EX-99.2 3 a3q19earningsslidesfinal.htm EXHIBIT 99.2 a3q19earningsslidesfinal
3Q19 Financial and Operational Results November 2019


 
3Q19 Key Highlights www.nblenergy.com NYSE: NBL Continued momentum through 2019 Strong Operational Execution and Cost Control • Capital expenditures lower than expected from onshore and offshore developments; YTD 2019 reduction of $200 MM vs. original guide • Total Company volumes of 385 MBoe/d, at the high end of guidance and up 10% from 2Q19 • Unit production expenses approximately 10% lower than expectation, primarily driven by U.S. onshore cost initiatives Advancing Capital Efficiencies • U.S. onshore well costs decreased an incremental $0.5 MM per well from 1H19 • Record DJ and Delaware Basin production, all BU’s contributing to 3Q19 production uplift • First electric line-powered drilling rig in DJ Basin – cost reduction, lower noise and reduced emissions Leviathan Ahead of Schedule and Below Budget • Production decks installed during 3Q; first gas anticipated in December 2019 • Gross total project capital estimate lowered approximately $150 MM to $3.6 B • Expanded long-term firm sales into Egypt; acquisition of interest in EMG Pipeline closed in early November Financial Strength • Exited 3Q19 with $4.0 B in liquidity, including cash and available NBL credit facility • Extended debt maturity and reduced interest expense through liability management • On track for sustainable organic free cash flow delivery in 2020 and beyond 2


 
3Q19 Actuals vs. Guidance www.nblenergy.com NYSE: NBL Outperformance on volumes and costs Financial & Operating Metrics 3Q Guidance 3Q Actuals Adjusted Net Earnings 3Q ($MM) Organic Capital(1) ($MM) 600 – 675 556 Net Income Attributable to NBL (GAAP) 17 Total Sales Volumes (MBoe/d) 370 – 385 385 Adjustments to Net Income, Before Tax (85) Oil (MBbl/d) 139 – 149 143 Current Income Tax Effect of Adjustments (1) Total U.S. Onshore (MBoe/d) 282 – 294 293 Deferred Income Tax Effect of Adjustments 22 Oil (MBbl/d) 122 – 132 127 Adjusted Net Loss Attributable to NBL(3) (Non-GAAP) (47) Unit Production Expenses ($/BOE) 9.05 – 9.55 8.39 Lease Operating Expense ($/BOE) 3.73 Adjusted EBITDAX 3Q ($MM) Gathering, Transportation & Processing ($/BOE) 3.05 Production Taxes ($/BOE) 1.47 Net Income Including Noncontrolling Interest(GAAP) 36 Other Royalty ($MM) 5 Adjustments to Net Income, After Tax (64) Marketing and Other(2) ($MM) 20 – 30 16 DD&A 583 DD&A ($/BOE) 16.46 Exploration 25 Exploration ($MM) 25 Interest, net 67 G&A ($MM) 91 Current Income Tax Expense, Adjusted 25 Interest, net ($MM) 67 Deferred Income Tax Benefit, Adjusted (31) Equity Investment Income ($MM) 20 – 30 10 Adjusted EBITDAX(3) (Non-GAAP) 641 Midstream Services Revenue – 3rd Party ($MM) 19 Noncontrolling Interest – NBLX Public Unitholders ($MM) 19 (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. (2) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales. 3 (3) Non-GAAP reconciliation to GAAP measure available in 3Q19 earnings release.


 
Delivering Key Outcomes For 2019 www.nblenergy.com NYSE: NBL Setting the stage for sustainable long-term FCF(1) 1Q 2Q 3Q 4Q Other 2019 Accomplishments • Reduced full-year capital expenditures by $200 MM Capital below, Permian initial row EPIC pipeline Issue Climate production above ✔ developments ✔ interim oil service ✔ Change Report ✔ • Decreased operating cash costs and start up G&A by >$100 MM as compared to original guidance Sustained USO Record DJ Basin • Increased FY production outlook - Aseng 6P well in Significant 2H USO capital efficiency volume, led by delivering more than 10% U.S. ✔ E.G. ✔ production ramp ✔ enhancements ✔ Mustang onshore total and oil growth over 2018 Complete • Increased return of capital to Sanction Alen Gas Mustang Row 2 EMG pipeline Midstream shareholders with 9% dividend raise Monetization ✔ activity complete ✔ acquisition ✔ Strategic Review • Captured 175,000 acre position in unconventional exploration plays in Close Colombia Issue 8th Wyoming Leviathan platform Leviathan First Exploration Sustainability Report Agreement ✔ ✔ arrives in Israel ✔ Gas in December (1) Free cash flow defined as GAAP cash flow from operations less consolidated capital investments. 4


 
Eastern Mediterranean www.nblenergy.com NYSE: NBL High-margin, low-decline assets with material cash flow inflection in 2020 Aphrodite Tamar 3Q19 Key Highlights 35% WI 25% WI Leviathan Tamar Production Above ~1 Bcfe/d Gross in 3Q 39.7% WI Dor • FY 2019 volumes anticipated above midpoint of guidance range Tamar SW • 2 TCF cumulative production reached in July 2019 with over 99% 25% WI Tel Aviv runtime since startup NBL Interests • Completed air emissions upgrade project, reducing emissions by Producing Ashdod more than 99% Discovery Field Development Israel Leviathan First Gas Expected in December, Ahead of Plan Existing Pipeline Egypt • Construction is 96% complete; capital trending below estimate Israel GrossFully constructed Sales Volumes Leviathan platform • Topside production facilities installed and commissioning underway MMcfe/d 1,200 Tamar 1.1. Bcfe/d platform capacity Monetizing World-Class Gas Resources 900 • Increased firm sales to Dolphinus in Egypt by ~1.85 Tcf from Leviathan and Tamar, extended sales agreements to 15 years 600 • Acquisition of interest in EMG closed in early November 2019 300 • Progressing FLNG FEED and INGL debottlenecking projects 0 3Q16 3Q17 3Q18 3Q19 5


 
Leviathan www.nblenergy.com NYSE: NBL Project $150 MM under budget with production ahead of schedule Leviathan 96% Complete; First Gas Expected in December • $150 MM under project sanction, now $3.6 B total, gross. • Major Milestones Accomplished . Platform jacket installation, subsea pipeline and production manifold successfully installed in 1Q . Umbilical installation and offshore/onshore pipeline connections in 2Q . Production decks shipped in July, arrived in Israel in August, Lifting of the production decks and were successfully installed on the platform jacket in September . Crew quarters commissioned, now occupied by operations and project staff . Onshore valve stations and pipelines complete World Record Offshore Lift of Production Decks Completed Without a Lost-Time Incident Fully constructed Leviathan platform 6


 
Eastern Mediterranean www.nblenergy.com NYSE: NBL EMG infrastructure ready for significant exports Closed Acquisition of Interest November 2019 Leviathan • Mechanical integrity of EMG Pipeline confirmed and Leviathan certified by third party Amman Amman • EMG Pipeline hydro tested from Israel into Egypt, Tamar Tamar Jerusalem confirming sales capability Jerusalem EMG Ashkelon • NBL owns an effective 10% interest in the pipeline EMG AshkelonJordan El Arish Egypt Export Contracts Increase Firm Volumes by El Arish Compact electrical driven booster Israel More Than 160% compressor for Ashkelon station Egypt • Amended contracts increase firm volumes from 1.15 Tcf to 3 Tcf of total contracted quantities MMcf/d 700 EMG Pipeline Capacity . Agreement totals - Leviathan 2.1 Tcf, Tamar 0.9 Tcf Fully accommodating firm sales to Egypt 600 INGL . Leviathan ramps to 450 MMcf/d and Tamar to 200 500 Compressor de-bottlenecking MMcf/d over first 2.5 years installation at 400 • Contract terms extended from 10 to 15 years Ashkelon 300 station • Pricing consistent with original terms 200 100 0 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 7


 
Eastern Mediterranean www.nblenergy.com NYSE: NBL 2020 inflection point with long-term running room Strong Regional Sales Outlook • Expecting combined regional sales for Tamar and Leviathan Israel 2020 Outlook to range between 1.6 and 1.8 Bcfe/d for 2020 Contracts ~45 • Pricing structure for Israel assets and regional contracts unchanged Avg. Gross Volume 1.6 – 1.8 Bcf/d • Substantial cashflow uplift from 2019 to 2020, highlighting Avg. Sales Price at $60 Brent ~$5.25 / Mcf critical inflection point for company Demand Growth to Fill Installed Capacity Eastern Mediterranean Sales Outlook Volumes ramping to 2H20 average of 1.8-2.0 Bcfe/d • Israel: Continued coal conversion, industrial usage, and Bcfe/d transportation 2.0 . Natural gas electricity generation has grown from 1.6 ~50% in 2015 to an anticipated ~70% in 2019 1.2 • Jordan: Industrialization leading to residential and commercial natural gas consumption 0.8 • Egypt: Growth anticipated in all market segments 0.4 . Focus on becoming a regional hub for natural gas - 1H 2019 2H 2019 1H 2020 2H 2020 8


 
West Africa www.nblenergy.com NYSE: NBL Strong cash flow profile from existing production and development projects 3Q19 Key Highlights Maximizing Cash flows from Existing Production Alba Field 33% WI Cameroon • Improved volumes at Aseng and Alen via reservoir and base Equatorial Guinea Alen production management 45% WI LNG Plant • Nearly 100% runtime YTD Methanol Plant 45% WI LPG Plant 28% WI • Low methanol and LPG pricing partially offset by cost savings and NBL Interests Bioko Producing higher production volumes Island Discovery Aseng Planned Successful Development Well at Aseng Oil Field 40% WI Pipeline • Production commenced in October 2019 MBoe/d West Africa Sales Volumes • Field reached 100 MMBbl cumulative oil production in September 75 Decline primarily from Alba natural gas 2019 Alen Gas Monetization Project Startup in 1H2021 50 • Capital-efficient development accessing global LNG markets 25 • Approximately 600 Bcfe gross recoverable resources • Infrastructure-led development: ~2.4 Tcfe of additional low-cost, 0 discovered resource for future monetization 3Q17 3Q18 3Q19 Oil NGL Gas 9


 
U.S. Onshore www.nblenergy.com NYSE: NBL Lower costs, higher volumes - resulting from ongoing efficiency improvements USO Net Production and Capex 3Q19 Key Highlights MBoe/d Capex ($MM) 300 $800 250 $600 U.S. Onshore Efficiencies Exceeding 1H19 Performance 200 • Avg. well cost reduction of $0.5 MM from mid-year driven by 150 $400 shorter cycle times and efficiency improvements 100 $200 • Unit operating costs significantly below guidance, LOE average 50 of $3.71 / BOE 0 $0 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19E All Three Basins Contributed to 3Q Production Growth Oil NGL Gas CAPEX • 3Q19 total production of 293 MBoe/d near high end of 3Q19 Activity DJ Basin Delaware Eagle Ford Total guidance, up 30 MBoe/d (10 MBbl/d oil) from 2Q19 • DJ and Delaware Basin record quarterly total and oil volumes Oil (MBbl/d) 73 43 11 127 NGL (MBbl/d) 35 15 26 76 • Significant Eagle Ford ramp from late 2Q19 TILs Gas (MMcf/d) 300 75 167 542 Total Sales (MBoe/d) 158 70 65 293 Maintaining Capital Discipline while Accelerating TILs Organic Capital (1) ($MM) 170 157 28 355 • All 2019 wells TIL’d at or ahead of schedule Operated Rigs (2) 2 3 0 5 • USO well cost and facilities savings contributing to lower revised Wells Drilled (2) 30 19 0 49 NBL 2019 capital guidance Wells Completed (2) 28 20 0 48 Wells Brought Online (2) 38 17 0 55 • Delivering 10% U.S. onshore total and oil growth over 2018 Avg. Working Interest 98% 97% - Avg. Lateral Length (ft) 9,048 7,525 - (1) Excludes NBL funded midstream of $17 MM (2) Activity represents NBL operated only 10


 
DJ Basin www.nblenergy.com NYSE: NBL Improving execution and efficiencies NBL Acreage Municipalities GOR: Low Mid High East Pony Continued Outperformance in DJ Basin Weld • 2019 YTD operations generating cash flow above capital expenditures • Record quarterly production of 158 MBoe/d driven by strong base and Wells Ranch new well performance • ~20 TILs anticipated in 4Q (Wells Ranch and East Pony), 2 rigs and 1 frac crew currently operating Mustang 349,000 net acres 86% avg. WI Efficiencies Continue to Improve • World-record 10,308’ of lateral drilled in 24 hours MBoe/d Net Production TILs 160 50 • Stage transition time and non-productive time continue to decrease • Avg. well cost down approximately $0.5 MM from mid-year 120 80 25 Mustang Driving Sustainable Energy Development in CO • Decreasing emissions through use of electric compression and tankless 40 surface facilities • Mustang row development allowed for use of first electric line-powered 0 0 drilling rig in the quarter, reducing noise and emissions 3Q18 4Q18 1Q19 2Q19 3Q19 Oil NGL Gas TILs 11


 
DJ Basin www.nblenergy.com NYSE: NBL Long-term planning continues to pay dividends Mustang Continuing Significant Volume Growth MBoe/d Mustang Production, Gross 70 (Row 1 and 2) • Average 61 MBoe/d net, in 3Q19, an increase of 20% from 60 2Q19 50 • Mustang Row 2 had 15 TILs in 3Q, anticipate next Mustang 40 TILs in early 2020 30 • Mustang differentially advantaged with diversified processing 20 capacity across multiple providers and offload points 10 • ~370 drilling permits approved and remaining in the Mustang 0 CDP Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 North Wells Ranch CDP East Pony Permitting Second Large CDP in Wells Ranch Area Weld • Application submitted September 2019 • Approximately 38,000 net acres with up to 250 additional North Wells Ranch CDP drilling permits Wells Ranch • CDP acreage located in higher oil cut area, just north of prolific Kona wells Mustang 12


 
Delaware Basin www.nblenergy.com NYSE: NBL Realizing the benefits of row development Capital and Operating Cost Focus ReevesReeves • Well costs reduced by an incremental $0.5 MM from 1H19 • LOE/BOE down 33% from the 4Q18 Improved Cycle Times and Well Results • Record quarterly production of 70 MBoe/d • Strong 3Q19 well results in northern and central areas; improved southern well performance with early 4Q results • Avg. drilling days reduced to ~17, record of <13 days for a 7,500’ lateral 94,000 net acres NBL Acreage • Pump hours per day improved 20% from 4Q18 82% avg. WI MBoe/d TILs • ~10 TILs anticipated in 4Q19, 3 rigs and 0 frac crews currently active 80 Net Production 30 EPIC Y-Grade Startup for Crude Service in 3Q19 60 • NBL transporting barrels at low tariff to Gulf Coast pricing 20 • Crude line anticipated startup in 1Q20 40 Newly Installed Electrical Substations Increasing Reliability of 10 Production and Reducing Costs 20 • LOE savings of over $0.5 MM in first month of use 0 0 3Q18 4Q18 1Q19 2Q19 3Q19 Oil NGL Gas TILs 13


 
U.S. Onshore www.nblenergy.com NYSE: NBL Continued capital and LOE reductions (1) (1) $MM DJ Well Cost $MM Delaware Well Cost $8 Normalized to 9,500’ $12 Normalized to 7,500’ Down $10 $2 MM Down $6 >$2 MM $8 $6 $4 $4 $2 $2 4Q 2018 2019 Budget 1H 2019 3Q 2019 4Q 2018 2019 Budget 1H 2019 3Q 2019 DJ Lease Operating Expense $/BOE $/BOE Delaware Lease Operating Expense $4.00 $12 $10 $3.75 33% $8 Reduction $3.50 15% Reduction $6 $3.25 $4 $3.00 $2 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2018 1Q 2019 2Q 2019 3Q 2019 (1) Includes drilling, completions, and well level facilities 14


 
Portfolio Combination Provides Competitive Advantage www.nblenergy.com NYSE: NBL Step change in sustainable production profile with Leviathan start-up Eastern Mediterranean World-class natural gas reservoirs with low decline profile Leviathan online by YE19, material cash flow increase NBL vs. Onshore Basin 2018 Base Decline Rates High-margin, capital-efficient expansion opportunities Annual Diverse Portfolio Drives Lower Corporate Decline Rate Decline 50% 40% U.S. Onshore Capital and operating efficiencies while delivering moderate growth DJ Basin: Significant cash flows in 30% excess of capital; increasing volumes Delaware: Oil growth, majority linked to Gulf Coast pricing by 2H19 20% Eagle Ford: Cash engine 10% West Africa Delivering substantial cash flows from oil and condensate 0% Alen gas monetization (1H21) drives Eagle Delaware DJ Scoop Bakken Appalachia NBL NBL NBL high-margin growth linked to global Ford Stack Current Post EMed LNG markets Base Leviathan Source: RS Energy Group, Inc. analysis of aggregate basin-level base production declines from Dec. 2018 to Dec. 2019, as of February 2019. NBL data based on company estimates. 15


 
2020 Inflection Point www.nblenergy.com NYSE: NBL Differentially positioned for sustainable returns to investors NBL Competitive Advantages Leading Into 2020 2020 Priorities Generate Free Cash Flow(1), . Driven by Leviathan impact and portfolio Reduction in Corporate Focused on $500 MM Target Decline Profile to Low 20% diversification (conventional and shale) • Prioritize FCF - U.S. onshore and . Anticipated to further improve with Alen exploration activity to be modified in start-up and Leviathan growth in 2021 lower pricing environments Return Significant Capital to Lower Capital and Cash . Capital efficiency gains in the U.S. onshore Investors sustainable into 2020 Cost Needs • Increase dividend as cash flow grows . Operating cash costs and G&A improved more • Target long-term leverage of <1.5X(2) at than $100 MM from 2019 expectations the upstream level • Opportunistic share repurchases Significant Growth From . Project startup in December 2019, substantial Improve Corporate Returns Leviathan cash flow swing in 2020 . • High-return, high-margin production Double digit production growth growth (1) Free cash flow defined as GAAP cash flow from operations less consolidated capital investments. (2) Net debt to EBITDA ratio. Net debt defined as total debt less cash on balance sheet. EBITDA defined as GAAP earnings before interest, taxes, depreciation, depletion, and amortization. 16


 
4Q19 Guidance www.nblenergy.com NYSE: NBL Continuing ahead of plan in 2019; Maintaining capital discipline Crude Oil and Natural Gas Total FY ’19 Delivering Ahead of Plan Natural Gas Condensate Liquids Equivalent 4Q 2019 (MMcf/d) Sales Volume (MBbl/d) (MBbl/d) (MBoe/d) Low High Low High Low High Low High United States Onshore 120 126 70 74 515 540 276 288 Israel - - - - 205 225 35 37 Equatorial Guinea 14 15 - - 175 195 45 48 Equatorial Guinea – Equity 1 1 4 5 - - 5 6 Capital Down Cash Costs Down Total company Method Investment $200 MM from $100 MM from production up ~ 1% Total Company 135 143 74 78 910 940 364 376 Original Guide Original Guide from Original Guide Note: Production uplift from Leviathan startup (anticipated in December 2019) not yet included in guidance numbers. 4Q 2019 Capital & Cost Metrics 4Q Guidance Commentary Capital Expenditures(1) ($MM) • Capital – reflects planned lower U.S. onshore activities and reduced Leviathan spend Total Company Organic Capital $425 - $475 • Unit production expenses – anticipated higher than 3Q rate due to lower production, Cost Metrics LOW HIGH primarily Eagle Ford decline Unit Production Expenses(2) ($/BOE) 8.75 9.25 • Equity investment income – impacted by low global liquids pricing (LPG and Marketing and Other(3) ($MM) 10 20 methanol) and losses on midstream pipeline startups DD&A ($/BOE) 16.75 17.50 • Sales volumes – in line with expectation Exploration ($MM) 25 35 . U.S. Onshore –Eagle Ford decline and unplanned downtime impacting total G&A ($MM) 90 100 BOE and oil volumes Interest, net ($MM) 60 65 . Israel – anticipated lower seasonal demand; Leviathan production not Other Guidance Items ($MM) included in current estimate Equity Investment Income (5) 5 . E.G. – natural gas declines from Alba Midstream Services Revenue – Third Party 30 40 Non-Controlling Interest – NBLX Public Unitholders 20 30 (1) Represents NBL organic capital expenditures, including NBL-funded midstream capital. Excludes NBLX-funded capital and EMG pipeline acquisition capital, as well as costs associated with NBLX acquisition and funding of EPIC pipeline interest. (2) Includes lease operating expenses, production and ad valorem taxes, gathering , transportation and processing expenses, and other royalty. Production taxes reflect current commodity 17 pricing. (3) Represents marketing costs and mitigation of firm transportation through 3rd party commodity purchases/sales.


 
www.nblenergy.com NYSE: NBL Forward-Looking Statements and Other Matters This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "plans", "estimates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this presentation will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual report on Form 10-K, quarterly report on Form 10-Q, and in other Noble Energy reports on file with the Securities and Exchange Commission (the "SEC"). These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change. The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The SEC permits the optional disclosure of probable and possible reserves, however, we have not disclosed our probable and possible reserves in our filings with the SEC. We may use certain terms in this presentation, such as “net unrisked resources” or “net risked resources” or “discovered resources”, which by their nature are more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. The SEC guidelines strictly prohibit us from including these estimates in filings with the SEC. Investors are urged to consider closely the disclosures and risk factors in our most recent Form 10-K and in other reports on file with the SEC, available from Noble Energy’s offices or website, http://www.nblenergy.com. This presentation contains certain non-GAAP financial measures, such as Adjusted Net Income and Adjusted EBITDAX. Reconciliations of these non-GAAP measures to the most comparable financial measure calculated in accordance with GAAP can be found in our most recent earnings release covering the relevant reporting period. Management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. This presentation also contains a forward-looking non-GAAP financial measure of free cash flow, which we define as cash flow from operations (the most comparable GAAP measure) less consolidated capital investments. Because we provide this measure on a forward-looking basis, however, we cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure. Management believes this forward-looking non-GAAP measure is a useful tool for the investment community in evaluating Noble Energy’s future liquidity. As with any non-GAAP measure, amounts excluded from such measure may be significant and such measure is not a substitute for the comparable measure calculated in accordance with GAAP. 18


 
Investor Relations Contacts Brad Whitmarsh Kim Hendrix 281.943.1670 281.943.2197 brad.whitmarsh@nblenergy.com kim.hendrix@nblenergy.com Visit us on the Investor Relations Homepage at www.nblenergy.com