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Noble Energy unveils $750M share buyback plan, Gulf of Mexico asset sale

Published 02/15/2018, 09:06 AM
© Reuters.  Noble Energy unveils $750M share buyback plan, Gulf of Mexico asset sale
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  • Noble Energy (NYSE:NBL) +2.3% premarket after announcing a $750M share repurchase plan and an agreement to sell its deepwater Gulf of Mexico assets to Fieldwood Energy for $710M.
  • NBL says the sale of the Gulf of Mexico business is the last major step in its portfolio transformation, and the company will focus on U.S. onshore and the eastern Mediterranean, areas it says "will rapidly grow our cash flows and margins."
  • NBL says it will use the proceeds from the sell to partly finance the share buyback program, to be executed through 2020.
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