e8vk - sec.gov | home may 18, 2006, the company presented an annual management review slide show...
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0000950129-06-005663.txt : 200605180000950129-06-005663.hdr.sgml : 2006051820060518084731ACCESSION NUMBER:0000950129-06-005663CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:31CONFORMED PERIOD OF REPORT:20060515ITEM INFORMATION:Entry into a Material Definitive AgreementITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20060518DATE AS OF CHANGE:20060518
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:NOBLE ENERGY INCCENTRAL INDEX KEY:0000072207STANDARD INDUSTRIAL CLASSIFICATION:CRUDE PETROLEUM & NATURAL GAS [1311]IRS NUMBER:730785597STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-07964FILM NUMBER:06850565
BUSINESS ADDRESS:STREET 1:100 GLENBOROUGHSTREET 2:SUITE 100CITY:HOUSTONSTATE:TXZIP:77067BUSINESS PHONE:2818723100
MAIL ADDRESS:STREET 1:100 GLENBOROUGHSTREET 2:SUITE 100CITY:HOUSTONSTATE:TXZIP:77067
FORMER COMPANY:FORMER CONFORMED NAME:NOBLE AFFILIATES INCDATE OF NAME CHANGE:20020426
FORMER COMPANY:FORMER CONFORMED NAME:NOBLE AFFILIATES INCDATE OF NAME CHANGE:19920703
8-K1h36354e8vk.htmNOBLE ENERGY, INC.
e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May15, 2006
NOBLE ENERGY, INC.
(Exact name of Registrant as specified in its charter)
Delaware
001-07964
73-0785597
(State or other jurisdiction of
incorporation or organization)
Commission
File Number
(I.R.S. Employer
Identification No.)
100 Glenborough, Suite100
Houston, Texas
77067
(Address of principal executive offices)
(Zip Code)
Registrants telephone number, including area code: (281)872-3100
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Item1.01. Entry into a Material Definitive Agreement.
On May15, 2006, Noble Energy, Inc. (the Company) entered into a Purchase and Sale Agreement(the Agreement) with Coldren Resources LP (Coldren) by which the Company agreed to sell toColdren substantially all of its Gulf of Mexico shelf assets. Total consideration for the sale willbe in the form of cash and in the amount of Six Hundred Twenty-Five Million Dollars ($625,000,000),subject to adjustments, including those relating to the exercise of preferential rights or title orenvironmental defects. Completion of the transaction is subject to customary conditions, includingexpiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust ImprovementsAct of 1976.
The entry into the Agreement was approved by the Companys Board of Directors prior toexecution. The closing of the transaction contemplated in the Agreement is expected to occur byJune30, 2006, with an effective date of March1, 2006.
On May16, 2006, the Company issued a press release announcing its entry into the Agreement. Acopy of the press release issued by the Company is attached hereto as Exhibit99.1.
Item7.01. RegulationFD Disclosure.
On May18, 2006, the Company presented an Annual Management Review slide show presentation toanalysts at an investor conference. The presentation contains financial and operating guidance forthe Company for fiscal years 2006 and 2007. The slide show presentation also includes projectionsand other forward-looking statements within the meaning of the federal securities laws. The slideentitled Forward-looking Statement contains important information regarding forward-lookingstatements that are included in the presentation. Certain slides from the presentation are attachedhereto as Exhibit99.2 and are incorporated herein by reference. The entire slide show presentationis available on the Companys website at www.nobleenergyinc.com.
The information contained in this Item7.01 and Exhibits 99.1 and 99.2 shall not be deemedfiled for purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwisesubject to liabilities of that Section.
Item8.01. Other Items.
OnMay16, 2006, the Company also announced a program to purchase up to $500million of theCompanys outstanding common stock, such purchases to be from time to time on the open market or innegotiated purchases. The timing and amounts of any repurchases will be at managements discretionand in accordance with securities laws and other legal requirements. The program is subject toreevaluation in the event of changes in market conditions.
On May16, 2006, the Company issued a press release announcing the repurchase program. A copyof the press release issued by the Company is attached hereto as Exhibit99.1.
Item9.01. Financial Statements and Exhibits.
(c) Exhibits. The following exhibits are furnished as part of this current Reporton Form 8-K:
99.1 Press Release dated May16, 2006.
99.2 Portion of Company slide show presentation to investorconference on May18, 2006.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has dulycaused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NOBLE ENERGY, INC.
Date: May 18, 2006 By: /s/ Arnold J. Johnson
Arnold J. Johnson
Vice President, General Counsel & Secretary
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Press Release dated May16, 2006.
99.2 Portion of Company slide show presentation to investorconference on May18, 2006.
EX-99.12h36354exv99w1.htmPRESS RELEASE DATED MAY 16, 2006
exv99w1
Exhibit99.1
PRESS RELEASE
100 Glenborough Drive
Contact: Greg Panagos: 281-872-3125
Suite100
Houston, TX 77067
NOBLE ENERGY, INC. SELLS GULF OF MEXICO SHELF ASSETS FOR $625
MILLION
AND ANNOUNCES A $500 MILLION COMMON STOCK REPURCHASE
PROGRAM
HOUSTON (May16, 2006) Noble Energy, Inc. (NYSE: NBL) today announced that it hasentered into a purchase and sale agreement to sell its Gulf of Mexico shelf assets to ColdrenResources LP for $625million. The sale is expected to close by June30, 2006 with aneffective date of March1, 2006. The purchase and sales agreement is subject to customaryconditions, including expiration or termination of the waiting period under theHart-Scott-Rodino Antitrust Improvements Act of 1976, and closing adjustments.
Noble Energy also announced that its board of directors has authorized the purchase of up to$500million of the companys common stock. Noble Energy may buy shares from time to time onthe open market or in negotiated purchases. The timing and amounts of any repurchases will beat managements discretion and in accordance with securities laws and other legal requirements.The repurchase program is subject to reevaluation in the event of changes in marketconditions.
The sale will include essentially all of the companys assets in the Gulf of Mexico shelf.Noble Energy will retain its interest in the Main Pass area, which is currently undergoingrepair work after suffering significant hurricane damage in 2004 and 2005. The company plansto continue active exploration and production activities in the deepwater Gulf of Mexico andonshore Gulf coast areas.
Production from the assets to be sold currently totals approximately 5,000 barrels of oil perday and 90million cubic feet of natural gas per day, net to Noble Energy, for a combined totalof approximately 20,000 barrels of oil equivalent per day. As of March1, 2006, Noble Energysproved reserves for the assets being sold totaled seven million barrels of oil and 120billioncubic feet of natural gas, or a combined total of 27million barrels of oil equivalent.
Charles Davidson, Noble Energys Chairman, President and CEO, said, The sale of our Gulf ofMexico shelf assets is another significant step in focusing Noble Energys future investmentsand growth in the most prospective areas worldwide. Our merger with Patina Oil & Gas in 2005and acquisition of United States Exploration in 2006 have brought us an immense inventory oflow risk and high return projects in the Rockies and Mid-continent regions of North America.When coupled with our long-lived international assets and high-impact exploration program inthe deepwater and in international, we believe Noble Energy is well-positioned to acceleratevalue creation for our shareholders.
After-tax cash proceeds from the sale are expected to be approximately $525million. Thecompany expects to record a pretax gain from the sale of approximately $270million, which willbe more than offset by the following non-cash items:
Pretax charge of $390million related to cash flow hedges that are currentlyincluded in equity as other comprehensive losses (OCL); and
A net tax benefit of about $5million.
The reclassification of OCL to income reflects the mark-to-market value of certain cash flowhedges related to the companys Gulf of Mexico shelf production. In addition, Noble Energyexpects to re-designate these hedges to other North American production. The re-designation ofhedges will result in a similar increase in prices realized by Noble Energy for some of itsnatural gas sales for the period
beginning at the closing date through 2008. The volume of hedges that will receive suchtreatment in 2006 following closing is 100 MMMBtupd. The actual impact of the reclassificationof OCL to income will be recognized on the closing date of the sale.
The above discussion of the after-tax cash proceeds and loss associated with the Gulf of Mexicoshelf sale is based on estimates of market conditions at closing. All estimates are subject tochange based on final analysis of assets and liabilities sold and market conditions.
Randall & Dewey, a division of Jefferies & Company, Inc., and J.P. Morgan provided advisoryservices to Noble Energy on this transaction.
Noble Energy is one of the nations leading independent energy companies and operates throughoutmajor basins in the United States including Colorados Wattenberg field, the Mid-continent regionof western Oklahoma and the Texas Panhandle, the San Juan basin in New Mexico, the Gulf Coast andthe Gulf of Mexico. In addition, Noble Energy operates internationally in Argentina, China,Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea and Suriname. Noble Energy marketsnatural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc. Visit Noble Energyonline at www.nobleenergyinc.com.
This news release may include projections and other forward-looking statements within the meaningof the federal securities laws. Any such projections or statements reflect Noble Energys currentviews about future events and financial performance. No assurances can be given that such events orperformance will occur as projected, and actual results may differ materially from those projected.Important factors that could cause the actual results to differ materially from those projectedinclude, without limitation, the volatility in commodity prices for oil and gas, the presence orrecoverability of estimated reserves, the ability to replace reserves, environmental risks,drilling and operating risks, exploration and development risks, competition, government regulationor other action, the ability of management to execute its plans to meet its goals and other risksinherent in Noble Energys business that are detailed in its Securities and Exchange Commissionfilings. The United States Securities and Exchange Commission permits oil and gas companies, intheir filings with the SEC, to disclose only proved reserves. We use certain terms in this pressrelease, such as resources, estimated resource range, resource potential and potentialresources, that the SECs guidelines strictly prohibit us from including in filings with the SEC.Investors are urged to consider closely the disclosures and risk factors in our Forms 10-K and10-Q, File No.1-16619, available from Noble Energys offices or website, www.nobleenergyinc.com.These forms can also be obtained from the SEC by calling 1-800-SEC-0330.
-xxx-
EX-99.23h36354exv99w2.htmPORTION OF COMPANY SLIDE SHOW PRESENTATION TO INVESTOR CONFERENCE
exv99w2
Exhibit99.2
Agenda
Overview Chuck Davidson
Financial Review Chris Tong
North America Dave Stover
International Alan Bullington
Exploration Susan Cunningham
Summary Chuck Davidson
Forward-looking Statement
This presentation/communication may include projections and other "forward-looking statements"within the meaning of the federal securities laws. Any such projections or statements reflect NobleEnergy's current views about future events and financial performance. No assurances can be giventhat such events or performance will occur as projected, and actual results may differ materially fromthose projected. Risks, uncertainties and assumptions that could cause actual results to differmaterially from those projected include, without limitation, the volatility in commodity prices for crudeoil and natural gas, the presence or recoverability of estimated reserves, the ability to replacereserves, environmental risks, drilling and operating risks, exploration and development risks,competition, government regulation or other action, the ability of management to execute its plans tomeet its goals and other risks inherent in Noble Energy's business that are detailed in its Securitiesand Exchange Commission filings. In addition, in connection with the recent merger of Patina Oil &Gas Corporation into a subsidiary of Noble Energy, additional risks, uncertainties and assumptionsinclude the possibility that problems may arise in successfully integrating the businesses of the twocompanies and the possibility that the combined company may be unable to achieve cost-cuttingsynergies. Noble Energy assumes no obligation and expressly disclaims any duty to update theinformation contained herein except as required by law.
This presentation also contains certain forward-looking non-GAAP measures of financial performancethat management believes are good tools for internal use and the investment community in evaluatingthe company's overall financial performance. These non-GAAP measures are broadly used to valueand compare companies in the crude oil and natural gas industry. This presentation contains forward-looking non-GAAP financial measures identified as discretionary cash flow and discretionary cashflow per share (utilizing current shares outstanding). The GAAP measure most comparable todiscretionary cash flow is net cash provided by operating activities (net operating cash). Netoperating cash is not accessible on a forward-looking basis and reconciling information is notavailable without unreasonable effort. The reconciling information that is unavailable would include aforward-looking balance sheet prepared in accordance with GAAP. The probable significance ofhaving a forward-looking GAAP balance sheet is estimated to be a variance of plus or minus 10percent of the forward-looking discretionary cash flow in this presentation.
For additional information - website www.nobleenergyinc.com
Introduction
Chuck Davidson
A Complex Environment for Energy Producers
Basin Maturity in U.S. Continues to Drive Strategy
Industry Consolidation
Focus on Returns
International Expansion
Service Costs Increasing
Natural Gas Evolving as
a Global Commodity
Growing World Economy
Strong Commodity Prices
and Increased Volatility
Concerns Over Resource Constraints Growing Rapidly
Noble Energy
Well Positioned for the Current Environment
High Production Growth From Organic Projects
Exploration Directed Towards Significant Resources
International Expertise and Relationships Capturing NewOpportunities
Resource Draining Areas Being Eliminated
Differentially Positive Cost Structure
Price-resilient Investment Program
Significant Financial Flexibility
A Simplified Business Model
For Value Creation
N. America Onshore
International Legacy
FOUNDATION
High Quality / Long-lived Assets
Wattenberg / Niobrara / Piceance
Buffalo Wallow / Billy Rose
NEAR-TERM GROWTH
Large Inventory of High Return/
Low Risk Projects
LONG-TERM GROWTH
High
Impact Exploration
Deepwater
West Africa
New Ventures
Substantial Global Resource Potential
North America
Rocky Mountain Region
Number of Potential Projects 16,780
Unrisked Net Potential Resources (MMBoe) 350
Mid-continent Region
Number of Potential Projects 420
Unrisked Net Potential Resources (MMBoe) 40
Southern Region (2006 Program)
Number of Potential Projects 44
Unrisked Net Potential Resources (MMBoe) 100 - 150
Total Resource Inventory
490 - 540 MMBoe
Substantial Global Resource Potential
International
North Sea
Unrisked Net Potential
Resources (MMBoe) 28 - 58
West Africa
Unrisked Net Potential
Resources (MMBoe) 296 - 910
Israel
Unrisked Net Potential
Resources (MMBoe) 10 - 15
China
Unrisked Net Potential
Resources (MMBoe) 15 - 25
Ecuador
Unrisked Net Potential
Resources (MMBoe) 39 - 110
Total Resource Inventory
388 - 1,118 MMBoe
Setting the Stage for Accelerated Growth
New Projects/Developments
Piceance, Billy Rose
Swordfish, Ticonderoga and Lorien on Production
Dumbarton
Alba Phase 3
Gas Sales Growth in Israel
Portfolio Enhancements
GOM Shelf
US Exploration
Niobrara JV
Exploration Success
Block "O" (Belinda)
South Lake Arthur Deep
Redrock
Future Exploration Projects
Raton
Suriname
Blocks "O" and "I" Equatorial Guinea
A Very Different Noble Energy
More Stable, Longer-lived Production
Production 2000 2001 2002 2003 2004 2005 2006E 2006E Proforma NA Shelf 0.628 0.538 0.3947 0.3269 0.292 0.153 0.07 0 NA Deepwater 0.012 0.026 0.036 0.083 0.066 0.025 0.15 0.16 NA Onshore 0.2348 0.2397 0.3004 0.2706 0.2266 0.41 0.43 0.45 International 0.1257 0.1967 0.2689 0.3206 0.4158 0.41 0.36 0.39
NA Onshore
GOM Deepwater
International
2005 Increase Over 2004 NBL CO #1 CO #2 CO #3 CO #4 CO #5 CO #6 CO #7 CO #8 CO #9 CO #10 CO #11 CO #12 CO #13 CO #14 CO #15 NBL 0.36 0.3096 0.2957 0.1559 0.1429 0.0163 0.014 .-0082 -0.0093 -0.0269 -0.0418 -0.0569 -0.0767 -0.0982 -0.1178 -0.1684
NBL
Co.
#1
Co.
#3
Co.
#4
Co.
#5
Co.
#6
Co.
#7
Co.
#8
Co.
#9
Co.
#11
Co.#10
Co.#12
Co.#13
Co.#14
Co.#15
Co.
#2
Sector Leading Production Growth
Double-digit Production Growth
2007 Growth Drivers
Wattenberg
Piceance
Teton
U. S. Exploration
Buffalo Wallow
Billy Rose
Dumbarton
Israel
Proforma
Double-digit Production Growth Absent GOM Shelf
2007 Growth Drivers
Wattenberg
Piceance
Teton
U. S. Exploration
Buffalo Wallow
Billy Rose
Dumbarton
Israel
2003 2004 2005 2006E 2007E GOM Shelf -33 -31 -22 Continuing Operations 58 75 123 178.5 200
Proforma
Note: Total cost includes LOE, production tax, transportation, SG&A and DD&A.
Industry Leading Unit Costs
Total Costs (Cash + DD&A) 2003 2004 2005 2.37 2.74 3.31
+ 40%
Peer Group Average 2003 2004 2005 2.59 2.46 2.53
- - 2%
NBL
Ranked
13th of 17
NBL
Ranked
1st of 16
Noble Energy
A Compelling Case for Value Accretion
A Significantly Restructured Portfolio of Assets
High Quality
Long-lived
Multiple Investment Opportunities
A Sector-leading Cost Structure
A Net Unrisked Resource Inventory One to Two Times
Current Reserves
Demonstrated Capability to Continue Replenishment
Financial Capacity
Skills
Reputation and Relationships
Financial Review
Chris Tong
Financial Strategy
Maintain Investment Grade Rating
Strong Coverage Ratios
Reduce Debt Per Proved BOE
Sustain Financial Flexibility
Complete Large Developments
Pursue Acquisitions
Adjust Portfolio for Optimal
Return / Risk
Deliver Superior Returns to OurShareholders Relative to Our Peers
A Strong Financial Performer
Rapid Growth
Production
Earnings
Cash Flow
Industry-leading Cost Control
Substantial Free Cash Flow
Balance Sheet De-leveraging
Strong Per Share Metrics
[1] Estimate based on midpoint of 2006 company guidance.
[2] Estimate based on First Call consensus figures.
[3] See company filings for reconciliation of Discretionary Cash Flow to Net Cash provided by Operating Activities.
International Projects and North America Resource
Developments Drive Differential Growth
[1] Continuing operations.
Compound Growth
2002 - 2005
Pretax Income [1]
Other International
North America
Corporate and Other FY02 FY03 FY04 FY05 Corporate and Other -49.7 -69.1 -88 -136.8 North America 20.5 105 294.4 586 North Sea 37.4 42.4 70.3 88.5 Equatorial Guinea 39.3 84.9 162.6 309.2 Israel -2.7 -7.7 32.1 46.5 Other International -16.9 -15 41.7 75.2
$513.0
$140.4
$27.9
$MM
$968.7
FY04
FY03
FY02
FY05
Controlling Costs Can Yield Differential Returns
DD&A 2003 2004 2005 2006E Peers [1] 7.6 8.68 10.32 NBL 9.18 7.9 7.38 9.55
$ Per BOE
Opex + Transportation + SG&A
$ Per BOE 2003 2004 2005 2006E Peers [1] 5.72 6.61 7.78 NBL 5.76 6.02 6.33 6.75
[1] Peer data based on third party report.
Capital Efficiency and Discipline
Mean Substantial Free Cash Flow DCF Cap Budget Pre-acq Viking FCF Pre-acq NBL 1900 620 208 131 131 1280 412 77 525 656
($MM)
Free
Cash Flow
2006E [1]
Pre-acquisition
Capital
GOM SaleProceeds
Acquisition
Capital
Acquisition
Free
Cash Flow
2006E
[1] Estimate based on First Call consensus figures.
Current Capital Budget Supports Growth in
International and North America GOM Deepwater GOM Shelf Corp/Other Onshore International Pie Chart 31 8 1 49 11
GOM Shelf
8%
GOM
Deepwater
31%
Onshore
49%
International
11%
2005
$890MM GOM Deepwater GOM Shelf Corp/Other International NA Onshore Pie Chart 9 3 2 27 59
GOM
Deepwater
9%
International
27%
2006
$1,357MM
Onshore
59%
Declining Total Debt-to-book Capital
Managing Leverage Through
High Growth Periods 2002 2003 2004 2005 1Q06 Target 0.5 0.46 0.32 0.38 0.36 0.33 0.06 0.02 0.02 38 40
32%NetDebt
38%NetDebt
30 - 35%
40%
38%
46%
50%
38%
36%NetDebt
Cash Offsetting Debt
Financial Review
Total debt
Revolving Credit Facility $ 1,470 $ 1,280
5.25% Senior Notes, Due 2014 200 200
7.25% Notes, Due 2023 100 100
8.00% Notes, Due 2027 250 250
7.25% Notes, Due 2097 100 100
Israel Bank Notes, Due 2009 25 105
Money Market Lines 25 -
Less: Unamortized Discount (4) (4)
$ 2,166 $ 2,031
1Q06
FY05
($MM)
Financial and Operating Guidance
Production MBoepd 190 - 210 180 - 195 145
Proforma Production (MBoepd) - 171 - 186 -
Exploration Expense ($MM) 200 - 225 180 - 210 178
SG&A/Boe ($) 2.20 - 2.40 1.90 - 2.20 1.89
O&G Operations/Boe ($) 3.70 - 4.20 4.00 - 4.30 4.12
DD&A/Boe ($) 9.00 - 9.50 9.25 - 9.85 7.38
2006
Guidance
2005
Actual
2007
Guidance
Noble Energy is Delivering Value
Issue
Trading at a Discount to Peers
The Good News
Achieved Strategic Objective of
Repositioning the Portfolio
Strong Financial Position
Excellent Operating Performance
Favorable Industry Environment
Multiple, High-quality Opportunities
Actions
Continue to Invest in Growth Opportunities
Dividend Increased
$500 Million Share Repurchase
Maintain Financial Flexibility
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