Company: NE-WTA
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006184
Chunk: 53

Company: Noble Corp plc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1A
Chunk 53
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Item 1A. Risk Factors.

You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could affect our business, operating results, and financial condition as well as affect an investment in our shares.

Risks Related to Our Business and Operations

Our business depends on the level of activity in the oil and gas industry. Adverse developments affecting the industry, including a decline in the price of oil or gas, reduced demand for oil and gas products, and increased regulation of drilling and production, have in the past had, and may in the future, have a material adverse effect on our business, financial condition, and results of operations.

Demand for drilling services depends on a variety of economic and political factors and the level of activity in offshore oil and gas exploration and development and production markets around the world. The price of oil and gas and market anticipation of potential changes in the price, significantly affect this level of activity, as well as dayrates that we can charge customers for our services. Crude oil prices remain volatile; for example, Brent crude reached a low of $9.12 in 2020 and a 5-year high of $133.18 in 2022.

Higher prices do not necessarily translate into increased drilling activity because our customers typically take into account a number of considerations when they decide to invest in offshore oil and gas resources, including expectations regarding future commodity prices and demand for hydrocarbons. While the price of oil and gas remains volatile, the level of activity in offshore oil and gas exploration and development can be extremely volatile and can be affected by numerous factors beyond our control, including:

▪worldwide production, current demand, and our customer’s views of future demand for oil and gas;

▪changes in the rate of economic growth in the global economy;

▪the cost of exploring for, developing, producing, and delivering oil and gas;

▪the ability of OPEC and OPEC+ to set and maintain production levels and pricing;

▪expectations regarding future energy prices;

▪increased supply of oil and gas resulting from onshore hydraulic fracturing activity and shale development;

▪the relative cost of offshore oil and gas exploration versus onshore oil and gas production;

▪potential acceleration in the investment, development, and the price and availability of alternative fuels or energy sources;

▪allocation of capital to exploration and production operations within customers’ broader portfolios;

▪the level of production in non-OPEC