12 Feb 2016substantial holder notice● Neutral
Capital World Investors ** reported a NOBLE ENERGY INC shareholding of 40,119,439 shares (9.40% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Feb 2016substantial holder notice● Neutral
The Vanguard Group reported a NOBLE ENERGY INC shareholding of 26,395,102 shares (6.16% of votes) in a periodic institutional filing.
10 Feb 2016substantial holder notice● Neutral
BlackRock, Inc reported a NOBLE ENERGY INC shareholding of 26,956,761 shares (6.30% of votes) in a periodic institutional filing.
7 Jan 2016debt financing▲ GoodMajor
On 2016-01-06 Noble signed a new three-year term loan of up to $1.4B (Citibank as agent) and launched cash tender offers to buy back the Rosetta-origin 2021, 2022 and 2024 notes it issued in July 2015, capped at about $1.39B of purchase price. Prices are $1,000, $1,010 and $1,015 per $1,000 of notes for the 2024, 2022 and 2021 series for early tenders, expiring 2016-02-03. The CFO says this could save up to $50M a year in interest. The term loan funds the buyback, so the debt is partly swapped from fixed notes to a bank loan. The covenant caps total debt to capitalization at 65%. The final amount bought back is not in this filing.
2 Nov 2015quarterly activities report▼ Bad
NOBLE ENERGY INC reported quarterly revenue of $819.0 million and a net loss of $283.0 million for the period ended 2015-09-30.
23 Oct 2015substantial holder notice● Neutral
Noble Energy, Inc, Noble Midstream Services, LLC, NBL Midstream, LLC reported a NOBLE ENERGY INC shareholding of 4,519,061 shares (15.50% of votes) in a periodic institutional filing.
31 Aug 2015debt financing▲ Good
On 2015-08-27 Noble and NBL International Finance amended the $4.0B revolving credit facility with JPMorgan as agent, extending maturity from 2018-10-03 to 2020-08-27, reallocating lender commitments and improving the pricing grid. The filing gives no drawn balance and no new facility size. This continues the credit facility thread and gives Noble longer access to the facility.
3 Aug 2015quarterly activities report▼ Bad
NOBLE ENERGY INC reported quarterly revenue of $738.0 million and a net loss of $109.0 million for the period ended 2015-06-30.
3 Aug 2015quarterly activities report▼ Bad
NOBLE ENERGY INC reported quarterly revenue of $738.0 million and a net loss of $109.0 million for the period ended 2015-06-30.
31 July 2015security holder rights change● NeutralMajor
Noble completed the exchange offers for Rosetta's notes on 2015-07-29: about $692.96M of 2021 notes, $597.44M of 2022 notes and $498.79M of 2024 notes were swapped for matching new Noble senior unsecured notes. About $10.8M of Rosetta notes remain, and the filing says they have been called for redemption. This resolves the exchange-offer thread and puts about $1.79B of these notes directly on Noble's own books.
28 July 2015securities registration● Neutral
NOBLE ENERGY INC amended an already-effective registration statement.
21 July 2015asset acquisition disposition● NeutralMajor
The Rosetta Resources merger agreed on 2015-05-10 closed on 2015-07-20: Rosetta holders received 0.542 Noble shares per Rosetta share (about 41 million new Noble shares in total), and Noble took on Rosetta's debt. Rosetta's CEO James Craddock joined Noble's board, which grew from ten to eleven. The press release cites about 50,000 net Eagle Ford acres and 56,000 net Permian acres, and year-end 2014 proved reserves of 282 million barrels of oil equivalent. Existing shareholders are diluted by the new shares, as the earlier S-4 indicated.
16 July 2015securities registration● Neutral
NOBLE ENERGY INC filed the final prospectus for a registered offering.
29 June 2015business combination● NeutralMajor
Noble filed a registration statement for offers to swap Rosetta's $1.8 billion of senior notes (5.625% due 2021 $700M, 5.875% due 2022 $600M, 5.875% due 2024 $500M) for matching new Noble notes plus $2.50 cash per $1,000, with a $30 extra principal early-participation premium for notes tendered by 2015-07-13. Offers expire 2015-07-27, are conditional on the Rosetta merger closing, and also seek consent to amend the Rosetta indentures. If completed, Noble would take on this debt in place of Rosetta's, adding to its own debt.
16 June 2015business combination● Neutral
Noble filed an amended S-4 for the Rosetta merger, now setting Rosetta's shareholder vote for 2015-07-20 (record date 2015-06-18). The 0.542 exchange ratio was worth about $24.60 per Rosetta share on 2015-06-15, down from about $26.62 at announcement, because the ratio is fixed and Noble's share price had fallen. The terms are otherwise unchanged and Rosetta holders would own about 10% of Noble.
16 June 2015securities registration● Neutral
NOBLE ENERGY INC filed the final prospectus for a registered offering.
1 June 2015business combination● Neutral
Noble filed a registration statement (S-4) to issue shares for the Rosetta merger agreed on 2015-05-10, registering up to 41,958,489 Noble shares at the 0.542 exchange ratio. It is a preliminary document; the Rosetta shareholder meeting date and the final value per share were still blank. It states Rosetta holders would own about 10% of Noble after the merger and that 0.542 shares was worth about $26.62 per Rosetta share on 2015-05-08.
11 May 2015business combination● NeutralMajor
Noble agreed on 2015-05-10 to acquire Rosetta Resources in an all-stock merger: each Rosetta share becomes 0.542 Noble shares, with no cash component beyond fractional shares. It needs a majority vote of Rosetta shareholders and U.S. antitrust clearance, can be terminated if not completed by 2015-11-12, and Rosetta may owe Noble a $65 million termination fee in certain cases. For Noble shareholders this means new shares will be issued to Rosetta holders (the later S-4 puts that at about 10% of the combined company).
5 May 2015quarterly activities report▼ Bad
NOBLE ENERGY INC reported quarterly revenue of $767.0 million and a net loss of $22.0 million for the period ended 2015-03-31.
5 May 2015quarterly activities report▼ Bad
NOBLE ENERGY INC reported quarterly revenue of $767.0 million and a net loss of $22.0 million for the period ended 2015-03-31.
21 Apr 2015agm notice● Neutral
NOBLE ENERGY INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
27 Mar 2015agm notice● Neutral
NOBLE ENERGY INC shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
3 Mar 2015material agreement● NeutralMajor
Noble agreed on 2015-02-26 to sell 21,000,000 new shares to underwriters at $46.075 each, for estimated net proceeds of about $967 million, with an option for up to 3,150,000 more. About $150 million will repay revolving credit facility debt and the rest goes to general purposes including its capital investment program. Existing shareholders are diluted by the new shares.
27 Feb 2015securities registration● Neutral
NOBLE ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
25 Feb 2015securities registration● Neutral
NOBLE ENERGY INC filed a prospectus supplement for an offering off its existing shelf.
13 Feb 2015substantial holder notice● Neutral
Capital World Investors ** reported a NOBLE ENERGY INC shareholding of 44,311,750 shares (12.20% of votes) in a periodic institutional filing.
10 Feb 2015substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial NOBLE ENERGY INC shareholding (5.53% of votes).
9 Feb 2015substantial holder notice● Neutral
BlackRock, Inc reported a NOBLE ENERGY INC shareholding of 21,968,678 shares (6.10% of votes) in a periodic institutional filing.
13 Jan 2015substantial holder notice● Neutral
Noble Energy, Inc, Noble Midstream Services, LLC reported a NOBLE ENERGY INC shareholding of 4,519,061 shares (15.50% of votes) in a periodic institutional filing.
7 Nov 2014material agreement● Neutral
Noble sold $650 million of 3.900% notes due 2024 and $850 million of 5.050% notes due 2044, closing 2014-11-07, with net proceeds of about $1.48 billion. The filing does not state what the money will be used for.