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Noble Drilling

In: Business and Management

Submitted By ritzbitz
Words 480
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Noble Energy Inc. (NYSE: NBL) is an independent energy company engaged in worldwide oil and gas exploration and was one of the first independent producers to explore in the Gulf of Mexico which has helped form the industry and its own success. Noble Energy was founded by Llyod Noble after he purchased a drilling rig with Arthur Olson in 1921 when oil was struck on his family farm. After acquiring 38 rigs in 1930 Noble and Olson decided to dissolve their partnership and form separate companies. In 1932, Lloyd Noble formed another company, naming it Samedan Oil Corporation in tribute to his three children Sam, Ed and Ann to expand into oil production to go hand and hand the drilling side of the industry. That company is known today as Noble Energy Inc. Upon Lloyd Noble’s death in 1950 the companies interest was transferred to a charitable foundation he had formed several years before his death, the Samuel Roberts Noble Foundation, where both companies operated as wholly owned subsidiaries. The relationship between Noble Drilling and Samedan strengthened when the Noble Foundation purchased an oil field trucking company named B.F. Walker, Inc., this provided Noble Foundation with a fleet of vehicles to move the drilling and production equipment utilized by Noble Drilling and Samedan. In 1969, the U.S. congress passed a tax reform provision that stipulated that charitable foundation could no longer own more than 20 percent of any corporation or commercial enterprise. This led to the Noble Foundation divesting themselves of the two businesses. Today, Noble Energy and Noble Corporation are separate publically traded companies. In 2012, Noble Energy sold fields, floating production storage, properties in the North Sea, and oil and natural gas properties in the Permian Basin. In that year, Unit Petroleum Company’s acquired certain oil and natural gas assets from the company....

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