Noble Energy Declares Dividend, Stock Upgraded

PRNewswire-FirstCall

HOUSTON, Oct. 27

Noble Energy, Inc.’s (NYSE: NBL) board of directors today declared a quarterly cash dividend of 18 cents per common share payable November 23, 2009 to the shareholders of record on November 9, 2009.

Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. The Company operates primarily in the Rocky Mountains, Mid-Continent, and deepwater Gulf of Mexico areas in the United States, with significant international operations offshore Israel and West Africa. Noble Energy is listed on the New York Stock Exchange and is traded under the ticker symbol NBL. Visit Noble Energy online at www.nobleenergyinc.com.

Associated Press

10/26/09

Noble upgraded to “Outperform” on increased oil focus, future accelerated production growth

NEW YORK — Shares of oil and gas producer Noble Energy Inc. have been dragged down too far by the plunging value of its natural gas assets as natural gas prices have fallen, said an analyst on Monday as he upgraded the stock.

Noble Energy’s shares are positioned to rise as the company sheds natural gas properties and shifts its investments to crude oil, which has rebounded significantly in price over the course of the year, said RBC Capital Markets analyst Leo Mariani. The move will boost shares of the company, due to better economics, given the recent rebound in oil prices, which outshine lagging natural gas prices.

Mariani said in a research note released before the start of regular trading that Noble’s share price is too-severe a discount for a company that is shifting so much of its operations to oil. He upgraded his rating on Noble’s shares to “Outperform” from “Sector Perform” and raised his price target to $90 from $85.

Mariani expects that 41 percent of Noble’s 2009 production will be based on crude, but should increase to over 60 percent by 2013.

“Noble’s best economics are in deepwater Gulf of Mexico, West Africa and Israel regions, and we expect it to devote most of its capital to these crude-weighted regions.”

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