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[STK] NYSE:NBL
[IN] OIL UTI
[SU] PER
-- WITH PHOTO -- TO BUSINESS EDITORS:
Noble Energy Announces Management Succession Plan
HOUSTON, April 15, 2014 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL)
today announced that Charles D. Davidson, Chairman and Chief Executive
Officer, plans to retire May 1, 2015, and that he will leave the Board
of Directors at that time. Mr. Davidson, age 64, has served as Chief
Executive Officer and Director since joining the Company in 2000. The
Board announced that it will propose the election of David L. Stover
as a Director at its April 22, 2014 organizational meeting following
the Annual Meeting, and that it intends to appoint Mr. Stover as Chief
Executive Officer in October 2014. Mr. Davidson will serve as the
Company's Chairman until the 2015 Annual Meeting. Mr. Stover, age 56,
currently serves as the Company's President and Chief Operating
Officer.
"Noble Energy has an exciting future that has been created over many
years by an incredibly deep and talented organization," said Davidson.
"I am announcing my plans to retire next year with full confidence
that the team led by Dave Stover will successfully deliver our
exceptionally strong growth plan over the coming years. Dave has
played a key role in Noble Energy's success in recent years and has
all the necessary skills to lead the Company to even greater
performance in the future. While it will be extremely difficult for me
to leave my fellow employees at Noble Energy, I will leave knowing
that the time is right and that the Board has thoroughly planned for
this leadership transition and succession."
"Under Chuck's leadership Noble Energy has been transformed into a
highly successful global exploration and production company," said
Michael Cawley, Noble Energy's Lead Independent Director. "He will be
greatly missed when he retires, but executive succession planning has
been a focus of Noble Energy's Board of Directors for many years.
Today's announcement that Dave Stover will become Noble Energy's next
CEO reflects the Board's extensive planning and confidence that Dave
is the right leader for the future Noble Energy. With implementation
of the succession plan stretching over 12 months, we anticipate this
to be a smooth and seamless transition."
Mr. Stover was elected President and Chief Operating Officer of Noble
Energy in April 2009. Prior to that, he served in several other
executive positions following his joining the Company in 2002. Before
joining Noble Energy, he was employed by BP America, Inc., Vastar
Resources and Atlantic Richfield. He holds a bachelor's degree in
petroleum and natural gas engineering from Pennsylvania State
University and has approximately 35 years of industry experience.
Noble Energy is a leading independent energy company engaged in
worldwide oil and gas exploration and production. The Company has
core operations onshore in the U.S., primarily in the DJ Basin and
Marcellus Shale, in the deepwater Gulf of Mexico, offshore Eastern
Mediterranean, and offshore West Africa. Noble Energy is listed on
the New York Stock Exchange and is traded under the ticker symbol
NBL. Further information is available at www.nobleenergyinc.com.
This news release contains certain "forward-looking statements" within
the meaning of federal securities law. Words such as "anticipates,"
"believes," "expects," "intends," "will," "should," "may," and
similar expressions may be used to identify forward-looking
statements. Forward-looking statements are not statements of
historical fact and reflect Noble Energy's current views about future
events. No assurances can be given that the forward-looking statements
contained in this news release will occur as projected.
Forward-looking statements are based on current expectations,
estimates and assumptions that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected. These risks include, without limitation, the
ability of management to execute its plans to meet its goals,
competition, government regulation or other actions, and other risks
inherent in Noble Energy's business that are discussed in its most
recent annual report on Form 10-K and in other reports on file with
the Securities and Exchange Commission. These reports are also
available from Noble Energy's offices or website,
http://www.nobleenergyinc.com . Forward-looking statements are based
on the estimates and opinions of management at the time the statements
are made. Noble Energy does not assume any obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
SOURCE Noble Energy
-0- 04/15/2014
/CONTACT: Investor - David Larson, +1-281-872-3125, dlarson@nobleenergyinc.com, OR Brad Whitmarsh, +1-281-943-1670, bwhitmarsh@nobleenergyinc.com, OR Media - Reba Reid, +1-281-876-8873, rreid@nobleenergyinc.com
/Photo: http://photos.prnewswire.com/prnh/20021210/NBLLOGO
/Web Site: http://www.nobleenergyinc.com
(NYSE:NBL) /
CO: Noble Energy
ST: Texas
IN: OIL UTI
SU: PER
PRN
-- DA05484 --
0000 04/15/2014 12:15:00 EDT http://www.prnewswire.com
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