Noble Energy (NBL) Financial Report Summaries

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From filing 10-Q 2020 Q2

Financial report summary

Competition

Sanchez Energy

Risks

We will be subject to business uncertainties while the Chevron Merger is pending, which could adversely affect our businesses.
The Chevron Merger Agreement limits our ability to pursue alternatives to the Chevron Merger.
Because the exchange ratio in the Chevron Merger Agreement is fixed and because the market price of Chevron common stock will fluctuate prior to the completion of the Chevron Merger, our stockholders cannot be sure of the market value of the Chevron common stock they will receive as consideration in the Chevron Merger.
Our level of indebtedness, combined with the COVID-19 pandemic and recent developments in the global crude oil markets, may make us increasingly vulnerable to a downgrade in our credit rating. A downgrade in our credit rating below investment grade could have a material adverse impact on our financial condition, results of operations and cash flows.

Management Discussion

While the global economies have been significantly impacted from the COVID-19 pandemic, we continue actions to address the severe decline in revenues resulting from the current market conditions while progressing certain offshore projects.
Reduced the 2020 Capital Program The 2020 organic capital investment program was reduced approximately 55% from the initial budget, with the reductions coming primarily from the US onshore business.
Significantly Reduced Cost During the quarter, we significantly reduced our costs in response to current market conditions. We reduced capital and operating costs, with unit production costs per BOE well below 2019 levels. General and administrative (G&A) expenses were also reduced almost 40% from second quarter 2019, primarily as a result of workforce reduction initiatives and reduced travel costs.