Noble Energy Inc (NBL) Q4 2019 Earnings Call Transcript

Noble Energy Inc (NBL) Q4 2019 Earnings Call Transcript

Good morning, and welcome to Noble Energy's Fourth Quarter 2019 Earnings Results Webcast and Conference Call.. I want to start this morning by taking a proud look back at 2019, which was a remarkable year for the company as we executed on our strategy of a low-cost diversified E&P, delivering moderate growth and sustainable free cash flow to our shareholders.. For the full year 2019, we delivered extremely well on all areas in our control.. In our US Onshore business, we delivered 10% total equivalent and 10% oil growth over 2018, while achieving record safety performance for the year.. In West Africa, we sanctioned the Alen Gas Monetization project and first production remains on schedule for early 2021, driving incremental cash flow and volumes next year.. We're able to achieve that outcome with full year proceeds of over $800 million including $670 million from the Noble Midstream transaction.. This year we expect over 30% of our production and nearly 40% of our operating cash flows to come from our conventional low decline assets.. As compared to last year, 2020's model reflects a substantial improvement in our maintenance capital needs from $1.6 billion projected annually to $1.4 billion going forward.. The