Noble Energy (NBL) Lowers Quarterly Dividend 44.4% to $0.10; 1.4% Yield

Noble Energy (NYSE: NBL) declared a quarterly dividend of $0.10 per share, or $0.4 annualized. This is a 44.4% decrease from the prior dividend of $0.18. The dividend will be payable on February 22, 2016, to stockholders of record on February 8, 2016, with an ex-dividend date of February 4, 2016. The annual yield on the dividend is 1.4 percent.

Kenneth M. Fisher, the Company's Executive Vice President and CFO, commented, “The decision to adjust the quarterly dividend, along with a substantially reduced and flexible capital program for 2016, is part of a comprehensive effort to spend within cash flow and manage the Company’s balance sheet. We also intend to reduce leverage in this environment. The dividend adjustment and our recent debt refinancing provide approximately $200 million annually in support of these efforts. Paying a dividend remains an important element of our long-term value creation strategy. The Board of Directors will continue to evaluate the appropriate dividend level on a quarterly basis.”

Noble Energy is starting 2016 with a capital program of approximately $1.5 billion, which is about 50 percent lower than 2015 (pro-forma for the Rosetta Resources Inc. merger). This investment level is expected to deliver 2016 annual sales volumes of approximately 390 thousand barrels of oil equivalent per day, which is consistent with the full-year 2015 pro-forma amount. The 2016 program remains flexible to changes in the commodity price environment and will be discussed at the Company’s scheduled conference call on February 17, 2016.

For a dividend history and other dividend-related data on Noble Energy (NBL) click here.

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