Noble Energy Reports Solid First Quarter

Noble's Earnings Report
Noble's Earnings Report

Noble Energy announces solid first quarter with Eagle Ford assets bumping up the company's production.

Related: Noble Energy: $150 Million Earmarked for Eagle Ford in 2016

During a first quarter earnings call last week, Noble executives reported that they had a tremendous operating quarter and a 'very solid start' to 2016. The company's first quarter results show they were able to deliver on their key goals to protect their balance sheet, align cash outflows and inflows, leverage the benefits of our diversified portfolio, and optimize returns with enhanced completion.

Noble's total volumes for the first quarter of 2016 increased to 416 thousand barrels of oil equivalent per day (MBoe/d), up 31 percent from the first quarter of 2015. A portion of this increase is due to the production from the 50,000 acres they acquired in the Eagle Ford last year.

Eagle Ford Operations

Noble continues to develop their newly-acquired assets in the Eagle Ford and are seeing promising results and 'unlocking additional resource potential'.

In March, we brought online six Gates Ranch wells which tested various spacing and completion concepts...and these wells will drive significant volume growth in Texas during the second quarter.
— Gary W. Willingham - Executive Vice President-Operations

Willingham goes on to say that throughout the quarter, they have continued to refine completion techniques leading to improved results. Other first quarter Eagle Ford highlights include:

  • Production volumes averaged more than 60 MBoe/d
  • Drilled two operated wells to total depth
  • Drilling times down 20%
  • Commenced production on eight Lower Eagle Ford wells
  • 33 wells drilled but uncompleted