Noble Energy CEO Davidson to Retire in 2015

By Erin McCarthy 

Noble Energy Inc. said Tuesday that Chairman and Chief Executive Charles D. Davidson will retire in May 2015, and he will be succeeded by the company's current chief operating officer.

Mr. Davidson, 64 years old, will also leave the oil and gas explorer's board at the same time, Noble said in a statement. He has served as chief executive and director since he joined the company in 2000.

Noble Energy's board said it would propose the election of President and Chief Operating Officer David L. Stover, 56, as a director later this month. It also plans to appoint Mr. Stover as chief executive in October.

Mr. Stover was elected president and chief operating officer in April 2009. Before that, he served in several other executive positions since joining the company in 2002, Noble said.

Noble Energy has been selling its noncore assets, positioning itself to focus on horizontal drilling operations in the U.S. and offshore projects in the Gulf of Mexico, the Mediterranean and West Africa. Major initiatives include projects in Israel and Equatorial Guinea.

Noble Energy said in February that it signed a pact with Australia-based Woodside Petroleum Ltd. to sell offshore Israel natural-gas licenses for more than $1 billion in upfront payments and future shared revenue.

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