Noble Energy has authorized a $750 million share repurchase program. In addition, the company has executed an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy for a total value of $710 million.
“While continuing to deliver outstanding performance and execution across the business, we have strategically repositioned our portfolio over the last couple of years," said David L. Stover, Noble Energy’s chairman, president and CEO. “The sale of our Gulf of Mexico business represents the last major step in our portfolio transformation. This has been done to focus our go-forward efforts on those assets that will rapidly grow our cash flows and margins, primarily the U.S. onshore business and the Eastern Mediterranean. I appreciate the efforts of the many employees who have contributed to our strong legacy of exploration discovery and successful resource development in the Gulf of Mexico. Going forward, we are concentrating the Company’s exploration capabilities on higher-impact opportunities that can drive substantial long-term value creation.”
The transaction is scheduled to close during the second quarter 2018.
