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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019
OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission file number: 001-07964
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13187570&doc=11
NOBLE ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
 
73-0785597
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. employer identification number)
1001 Noble Energy Way
 
 
Houston,
Texas
 
77070
(Address of principal executive offices)
 
(Zip Code)
(281)
872-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
NBL
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes     No 
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes     No
As of September 30, 2019, there were 478,298,006 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Part II. Other Information  
 
 
Item 1.  Legal Proceedings 
 
 
Item 1A.  Risk Factors 
 
 
 
 
 
 
 
 
 
 
Item 6.  Exhibits 
 
 


2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements
Noble Energy, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(millions, except per share amounts)
(unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Oil, NGL and Gas Sales
$
1,003

 
$
1,136

 
$
2,894

 
$
3,409

Sales of Purchased Oil and Gas
87

 
72

 
264

 
191

Other Revenue
29

 
65

 
106

 
189

Total
1,119

 
1,273

 
3,264

 
3,789

Costs and Expenses
 

 
 

 
 
 
 
Production Expense
297

 
273

 
862

 
886

Depreciation, Depletion and Amortization
583

 
485

 
1,619

 
1,418

General and Administrative
91

 
107

 
298

 
316

Cost of Purchased Oil and Gas
96

 
76

 
296

 
204

Other Operating Expense, Net
61

 
27

 
257

 
107

Gain on Divestitures, Net

 
(193
)
 

 
(859
)
Asset Impairments

 

 

 
168

Total
1,128

 
775

 
3,332

 
2,240

Operating (Loss) Income
(9
)
 
498

 
(68
)
 
1,549

Other (Income) Expense
 

 
 

 
 
 
 
(Gain) Loss on Commodity Derivative Instruments
(129
)
 
155

 
23

 
483

Interest, Net of Amount Capitalized
67

 
70

 
196

 
216

Other Non-Operating Expense (Income), Net
2

 
(34
)
 
7

 
(10
)
Total
(60
)
 
191

 
226

 
689

Income (Loss) Before Income Taxes
51

 
307

 
(294
)
 
860

Income Tax Expense (Benefit)
15

 
59

 
(49
)
 
44

Net Income (Loss) and Comprehensive Income (Loss) Including Noncontrolling Interests
36

 
248

 
(245
)
 
816

Less: Net Income and Comprehensive Income Attributable to Noncontrolling Interests
19

 
21

 
61

 
58

Net Income (Loss) and Comprehensive Income (Loss) Attributable to Noble Energy
$
17

 
$
227

 
$
(306
)
 
$
758

 


 


 


 


Net Income (Loss) Attributable to Noble Energy Common Shareholders per Share
 
 
 
 
 
 
 
   Basic
$
0.04

 
$
0.47

 
$
(0.64
)
 
$
1.57

   Diluted
$
0.04

 
$
0.47

 
$
(0.64
)
 
$
1.56

Weighted Average Number of Common Shares Outstanding
 
 
 
 
 
 
 
   Basic
478

 
482

 
478

 
484

   Diluted
480

 
484

 
478

 
486



The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

Noble Energy, Inc.
Consolidated Balance Sheets
(millions)
(unaudited)
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Current Assets
 
 
 
Cash and Cash Equivalents
$
473

 
$
716

Accounts Receivable, Net
677

 
616

Other Current Assets
277

 
418

Total Current Assets
1,427

 
1,750

Property, Plant and Equipment
 

 
 

Oil and Gas Properties (Successful Efforts Method of Accounting)
30,445

 
29,002

Property, Plant and Equipment, Other
1,045

 
891

Total Property, Plant and Equipment, Gross
31,490

 
29,893

Accumulated Depreciation, Depletion and Amortization
(12,693
)
 
(11,474
)
Total Property, Plant and Equipment, Net
18,797

 
18,419

Other Noncurrent Assets
1,780

 
841

Total Assets
$
22,004

 
$
21,010

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
 
 
 
Current Liabilities
 
 
 

Accounts Payable – Trade
$
1,395

 
$
1,207

Other Current Liabilities
1,190

 
519

Total Current Liabilities
2,585

 
1,726

Long-Term Debt
6,941

 
6,574

Deferred Income Taxes
954

 
1,061

Other Noncurrent Liabilities
1,338

 
1,165

Total Liabilities
11,818

 
10,526

Commitments and Contingencies

 


Mezzanine Equity
 
 
 
Redeemable Noncontrolling Interest, Net
103

 

Shareholders’ Equity
 

 
 

Preferred Stock – Par Value $1.00 per share; 4 Million Shares Authorized; None Issued

 

Common Stock – Par Value $0.01 per share; 1 Billion Shares Authorized; 522 Million and 520 Million Shares Issued, respectively
5

 
5

Additional Paid in Capital
8,258

 
8,203

Accumulated Other Comprehensive Loss
(30
)
 
(32
)
Treasury Stock, at Cost; 39 Million Shares
(735
)
 
(730
)
Retained Earnings
1,506

 
1,980

Noble Energy Share of Equity
9,004

 
9,426

Noncontrolling Interests
1,079

 
1,058

Total Shareholders' Equity
10,083

 
10,484

Total Liabilities, Mezzanine Equity and Shareholders' Equity
$
22,004

 
$
21,010


The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Cash Flows
(millions)
(unaudited)
 
Nine Months Ended September 30,
 
2019
 
2018
Cash Flows From Operating Activities
 
 
 
Net (Loss) Income Including Noncontrolling Interests
$
(245
)
 
$
816

Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
 
 
 
Depreciation, Depletion and Amortization
1,619

 
1,418

Deferred Income Tax Benefit
(110
)
 
(150
)
Loss on Commodity Derivative Instruments
23

 
483

Net Cash Received (Paid) in Settlement of Commodity Derivative Instruments
28

 
(160
)
Other Adjustments for Noncash Items Included in Income
115

 
45

Gain on Divestitures, Net

 
(859
)
Asset Impairments

 
168

Firm Transportation Exit Cost
92

 

Changes in Operating Assets and Liabilities
 
 
 
(Increase) Decrease in Accounts Receivable
(13
)
 
114

Increase (Decrease) in Accounts Payable
142

 
(91
)
Other Current Assets and Liabilities, Net
(76
)
 
73

Other Operating Assets and Liabilities, Net
(46
)
 
(81
)
Net Cash Provided by Operating Activities
1,529


1,776

Cash Flows From Investing Activities
 
 
 
Additions to Property, Plant and Equipment
(1,998
)
 
(2,589
)
Acquisitions, Net of Cash Received

 
(653
)
Additions to Equity Method Investments
(686
)
 

Proceeds from Divestitures, Net
131

 
1,740

Other
25

 

Net Cash Used in Investing Activities
(2,528
)

(1,502
)
Cash Flows From Financing Activities
 
 
 
Proceeds from Revolving Credit Facility
50

 
1,450

Repayment of Revolving Credit Facility
(50
)
 
(1,680
)
Proceeds from Noble Midstream Services Revolving Credit Facility
655

 
690

Repayment of Noble Midstream Services Revolving Credit Facility
(665
)
 
(725
)
Proceeds from Noble Midstream Services Term Loan Credit Facilities
400

 
500

Proceeds from Commercial Paper Borrowings, Net
511

 

Dividends Paid, Common Stock
(168
)
 
(156
)
Purchase and Retirement of Common Stock

 
(223
)
Contributions from Noncontrolling Interest Owners
27

 
348

Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs
97

 

Repayment of Senior Notes
(9
)
 
(384
)
Other
(95
)
 
(86
)
Net Cash Provided by (Used in) Financing Activities
753


(266
)
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash
(246
)

8

Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
719

 
713

Cash, Cash Equivalents, and Restricted Cash at End of Period
$
473

 
$
721


The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Shareholders' Equity
(millions)
(unaudited)
 
Attributable to Noble Energy
 
 
 
 
 
Common Stock
 
Additional Paid in Capital
 
Accumulated Other Comprehensive Loss
 
Treasury Stock at Cost
 
Retained Earnings
 
Non-controlling Interests
 
Total Equity
December 31, 2018
$
5

 
$
8,203

 
$
(32
)
 
$
(730
)
 
$
1,980

 
$
1,058

 
$
10,484

Net (Loss) Income

 

 

 

 
(313
)
 
24

 
(289
)
Stock-based Compensation

 
14

 

 

 

 

 
14

Dividends (11 cents per share)

 

 

 

 
(53
)
 

 
(53
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(17
)
 
(17
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
10

 
10

Other

 
2

 

 
(5
)
 

 
(3
)
 
(6
)
March 31, 2019
$
5

 
$
8,219

 
$
(32
)
 
$
(735
)
 
$
1,614

 
$
1,072

 
$
10,143

Net (Loss) Income

 

 

 

 
(10
)
 
18

 
8

Stock-based Compensation

 
21

 

 

 

 

 
21

Dividends (12 cents per share)

 

 

 

 
(58
)
 

 
(58
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(19
)
 
(19
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
11

 
11

Other

 
4

 
1

 

 

 
(7
)
 
(2
)
June 30, 2019
5

 
8,244

 
(31
)
 
(735
)
 
1,546

 
1,075

 
10,104

Net Income

 

 

 

 
17

 
19

 
36

Stock-based Compensation

 
16

 

 

 

 

 
16

Dividends (12 cents per share)

 

 

 

 
(57
)
 

 
(57
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(19
)
 
(19
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
6

 
6

Other

 
(2
)
 
1

 

 

 
(2
)
 
(3
)
September 30, 2019
$
5

 
$
8,258

 
$
(30
)
 
$
(735
)
 
$
1,506

 
$
1,079

 
$
10,083



The accompanying notes are an integral part of these consolidated financial statements.

6

Table of Contents

Noble Energy, Inc.
Consolidated Statements of Shareholders' Equity
(millions)
(unaudited)
 
Attributable to Noble Energy
 
 
 
 
 
Common Stock
 
Additional Paid in Capital
 
Accumulated Other Comprehensive Loss
 
Treasury Stock at Cost
 
Retained Earnings
 
Non-controlling Interests
 
Total Equity
December 31, 2017
$
5

 
$
8,438

 
$
(30
)
 
$
(725
)
 
$
2,248

 
$
683

 
$
10,619

Net Income

 

 

 

 
554

 
20

 
574

Stock-based Compensation

 
17

 

 

 

 

 
17

Dividends (10 cents per share)

 

 

 

 
(48
)
 

 
(48
)
Purchase and Retirement of Common Stock

 
(67
)
 

 

 

 

 
(67
)
Clayton Williams Energy Acquisition

 
(25
)
 

 

 

 

 
(25
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(11
)
 
(11
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
331

 
331

Other

 

 
1

 
(6
)
 

 
2

 
(3
)
March 31, 2018
$
5

 
$
8,363

 
$
(29
)
 
$
(731
)
 
$
2,754

 
$
1,025

 
$
11,387

Net (Loss) Income

 

 

 

 
(23
)
 
17

 
(6
)
Stock-based Compensation

 
29

 

 

 

 

 
29

Dividends (11 cents per share)

 

 

 

 
(54
)
 

 
(54
)
Purchase and Retirement of Common Stock

 
(63
)
 

 

 

 

 
(63
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(11
)
 
(11
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 

 

Other

 

 
1

 

 

 
(2
)
 
(1
)
June 30, 2018
$
5

 
$
8,329

 
$
(28
)
 
$
(731
)
 
$
2,677

 
$
1,029

 
$
11,281

Net Income

 

 

 

 
227

 
21

 
248

Stock-based Compensation

 
17

 

 

 

 

 
17

Dividends (11 cents per share)

 

 

 

 
(54
)
 

 
(54
)
Purchase and Retirement of Common Stock

 
(103
)
 

 

 

 

 
(103
)
Distributions to Noncontrolling Interest Owners

 

 

 

 

 
(13
)
 
(13
)
Contributions from Noncontrolling Interest Owners

 

 

 

 

 
17

 
17

Other

 
6

 
1

 

 

 
(6
)
 
1

September 30, 2018
$
5

 
$
8,249

 
$
(27
)
 
$
(731
)
 
$