Investment thesis
Noble Energy Corp. (NBL), an independent oil & gas company is set to improve its operational performance relative to expectations, particularly given the strengthening of its cost structure made possible by the adoption of lean manufacturing processes within its U.S. Onshore plays.
While the company continues to have a high exposure to weakening U.S. natural gas markets, NBL’s geographical diversification will boost its earnings, following the completion of its prime Leviathan gas asset in the Eastern Mediterranean.
Furthermore, NBL is moderately valued compared to its peers and we believe that this