About Our Reporting
Noble Energy’s sixth annual Sustainability Report describes the company’s management objectives, approach and performance during calendar year 2016. It reflects our commitments to transparency and to improving the rigor and materiality of our sustainability reporting and other public disclosures.
As one framework for this report, Noble Energy used the Oil and Gas Industry Guidance on Voluntary Sustainability Reporting (3rd Edition, 2015) developed by the International Petroleum Industry Environmental Conservation Association (IPIECA), American Petroleum Institute (API), and International Association of Oil & Gas Producers (IOGP). The report also references the Global Reporting Initiative’s (GRI) Sustainability Reporting Guidelines (G4, 2013) and G4 Oil and Gas Sector Disclosures (G4, 2013). Our combined IPIECA/API/IOGP, GRI and GRI OGSD Index identifies the management disclosures and performance indicators we report on for 2016, and where the data may be found in this report or in additional documents.
Unless otherwise noted, this report covers activities under Noble Energy’s direct operational control during calendar year 2016, which coincides with the company’s fiscal year. All financial data are reported in U.S. dollars and represent the company’s share of operated as well as non-operated oil and natural gas exploration and production activities.
Divestitures, Restatements and Additions
Under our portfolio management program, we divested certain assets through asset or equity sales, exchanges, dissolutions of joint ventures and other transactions throughout the year. In the DJ Basin, we closed an acreage exchange agreement to receive approximately 11,700 net acres in our core Wells Ranch development area in exchange for 13,500 net acres outside of our focus area. We also divested approximately 33,100 net acres and sold certain other producing and non-producing assets.
In mid-2016, we signed a definitive agreement to divest a portion of our interest in the Tamar field, and in December 2016, we closed the divestiture of 3.5% ownership interest, partially fulfilling the commitment in the Israel Natural Gas Framework to reduce our ownership interest in Tamer to 25% by year-end 2021.
Noble Energy’s reporting on the Marcellus Shale includes the company’s share of activities and performance, but does not include the activities or performance of CONSOL Energy, its joint venture partner in the Marcellus Shale. In October 2016, we and CONSOL Energy agreed to dissolve our 50/50 joint development agreement and executed an exchange agreement to transfer co-owned properties.
Our 2017 data will reflect the following portfolio changes:
- In January 2017, we announced the signing of a definitive agreement to acquire Clayton Williams Energy, adding, 71,000 core net Delaware acres adjacent to our existing position
- In May 2017, we announced the signing of a definitive agreements to divest all of our Marcellus upstream and midstream assets in northern West Virginia and southern Pennsylvania.
Stakeholder Engagement and Input
We believe that stakeholder feedback is essential to continuous improvement in sustainability reporting. We used input gathered from a diverse group of NGOs and sustainability performance analysts to learn more about external stakeholder expectations in order to develop our initial sustainability reports and have continued to gather feedback from these sources. Their comments and others helped guide the development of this 2016 Sustainability Report.
Information in this report has been subject to internal review and we believe it to be correct at the time of reporting. We did not have a third-party assess the report.
The content of this report was determined through a 2016 materiality analysis to identify areas of greatest interest to internal and external stakeholders. Internal interviews and workshops were conducted to discuss topics of potential significance.
This report focuses on the areas that we believe are of the greatest interest to external stakeholders and greatest relevance to Noble Energy’s operations and business success.
Forward-Looking Statements and Other Matters
This report contains forward-looking statements that reflect Noble Energy’s views about future events as of the date of this report. These statements by their nature are subject to risks, uncertainties and assumptions and are influenced by various factors. As a consequence, actual results may differ materially from those expressed in the forward-looking statements. We do not assume any obligation to update forward-looking statements should circumstances, management’s estimates or opinions change.
We Want Your Feedback
Tell us what you think about our 2016 Sustainability Report and our sustainability performance. For questions or feedback, please contact us at firstname.lastname@example.org.
Click here for past reports.