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Noble Energy announces upcoming management change

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Noble Energy has announced that Charles D. Davidson, its chairman and CEO since 2000, plans to retire May 1, 2015.  He will also leave the board of directors at that time.

The board announced it will propose the election of David L. Stover as a director at its April 22 organizational meeting. It intends to appoint Stover as CEO in October 2014.

"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.

"(Stover) 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."

Davidson, 64, will serve as the company's chairman until the 2015 Annual Meeting. Stover, 56, currently serves as the company's president and COO.

"Under (Davidson'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 for many years."

Noble Energy is an independent energy company engaged in worldwide oil and gas exploration and production. It has core operations onshore in the U.S., primarily in the DJ Basin and Marcellus Shale, in the Gulf of Mexico, offshore Eastern Mediterranean, and offshore West Africa.