Noble Energy, Inc. (NYSE:NBL) Q4 2019 Earnings Conference Call - Final Transcript

Feb 12, 2020 • 09:00 am ET


Noble Energy, Inc. (NYSE:NBL) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, and welcome to Noble Energy's Fourth Quarter 2019 Earnings Results Webcast and Conference Call. Following today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to, Brad Whitmarsh. Please go ahead.

Brad Whitmarsh

Thank you, Chad. And thanks to all of you for joining today's conference call. I hope you've had a chance to review the news releases and presentation deck that we published this morning. These materials are available on the Investors page of our website, and they highlight our strong 2019 and an updated capital allocation framework with specifics on our 2020 plans. Later today, we'll file our 10-K with the SEC. I want to remind everyone that today's discussion contains projections and forward-looking statements, as well as certain non-GAAP financial measures. You should read our full disclosures in our latest news releases and SEC filings for a discussion of those items.

Following our prepared remarks, we will hold a question-and-answer session. I would ask that analysts limit themselves to one primary and one follow-up. Our planned comments this morning will come from Dave Stover, Chairman and CEO; as well as Brent Smolik, President and COO. Also joining us for Q&A is Ken Fisher, EVP and CFO; Hodge Walker, SVP of Onshore; and Keith Elliott, our SVP of Offshore. I also want to extend a welcome to Robin Fielder, SVP of Midstream who is joining us for her first call as well. Our planned comments will go about 25 minutes, and we will wrap up today's call in an hour.

With that, I'll turn the call to Dave.

David L. Stover

Thanks, Brad. And good morning everyone, and thanks for joining our call. At this time last year, I started my comments by saying, we were on the cusp of something very unique and very special. Today, I'm excited to highlight how we have now delivered and poured the foundation for Noble Energy to provide a differential future for investors. 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.

As highlighted in our fourth quarter press release and slides, we finished the year with another impressive quarter of operational execution and cost discipline. Production was toward the high end of expectations and capital and unit production expenses were again below plan. For the full year 2019, we delivered extremely well on all areas in our control. It was quite possibly the best year of execution and delivery of our strategic objectives of any year that I've experienced in this business. I want to congratulate the Noble Energy and Noble Midstream teams, our partners, and shareholders for all that we accomplished last year.

Many of our accomplishments can be seen on slide 3. Beginning the year, we lowered our capital