Noble Energy Provides DJ Basin Update
Noble Energy, Inc. (NYSE: NBL) today announced impacts of the mid-September flooding in Northern Colorado on its DJ Basin operations. Total net production loss on average for the third quarter of 2013 was approximately 2 thousand barrels of oil equivalent per day (MBoe/d), of which 70 percent represented crude oil, condensate, and natural gas liquids. The Company continues to return wells to production that were pro-actively shut-in prior to the floods. Only four percent of Noble Energy’s operated wells remain offline.
Drilling activities have returned to normal levels, with all rigs currently operating. Limited access to certain affected locations has resulted in delays to the Company’s completion activities. The combined impact of remaining well shut-ins and delayed completion operations is anticipated to impact Noble Energy’s fourth quarter 2013 average volumes by approximately 5 to 7 MBoe/d, of which 80 percent is projected to be liquid volumes. Acceleration of completion activities is underway and will contribute to the elimination of the backlog by the end of the first quarter of 2014. Despite these impacts, current production levels are already in excess of pre-flood volumes as a result of the strong growth the Company is achieving in the basin.
Gary W. Willingham, Senior Vice President of U.S. Onshore commented, “The storms impacting northern Colorado had significant impacts to local communities and our operations in the area. Our workforce diligently prepared and responded while keeping the safety and protection of human health and the environment the top priority. These impacts to our business are short-term in nature and we look forward to the continued substantial growth and long-term value creation in this core business.”
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Further information is available at www.nobleenergyinc.com.
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