Marcellus Shale

Noble Energy's presence in the Marcellus Shale began in 2011 by virtue of a joint venture (JV) agreement with Consol Energy. The Marcellus Shale is recognized among the lowest cost domestic shale plays, and it is ideally located near major demand markets in the northeast U.S. Noble Energy and Consol Energy have similar approaches to development, and the JV agreement contains provisions that ensure both partners are economically aligned in an environment of low natural gas prices. The JV also has significant flexibility to adjust development plans as the partners deem appropriate.

While Consol operates rigs in the dry gas portion of Marcellus, we will focus on the wet gas areas. We intend to leverage our knowledge and experience of liquids-rich development in the DJ Basin to develop our holdings in the Marcellus Shale. We will grow our production through the strategic partnership and have the potential to reach net production of 600 MMcfe/d in 2015.