On Thursday, September 5, 2015, independent exploration & production company Noble Energy (NBL) gave a presentation at the Barclays CEO Energy-Power Conference. As is usually the case with presentations such as this, the company devoted a great deal of time to making an investment case in itself as well as discussing its own financial situation. In what may be a disappointing situation, the company did not discuss any of the conditions in the broader industry in which it operates. This discussion could be especially important considering the weakness that we have seen in