Image: Noble Rig in the DJ Basin, Colorado. Source: Noble Energy
Investment Thesis
Noble Energy (NBL) underwent a significant business transformation to become a company with a more in-depth focus on onshore oil and gas production in the U.S., which qualifies the company as a "shale player."
Recently, Noble Energy shifted from the Permian (Delaware Basin) to the DJ Basin in Colorado and the Eagle Ford shale to adjust for a severe lack of takeaway capacity called the Permian bottlenecks. Thanks to a well-diversified US shale portfolio, the company has been able