$6.7B
USD
Market cap · 2026–06 · week 25
🇺🇸 United States, Houston
Country
Oil & Gas
Sector
Oilfield Services · Senior · Europe · South America · USA
Metal Pilot is under active development and this page may change daily. Much of the content was AI-generated and may be incomplete or inaccurate. Treat all details as a starting point, and verify anything material against the issuer's official disclosures before investing.
Overview:
Noble Corporation plc is a leading offshore drilling contractor headquartered in Houston, Texas, operating a global fleet of 36 mobile offshore drilling units comprising 25 floaters (17 drillships and 8 semisubmersibles) and 11 jackups. The enterprise focuses on ultra-deepwater and ultra-harsh-environment drilling in established and emerging regions, including the US Gulf of Mexico, South America (Guyana, Suriname, and Brazil), the North Sea, Africa, and Oceania. Its business model provides contract drilling services on a dayrate basis to large integrated, independent, and government-owned oil and gas companies, with multi-year contracts that improve revenue visibility and reduce mobilization costs. Key competitive advantages include a modern, high-specification fleet, a record of industry-leading utilization, and a strong safety and operational track record. The company manages a balanced portfolio of short- and long-term commitments to optimize fleet economics across the cycle. As a contractor whose demand is driven by operator capital programs, the business is exposed to cyclical demand tied to global oil and gas prices, operator capital allocation, and broader macroeconomic conditions.
Strategy:
Strategic direction centers on providing efficient, reliable, and safe offshore drilling services while sustaining a high-specification fleet capable of executing complex deepwater and harsh-environment programs. The enterprise intends to pursue growth and scale through strategic acquisitions, exemplified by the September 2024 acquisition of Diamond Offshore Drilling, which added significant floater capacity. Capital allocation is prioritized toward maintaining fleet quality, executing share repurchases, and returning capital to shareholders through a regular dividend. A core objective is to secure multi-year contracts that deliver economic efficiencies and reduce start-up costs, while balancing the portfolio between short- and long-term commitments to manage utilization risk. Forward positioning also includes adapting to long-term shifts in the energy mix by exploring integrated-services and alternative financial models built around risk- and reward-sharing with operators.
Management:
Executive leadership is headed by President and Chief Executive Officer Robert W. Eifler, supported by Executive Vice President and Chief Financial Officer Richard B. Barker. The Board of Directors is chaired by Charles M. Sledge, who provides governance oversight of strategy, risk, and capital allocation. Board oversight of financial reporting and risk is exercised in part through the Audit Committee, with cybersecurity and operational risk discussed and shared with the Chief Information Officer, executive management, and the Audit Committee. Governance practices emphasize proactive risk management and safety through the Noble Peak philosophy, which focuses on building capacity for safe work and fostering organizational resilience, supported by a Potential Consequence Severity Index used to track and mitigate serious hazards and high-risk exposures.
Sustainability:
The organization's sustainability framework is guided by a commitment to environmental stewardship and proactive risk management embedded in offshore operations. A key environmental initiative is an aspiration to reduce carbon intensity by 20% by 2030, supported by monitoring of greenhouse-gas emissions and integration of climate-related risk assessments into operations to align with emerging regulatory requirements and customer supply-chain emissions goals. Social programs emphasize workforce training and development, anchored by the NobleAdvances training facility in Texas, which delivers scenario-based drilling and marine training focused on communication and emergency decision-making. These programs link the company's safety culture, captured in the Noble Peak philosophy, to measurable environmental and human-capital objectives across the fleet.
Structure:
A significant structural change occurred in September 2024 when the company completed the acquisition of Diamond Offshore Drilling, Inc. in a stock-and-cash transaction valued at approximately US$1.5 billion, adding substantial floater capacity and assuming US$550 million of 8.500% Senior Secured Second Lien Notes due 2030. In December 2025, the enterprise signed definitive agreements to sell six jackup rigs for an aggregate US$424 million, including five rigs to Borr Drilling Limited and one rig to Ocean Oilfield Drilling. The capital structure includes a US$550 million Amended and Restated Senior Secured Revolving Credit Facility maturing in April 2028 and US$1.4 billion of 8.000% Senior Notes due 2030 issued by subsidiary Noble Finance II LLC. Significant shareholder APMH Invest A/S holds registration rights and a relationship agreement with the company, giving it a defined governance relationship. These transactions reflect a structure shaped by consolidation of floater capacity and disciplined disposal of non-core jackups.
Hedge:
The treasury policy maintains a documented framework to monitor and control the use of derivative instruments to manage net exposure to fluctuations in currency exchange rates, and the company does not engage in derivative transactions for speculative or trading purposes. Foreign-exchange policy permits the use of forward contracts to limit currency risk for regional shorebases that carry significant cash operating expenses payable in foreign currencies. As of December 31, 2025, the company periodically entered into forward contracts that settle monthly in the operations' respective local currencies, with all such contracts maturing in less than 12 months. The company is not a party to leveraged derivatives, and commodity prices are not directly hedged, consistent with a dayrate contract-drilling model whose revenue is contractually fixed rather than commodity-linked.
Source:
Noble Corporation plc - 10-K Filing - 2025
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Oil equivalent (BOE)
Oil equivalent (BOE)
-
See commodity documentation in the domain package.
Oil
Generic crude (undifferentiated)
WTI
Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.
Natural gas
Pipeline natural gas
Henry Hub
Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.
NGL
NGL barrel (mixed NGLs)
Mont Belvieu NGL basket vs WTI
NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.
Shale gas
Gas from shale / tight reservoirs
Henry Hub plus regional basis
Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.
Light oil
Light sweet crude
WTI / Brent
WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.
Heavy oil
Heavy sour crude
WCS vs WTI
Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.
Bitumen
Oil-sands bitumen blend
WCS vs WTI
Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.
Synthetic crude
Upgraded oil-sands synthetic crude (SCO)
SCO vs WTI
Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.
Condensate
Field condensate / diluent
US condensate vs WTI
Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.
Coal bed methane
Coalbed methane (CBM)
Regional hub vs Henry Hub
CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
BOE
Barrel of oil equivalent
Combined oil + gas energy reporting. Computed at 6 Mcf gas : 1 bbl oil (thermal, not economic). Read footnotes for non-6:1 conventions.
Mboe
Thousand BOE
Oil & gas sub-field scale. Oilfield M = 1,000.
MMboe
Million BOE
Corporate or field BOE totals. Oilfield MM = 1,000,000.
Mcfe
Thousand cubic feet equivalent
Gas + liquids on an energy-equivalent basis (typically 1 bbl ≈ 6 Mcf).
Bcfe
Billion cubic feet equivalent
Large combined-stream reserves or production (1 Bcfe = 10⁶ Mcfe; same 6:1 bbl rule as Mcfe).
bbl
Barrel (~158.99 L)
Crude and liquid hydrocarbon volumes. 1 bbl = 42 US gallons ≈ 0.15899 m³.
Mbbl
Thousand barrels
Mbbl — sub-field liquid scale (M = Roman numeral 1,000 in oilfield convention).
MMbbl
Million barrels
Standard oil reserves / resources (MM = million in oilfield convention). Often used interchangeably with MMSTB in North American filings.
STB
Stock tank barrel
Oil at surface standard conditions (60 °F / 14.7 psi). Eliminates ambiguity from temperature / pressure swings underground.
MSTB
Thousand stock tank barrels
MSTB — sub-field liquid scale.
MMSTB
Million stock tank barrels
MMSTB — SPE-PRMS style oil reserves; the international canonical unit for liquid hydrocarbons.
Mcf
Thousand cubic feet
Natural gas volume (Mcf). Equivalent to Mscf in practice; Mscf adds the explicit standard-conditions note.
MMcf
Million cubic feet
MMcf — gas at field or corporate scale.
scf
Standard cubic foot
Gas at surface standard conditions (60 °F / 14.7 psi).
Mscf
Thousand standard cubic feet
Mscf — same order as Mcf; international / PRMS gas reporting.
MMscf
Million standard cubic feet
MMscf — field- or corporate-scale standard gas volumes.
Bcf
Billion cubic feet
Large gas-field reserves. 1 Bcf ≈ 0.167 MMboe at 6:1.
Bscf
Billion standard cubic feet
BSCF — reserves under standard conditions; international reporting.
Tcf
Trillion cubic feet
Basin-scale or national gas resources. 1 Tcf ≈ 167 MMboe at 6:1.
Tscf
Trillion standard cubic feet
TSCF — basin-scale standard gas resources.
GJ
Gigajoule (10⁹ J)
Thermal coal energy content; LNG energy reporting; 1 GJ ≈ 0.948 MMBtu.
Count
Count
See project resource documentation.
Other
Other / nonstandard
Verbatim source label; pair with commodity and original_classification when the unit is not yet mapped.
- Compound product names (LCE, U₃O₈, V₂O₅, Li₂O) belong on the commodity field, not inside contained_unit. Example: "kt LCE" → unit kt with commodity LCE; "Mlb U₃O₈" → unit mlb with commodity U3O8.
- In oilfield shorthand, M often means thousand and MM means million (e.g. mcf = thousand cubic feet; mmcf = million cubic feet). Metric codes (Mt, Moz, Mlb) always use M = million — context decides.
- The schema may also carry cpht on resource rows for diamond recovered grade; the same symbol is listed under Grade units.
- This tab highlights sector-typical units; the schema and importers still accept the full contained_unit enum from the domain package.
Percent (%)
Percent (%)
Generic grade when the payable element is obvious from the commodity column (e.g. Fe % in iron ore, Cu % in copper-only deposits). Use a specific unit (pctli2o, pctu3o8) when there is any ambiguity.
Other
Other / nonstandard
Source-specific grade; document the basis in original_classification or notes.
Btu/lb
BTU per pound (Btu/lb)
Natural-gas and thermal-coal heating value. Coal rank proxy (sub-bituminous ~8,000 Btu/lb; bituminous 11,000 – 14,000; anthracite >14,000).
- Use pctli2o and pctu3o8 when the source reports % Li₂O or % U₃O₈ explicitly; reserve generic percent for deposits where the payable metal is obvious from context.
- For ppm grades, the commodity column carries the element or compound (for example vanadium as V₂O₅) so the grade row stays unambiguous.
- Grade-on-grade conversions: 1 g/t ≈ 0.029 oz/short ton; 10,000 ppm = 1%; 10 kg/t = 1%; 1% U₃O₈ ≈ 0.848% U metal; 1% Li₂O ≈ 0.464% Li metal.
Metric tonne (t)
Metric tonne (1,000 kg)
Ore, waste, and plant throughput mass. Not the same as the U.S. short ton.
Thousand tonnes (kt)
Thousand metric tonnes
Base-metal deposits, coal seams at mine scale, fertilizers.
Million tonnes (Mt)
Million metric tonnes
Iron ore, coal, large porphyry tonnage. Metric Mt is always 10⁶ t (M = million in metric).
Cubic metre (m³)
Cubic metre (m³)
Brine cells, small heap-leach volumes.
Million cubic metres (Mm³)
Million cubic metres (Mm³)
Salar brine volumes, reservoir void space.
Cubic kilometre (km³)
Cubic kilometre (km³)
Basin-scale brine or aquifer models.
Acre-foot (ac-ft)
Acre-foot (~1,233 m³)
U.S. / South American brine and water-resource reporting.
- Tonnage and brine/reservoir volumes describe the orebody or fluid cell, not contained metal; contained metal is the product of tonnage × grade (with unit-aware conversions where needed).
- Brine and ISR deposits often report m³, Mm³, km³, or acre-feet instead of rock mass when the disclosure is volumetric.
- A short ton (US) is ~907 kg — about 7.4% less than a metric tonne. Legacy U.S. filings that report "Mt" of coal often mean Mst (million short tons).
- The conversions below appear regardless of sector — they are the ones readers most often need when reading a filing next to a table screenshot.
- Troy oz → Grams — × 31.1035 — precious-metal reserves use troy ounces.
- Avoirdupois oz → Grams — × 28.3495 — the everyday ounce; different unit from troy oz.
- Pound (lb) → Kilograms — × 0.45359 — avoirdupois pound.
- Short ton (st) → Metric tonnes (t) — × 0.90718 — a short ton is ~7.4% less than a metric tonne.
- g/t → oz / short ton — × 0.02917 — precious-metal grade conversion.
- ppm → % — × 10⁻⁴ — 10,000 ppm = 1%.
- kg / t → % — × 0.1 — 10 kg/t = 1%.
- Acre-foot → Cubic metres (m³) — × 1,233.5 — brine and water disclosures.
- Oil & gas conversions cover BOE thermal equivalence, volumetric crude conversions and the API-gravity / SG link.
- Mcf (gas) → Boe (energy) — × 1/6 — 6 Mcf gas ≈ 1 boe (thermal, not economic).
- Bbl → Cubic metres (m³) — × 0.15899 — 1 bbl ≈ 158.99 L.
- Tonnes LNG → Boe — × ~7.4 — thermal; varies with LNG composition.
- GJ → MMBtu — × 0.94782 — energy conversion.
- API gravity → Specific gravity — SG = 141.5 / (131.5 + API) — heavy < 22.3° API, light ≥ 31.1° API.
- Mcfe → MMboe → — — × 10⁻⁶ × (1/6) — combined-stream conversion.
- A 1 Bcm natural-gas reservoir is ≈ 35.3 Bcf ≈ 5.88 MMboe.
- Operating Cost / boe (O&G) — total operating expense ÷ boe produced; excludes royalties and taxes.
- Cash Cost / boe — operating cost / boe + transportation + production taxes / royalties.
- F&D Cost — Finding & Development cost per boe.
- Reserve Replacement Cost — capex (organic + acquisitions) per boe of reserves added.
- All cost metrics are non-GAAP and defined differently across companies; the same metric label may mean different things at different issuers.
- WI (×x%) — Working interest: disclosed gross value multiplied by ownership %. Applies to mining / O&G / processing-facility rows whose reporting_basis is gross or unset.
- Royalty (×r%) — Royalty / stream rate: gross property value multiplied by the headline interest rate (NSR %, stream %, …). Applies to royalty / stream rows on gross or unset reporting_basis with interest_rate set.
- Net (×1.0) — Disclosure is already net of royalties (reporting_basis = company_net_after_royalty). No further adjustment.
- Gross WI (×1.0) — Disclosure is already on a working-interest basis (reporting_basis = company_gross_wi). No further adjustment.
- Fully owned WI rows render as plain WI (no parenthetical). See METALPILOT Part 2 §3 (Ownership and reporting-basis attribution) and pkg/calc/attribution.go (EffectiveOwnershipMultiplier / EffectiveOwnershipAttribution).
- "M" can mean thousand or million depending on context. Oilfield convention uses M = thousand and MM = million (MMcf, MMbbl, MSTB). Metric codes (Mt, Moz, Mlb) always use M = million.
- Troy ounce ≠ avoirdupois ounce. 1 troy oz = 31.1035 g; the everyday ounce is 28.3495 g. Precious-metal reserves are always troy.
- Short ton ≠ metric tonne. A short ton (US) = 907 kg; a metric tonne = 1,000 kg. Reading legacy "1 Mt" coal as metric when it was short tons over-states tonnage by ~10%.
- Gross vs net. Gross is usually the 100% property number; net is usually working-interest share before royalties. Check reporting_basis.
- Inferred / Contingent / Prospective volumes are not bookable reserves and do not feed Portfolio economic figures.
- SPE-PRMS — Society of Petroleum Engineers Petroleum Resources Management System. Defines 1P/2P/3P, 1C/2C/3C, 1U/2U/3U.
- NI 51-101 — CSA Standards of Disclosure for Oil and Gas Activities. Mandatory for TSX O&G issuers; dual Forecast + Constant disclosure.
- COGEH — Canadian Oil and Gas Evaluation Handbook. Technical companion to NI 51-101.
- SEC S-K 1200 / Rule 4-10 — U.S. SEC oil & gas disclosure for SEC-registered O&G issuers.
- 1P / Proved — Reserves recoverable with ≥90 % probability (P90). SEC standard is 'reasonable certainty'.
- 2P / Proved + Probable — Reserves recoverable with ≥50 % probability (P50). Primary metric for non-SEC O&G disclosure.
- 3P / Proved + Probable + Possible — Reserves recoverable with ≥10 % probability (P10).
- Contingent Resources — discovered, sub-commercial volumes pending contingencies (price, infrastructure, technology, regulation). Reported as 1C (low) / 2C (best) / 3C (high).
- Prospective Resources — undiscovered leads and prospects awaiting drilling. Reported as 1U (low) / 2U (best) / 3U (high).
- Development status (orthogonal axis): PDP = Proved Developed Producing, PDNP = Proved Developed Non-Producing, PUD = Proved Undeveloped.
- Pricing case: Forecast (NI 51-101 / COGEH), Constant (NI 51-101 / COGEH), or SEC (12-month first-of-month average). Forecast and Constant cases of the same reserve are not additive.
- BOE / Mcfe conversion uses a 6:1 thermal ratio (6 Mcf = 1 boe) unless the source declares otherwise. Thermal equivalence, not economic equivalence.
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.