at slightly over $1.3 billion, with approximately 60 percent allocated to the DJ Basin and 40 percent in the Delaware Basin. The company plans drilling and completing 110-120 wells in the DJ Basin and 50-60 wells in the Delaware Basin in 2020. No new drilling or completion activity is planned for the Eagle Ford.

The company projects 2020 sales volumes to be approximately 10 percent higher than 2019 at the midpoint of the range of 385 to 405 thousand barrels of oil equivalent per day (MBoe/d). Unit production expenses are guided relatively flat to the 2019 average.

Fourth-quarter adjusted loss per share was $0.05 compared to profit of $0.12, prior year. On average, 29 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.08, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter total revenues declined to $1.17 billion from $1.20 billion, prior year. Analysts expected revenue of $1.09 billion for the quarter. Sales volumes were 373 MBoe/d, near the top end of the company's guidance, an increase of more than six percent from prior year. Capital expenditures were below the low end of guidance, Noble Energy noted. Unit production expenses were also below the low end of guidance.

Shares of Noble Energy, Inc. were up nearly 4% in pre-market trade on Wednesday.

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