USS Constitution vs. Tax Evading Oil Pirates

Romney arrives at the Republican National Convention ( a gathering of Cons) flying a foreign flag off his bow.

In this video you first see a replica of the USS Enterprise that my great, great grandfather sailed to Libya, and then the USS Constitution Isaac Hull captained against Barbary Coast Pirates. Note the American flags forever waving over the Land of the free. Romney’s Cayman Island flag allows him special protection from Britian’s Royal Navy that Isaac did battle with in 1812.

Mitt Romney praised Israel’s Healthcare program that is pure Socialism. Thanks to Noble Oil discovering huge gas deposits off the coast of Israel, this Socialist nation may become the wealthiest in the world. Noble Oil took over drilling in the Gulf from British Petroleum after the great spill.

Above is a photograph of Lawrence Chazen who tried to take control of the artistic legacy of my late sister, the world famous artist, Rosamond. Chazen is a CEO of Noble Oil who set them up in the Cayman Islands and in Switzerland. Tax loopholes appears to be Chazen’s specialty. I filed a claim larger then Chazen’s so I would be the No.1 creditor, but, to no avail. I always suspected he was behind Stacey Pierrot who was handed much power by Sydney Morris whose firm handles the Buck Trust that is enriched by Buck Oil. Morris did not charge an attorney fees, and blessed the book and movie Pierrot tried to sell. Chazen was accused of predatory loan practices by Andrew Cuomo of HUD, and was my father’s private lender in his loan business. Vic was convicted of loan sharking in 1994.The name of the underwater gas field that Noble found is LEVIATHAN which is a sea-dragon. Chazen means “cantor”. I have been at war with THE DRAGON.

Mitt Romney keeps his fortune in the Cayman Islands and flies this countries flag off the stern of his yacht. This TRAITOR is all for Israel spending its windfall on healthcare for its citizens, but, not for American companies who take our nation’s oil. He wants 47% of the American people who are mostly democrats, to wither away and die. At the same time he wants to give our military a trillion dollars so they can build more naval vessels, and of course, provide our Armed Forces with healthcare so they can go help Israel defeat it enemies – and protect their oil and gas wells! Perhaps in the near future, Israel could pay We The People for our military protection so we can pay for the healthcare of our Veterans.

If R MONEY becomes President, ony hs very special friends will enjoy the windfall new drilling in America the Beautiful will reap. How many of them have their yatchs registered in the Cayman Islands?

Has Noble Oil contributed to Romney’s campaign, they wating in the wings for Mitt to take the White House before they launch the Noble Fleet against the United States, their platforms flying the Cayman Island flag, that is part British flag, and thus they are protected by the British Navy? There is a lion on this flag. Consider the Beast in Revelations and thr horns of the oxen that surround the Mormon baptismal tank that is based on the Molten Sea.

“1. Vessels flagged in the Cayman Islands fly the Red Ensign flag and, as British ships, come under the protection of the British Royal Navy. Full British Consular services and Royal Naval assistance and protection for Cayman-flagged vessels are available worldwide.”

Israeli Lobbyists have a great influence on our elections. How much more powerful will that influence be now that they have the Leviathan – as well as Jesus – thanks to Prosperity Gospel!

“In that day the Lord with his sore and great and strong sword
shall punish leviathan the piercing serpent, even leviathan that
crooked serpent; and He shall slay the dragon that is in the sea.”

Isaiah 27:1

My great grandfather captained the USS Enterprise and Constitution to the coast of Libya to destroy Muslim pirates. Let us set sail for the Cayman Isands and capture the Oil Pirates and their booty provided to them by Leviathan, the Satan of the high seas!

Jon Presco

Copyright 2012

Health care in Israel is universal and participation in a medical insurance plan is compulsory. Health care coverage is administered by a small number of organizations, with funding from the government. All Israeli citizens are entitled to the same Uniform Benefits Package, regardless of which organization they are a member of, and treatment under this package is funded for all citizens regardless of their financial means. Generally, health care in Israel is of high-quality and is delivered in an efficient and effective manner. Partly as a result of this, at an overall 82 years, Israelis enjoy the fourth-longest life expectancy in the world as of 2012.


I am a member in good standing of the State Bar of California and an attorney
on record for 50% interest in Shannon Rosamond. In my 16 years as a member of
the State Bar California, I have never experienced a more deliberate fraud on
any court or more reckless and calculated attempt to fraudulently take control
of a probate estate at the exclusion of the lawful heirs and total manipulation
of a tester’s intent that the present efforts of Attorney’s Robin Beare,
Lawrence J. Chazen and Garth Benton, the descendants former spouse.”

“Over the specific argument of Ms. Beare, Judge Silver refused to appoint Mr.
Chazen. Neither Ms. Beare nor Mr. Chazen disclosed to the court the very
critical fact that Mr. Chazen has the largest single creditor’s claim against
the estate and is a former business partner and business associate of Garth
Benton who the court had removed as Special Administer just moments before.”

The general public widely considered corporate expatriation unpatriotic — an especially damning criticism after the September 11, 2001, terrorist attacks. In the mainstream media, there were repeated references to these companies as “Benedict Arnold corporations.” An editorial in The New York Times on May 13, 2002, commented: “Even in the best of times, it is outrageous for companies to engage in offshore shenanigans to avoid paying their fair share of taxes.”

War of 1812 broke out between the United States and Great Britain. An enemy squadron closely pursued his ship off the East Coast in July, but Hull skillfully evaded them. On August 19, 1812, Constitution encountered the British frigate HMS Guerriere at sea and pounded her to a wreck in an action that electrified the Nation and demonstrated that the small U.S. Navy was a worthy and dangerous opponent for Britain’s otherwise overwhelming maritime might.[6][7] During the climax of the war, Hull and the USS Constitution were sent to a string of islands. He there caught two British ships in a chase, and both those ships were taken to Boston and put into U.S. service.

Leviathan (/lɨˈvaɪ.əθən/; Hebrew: לִוְיָתָן, Modern Livyatan Tiberian Liwyāṯān ; “twisted, coiled”) is a sea monster referred to in the Bible.
The word has become synonymous with any large sea monster or creature. In literature (e.g., Herman Melville’s Moby-Dick) it refers to great whales, and in Modern Hebrew, it means simply “whale.” It is described extensively in Job 41 and mentioned in Isaiah 27:1.

Whiplash-Mitt Romney Lavishes Praise On Israel’s Socialist, Government Controlled Healthcare S
Mitt Romney seems to be laboring under the impression that whatever he says in a foreign country will—like a weekend in Las Vegas—somehow stay in that foreign country.

Either that or he figures nobody back home is paying any attention.

When our health care costs are completely out of control. Do you realize what health care spending is as a percentage of the GDP in Israel? 8 percent. You spend 8 percent of GDP on health care. And you’re a pretty healthy nation”

A healthy nation, indeed.

With a life-expectancy rate that is the 4th best in the world (the United States is 38th) and a reputation for delivering high-quality care to all of its citizens by utilizing the most advanced medical technology available in a hospital system we can only envy from afar, Governor Romney is right to be impressed with the Israelis’ ability to deliver excellent care while keeping spending down to 8 percent of GDP as compared to 18 percent here in the United States.

If only Romney’s appreciation of Israel’s success did not fly smack in the face of his constant, ideologically based rhetoric guaranteed to insure that only the wealthiest Americans get a taste of the healthcare Israelis receive as their birthright.

Or does the Governor simply not understand that Israel’s healthcare success story—including their ability to control costs— is the direct result of the nation’s socialized healthcare system that has existed since the country’s founding in 1948 and institutionalized by law in 1995?

Today, the nation of Israel requires that every Israeli belong to one of four health maintenance organizations (that’s right…mandated participation)—each operating as a non-profit and each funded by the Israeli government via a progressive tax that every citizen is obligated to pay based on their earnings.

What’s more, the uniform benefits offered by the HMOs are established by the central government and must be made available to every single citizen—regardless of their medical circumstances (the phrase ‘pre-existing condition’ apparently does not exist in the Hebrew language.)

And those basic benefits made available to all Israelis are pretty darn good.

They include medical diagnosis and treatment, preventative medicine, any required hospitalization for any reason whatsoever, surgery, organ transplants, ambulance or transport service, treatment for drug abuse and alcoholism, medical equipment and appliances,
obstetrics and fertility treatments, all prescribed pharmaceuticals, and physiotherapy and occupational therapy.

Baptismal font in the Salt Lake Temple, circa 1912, where baptisms for the dead are performed.
Adherents of Mormonism believe that the molten sea in Solomon’s Temple was a baptismal font. As explained by apostle Bruce R. McConkie:
In Solomon’s Temple a large molten sea of brass was placed on the backs of 12 brazen oxen, these oxen being symbolical of the 12 tribes of Israel. This brazen sea was used for performing baptisms for the living. There were no baptisms for the dead until after the resurrection of Christ.

http://www.tax.com/taxcom/taxblog.nsf/Permalink/UBEN-86GPTN



ChristianityThe Leviathan of the Middle Ages was used as an image of Satan, endangering both God’s creatures—by attempting to eat them—and God’s creation—by threatening it with upheaval in the waters of Chaos.[6] St. Thomas Aquinas described Leviathan as the demon of envy, first in punishing the corresponding sinners. (Secunda Secundae Question 36) Leviathan became associated with, and may originally have referred to, the visual motif of the Hellmouth, a monstrous animal into whose mouth the damned disappear at the Last Judgement, found in Anglo-Saxon art from about 800, and later all over Europe.[7][8]

The Young Earth creationist opinion is that Leviathan and Behemoth are names given to dinosaurs which existed in Biblical times. [9][10]

[edit] Leviathan in SatanismIn Satanism, according to the author of The Satanic Bible, Anton Szandor LaVey, Leviathan represents the element of Water and the direction of West. The element of Water in Satanism is associated with life and creation, and may be represented by a Chalice during ritual. In The Satanic Bible, Leviathan is listed as one of the Four Crown Princes of Hell. This association was inspired by the demonic hierarchy from The Book of the Sacred Magic of Abra-Melin the Mage. The Church of Satan uses the Hebrew letters at each of the points of the Sigil of Baphomet to represent Leviathan. Starting from the lowest point of the pentagram, and reading counter-clockwise, the word reads “לִוְיָתָן”. Translated, this is (LVIThN) Leviathan.[11] In Demonology, the Leviathan is one of the seven princes of Hell and its gatekeeper (see Hellmouth).

Oil Drillers Gain Billions from ‘Immoral’ Tax Break
Martin A. Sullivan | Jun. 16, 2010 04:34 PM EDT
Deepwater drilling can lead to monumental disaster. That our business and government experts did not fully comprehend that is a sure sign that our vital domestic oil and gas industry is broken. The catastrophe in the Gulf of Mexico has exposed how too much cost cutting and too little oversight can be a lethal combination. (See, for example, “Feds Let BP Avoid Filing Blowout Plan for Gulf Rig,” The Seattle Times, May 5, 2010.)
There is something else not working well in the gulf: the tax system. No, we are not talking about those cash-only Cajun-country fishermen who never pay income tax and now lack records needed to receive compensation (“The Fishermen and the Tax Man,” Los Angeles Times, May 30, 2010). We are talking about the two largest offshore drilling companies in the world, Transocean and Noble Corp., that are in reality headquartered in the Houston area but moved their legal domiciles first to the Cayman Islands and then to Switzerland to avoid U.S. tax. Calculations shown below indicate that those maneuvers have reduced their tax bills by more than $2 billion.
Transocean owned and operated the floating, dynamically positioned rig that exploded on April 20, leading to a loss of 11 lives and spilling hundreds of thousands of gallons of crude oil into the Gulf of Mexico.
The transaction in which a corporation changes its legal domicile from the United States to a foreign jurisdiction is referred to as an inversion or a corporate expatriation. These tax-motivated restructurings occur with little or no real change in day-to-day business operations. Top executives, key personnel, and all significant business operations in the United States before the transaction remain in the United States.
In general, a U.S. multinational is liable for U.S. tax on income from its worldwide operations. By inverting, a multinational is no longer subject to U.S. tax on income from its foreign operations. In addition, the transactions often are accompanied by planning techniques that strip income out of the United States. (See New York State Bar Association Tax Section report on outbound inversion transactions, Tax Notes, June 3, 2002, p. 1456) Yet another tax benefit from inverting is that foreign stockholders (as well as U.S. tax evaders posing as foreign shareholders) are no longer subject to U.S. withholding tax on dividends paid from a foreign corporation.
Outrageous Shenanigans

Congress took the tax benefits out of standard inversion transactions when it enacted the American Jobs Creation Act of 2004, which added section 7874 to the code. The provision applies to inversion transactions completed on or after March 4, 2003. (Earlier versions of the legislation applied to transactions completed after September 11, 2001, and after March 20, 2002.)
During the long debate before enactment, inversions were defended by some conservatives who saw the transactions as a rational business move necessary to minimize taxes in the face of international competition. But mostly inversions were criticized and condemned. In April 2002 then-Senate Finance Committee ranking minority member Chuck Grassley, R-Iowa, stated: “These expatriations aren’t illegal. But they’re sure immoral.”
A May 2002 report from the Bush Treasury Department concluded that “careful attention should be focused on ensuring that an inversion transaction, or any other transaction resulting in a new foreign parent, cannot be used to reduce inappropriately the U.S. tax on income from U.S. operations”. And in June 2002, then-House Ways and Means Committee ranking minority member Charles B. Rangel, D-N.Y., said: “We should listen to the people rather than big corporate contributors to Republican fundraisers, and stop permanently these companies from unfairly avoiding paying their fair share.”
The general public widely considered corporate expatriation unpatriotic — an especially damning criticism after the September 11, 2001, terrorist attacks. In the mainstream media, there were repeated references to these companies as “Benedict Arnold corporations.” An editorial in The New York Times on May 13, 2002, commented: “Even in the best of times, it is outrageous for companies to engage in offshore shenanigans to avoid paying their fair share of taxes.”

An unusually large concentration of inversion transactions have been conducted by companies in the oil services industry. In addition to Transocean and Noble, U.S.-based oil service companies that have inverted include Nabors Industries (headquartered in Houston), the nation’s largest onshore drilling company, and Weatherford International (25 miles west of Fort Worth in Weatherford, Texas), a provider of a wide range of advanced oil field services. And in 2001 Houston-based Global Santa Fe Corp. was restructured as a Cayman Islands corporation and existed in that form until it was merged with Transocean in November 2007.

US$2.16 billion.[5]
Noble completed the purchase of Frontier in late July 2010. As a result, Noble’s fleet grew by seven units to a total of 69 offshore drilling units (including five drilling rigs currently under construction), which are located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and Asian Pacific. Noble also owns and operates the dynamically positioned floating production, storage, offloading vessel, FPSO Seillean.

Transocean completed the reorganization that changed its place of incorporation from Delaware to the Cayman Islands on May 14, 1999. In comments to shareholders before the reorganization, Transocean’s management stated: “Our expectation is that we will, over time, achieve a reduction of 10 to 20 percentage points in our effective rate.” The table shows that prediction was correct. Transocean’s effective tax rate before 1999 was 31.6 percent and after 1999 was 16.9 percent — a 14.8 percentage point reduction. If the preinversion tax rate of 31.6 percent had prevailed, Transocean would have incurred $1.88 billion of additional tax expense on the $12.8 billion of profits earned from 2002 through 2009.
In December 2008 Transocean changed the place of incorporation of its parent holding company from the Cayman Islands to Switzerland. In a proxy statement mailed to shareholders the day after the 2008 presidential election, the company explained that it believed the move would “substantially lower our tax risk related to possible tax legislation changes.” As reported by the Houston Business Journal (July 24, 2009), the move from island tax havens to Switzerland by Transocean and other Houston-area corporations was a reaction to a possible crackdown on offshore avoidance by the incoming Obama administration.
Noble Drilling, a Delaware corporation, completed its restructuring to Noble Corp. of the Cayman Islands on April 30, 2002. In a proxy statement, it explained to shareholders that the move was caused by competitive pressures and “inequitable treatment” under U.S. tax law: “The parent companies of certain of our competitors, including our two largest competitors [Transocean and Global Santa Fe], are incorporated in the Cayman Islands and other non-U.S. countries that impose either no tax or tax at rates substantially less than the United States.” The table shows that Noble’s effective tax rate before 2002 was 27.6 percent and after 2002 was 17.9 percent — a 9.7 percentage point reduction. If the preinversion tax rate of 27.6 percent had prevailed, Noble would have incurred $678 million of additional tax expense on the $7.1 billion of profits earned from 2002 through 2009. On March 26, 2009, Noble Corp. moved its legal residence from the Cayman Islands to Switzerland.

Throughout the long bear market of the 1970s, Noble Affiliates did extremely well, as its stock price multiplied by over 29 times from its low, and split two-for-one in 1981. It had begun paying a cash dividend to shareholders in 1975, which it has continued for every year since. It earned nearly US$82 million in 1981, although it carried a long-term debt of nearly US$100 million by then. But as the early 1980s progressed, the stock settled back down to half of its earlier record peak price, as earnings steadily declined each year, until by 1985 the company was operating at a loss.[2]
In cost-saving measures, in 1984, Noble Affiliates sold the B. F. Walker trucking company, and in 1985 it spun off Noble Drilling Corporation to shareholders.[1]
In 1986, Noble Affiliates reached a peak loss for that decade, of over US$63 million, and long-term debt had grown by then to US$285 million. The stock price plunged to less than 25% of its 1970s peak price.[2]
However, by 1987, the company had recovered to marginal profitability of US$6 million, and the stock price nearly doubled off its lows of the prior year.[2]
In the late 1980s Noble Affiliates raised some cash by issuing an additional 15% of its common shares outstanding in its struggle to remain profitable and to keep debt down. By 1995, the long-term debt had grown to nearly US$380 million, but the company had grown enough that it was added to the S&P MidCap 400 index by then. Earnings had fared well through the 1990-1991 recession, but were again in decline after, so that by 1995 the company was again facing a marginal loss. The stock price nearly set a new all-time high in 1994, but by the end of 1995 it was still trading at one third below its 1970s peak price.[2]
In 1996, Noble Affiliates stock finally reached an all-time high, for the first time in well over a decade, although earnings remained marginal still in the low millions for those years of the mid 1990s.[2]
In October 2000, Charles Davidson became president and CEO of Noble Affiliates, Inc.. Also that month the company moved from Ardmore, Oklahoma to Houston, Texas.[1]
By April 2002 Noble Affiliates, Inc. had diversified into methanol production, and changed its name to Noble Energy, Inc.[1]
By 2004, Noble Energy’s reserves, including offshore, had grown over fourfold since the late 1970s. It also discovered the major Mari-B reserve in offshore Israel, that country’s first significant hydrocarbon resource.[1]
[edit] Corporate affairs
Noble is headquartered in the Northborough Tower at 100 Glenborough Drive in the Greenspoint district and in Houston.[3][4][5]
In 2012 Noble announced that it was consolidating its headquarters and two other Greater Houston offices into a 10 story building on the former Compaq headquarters property in unincorporated Harris County, Texas.[6] Noble Energy plans to lease space in this building.[7] A joint venture controlled by Trammell Crow and Principal Real Estate had purchased that building in June 2010.[6][8] Previously Hewlett-Packard had owned the building.[7] It has 497,000 square feet (46,200 m2) of space,[7][8] and it also has a 25,000 square feet (2,300 m2) floor plate.[8] The building, completed in 1998, is at the intersection of Texas State Highway 249 and Louetta Road and is adjacent to The Vintage mixed-use development. The Kirksey architecture firm had designed the interiors. As of 2012 the building was being renovated.[7]
[edit] Current operations
See also: Block 12, Leviathan gas field, and Tamar gas field
In May 2010, Noble Energy, Inc., operator of the Deep Blue exploration well on Green Canyon 723 in the deepwater Gulf of Mexico reached a depth of 32,684 feet.[9] The well found potential hydrocarbon reserves in multiple Miocene intervals. Noble announced plans to sidetrack the well to determine the extent and commerciality of the hydrocarbon pay zones encountered.[10]

It is well known that politicians use issues that evoke strong nationalist sentiments. Cristina Fernandez de Kirchner is often seen using the issue of the Falkland Islands to cover up her own problems in governance in Argentina. Of course, as with most issues that evoke a nationalist sentiment, her tactic is working well in Argentina. Falklanders are sitting on a virtual treasure trove of natural gas and oil, and when mining companies begin to explore and drill, the islanders will probably become some of the richest people in the world. Argentina on the other hand will not want to let go of the islands precisely for this reason. Argentina went to war with the U.K. over what it calls “Las Malvinas.”
The problem is that the islanders do not speak Spanish, and they do not want to be a part of Argentina. Most islanders either want to remain autonomous, seek independence from Britain or continue as an overseas territory of Britain. In all circumstances, the Falklanders want British military support to exist alongside a hostile neighbor. To make matters more complex, American oil companies have begun to show interest in exploration projects leading to several rumors and hushed talks.
In August, Noble (NBL) entered into an agreement with Falkland Oil & Gas Ltd. (FLKOF.PK) in August to carry out exploration in and around the Falkland Islands. On the 11th of October, Noble announced that it has even begun drilling at an exploration well a few weeks ago. The company has agreed to spend between $180 million and $230 million and has a 35% stake in the agreement. Noble expects that full scale production may take place by May 2018 and catapult it to becoming the most important oil company in the region.
Cristina Kirchner does not have a great relationship with America, and, considering her populist moves, she will not sit silent when an American company tries to sign oil exploration and drilling deals with the Falkland Islands government. Though she has no right whatsoever over the Falkland Islands, she will create a ruckus in order to grab international attention to her own Evita-like persona, and of course, to the populist sentiment that the Falkland Islands should belong to Argentina.
Unfortunately, neither the Falklanders nor the international community have paid heed to Argentinean claims that the islands belong to Argentina. Instead, Argentina lost a major war with the U.K. in the early 1980s and continues to experience economic and social agitations within the country because of failed economic policies. Argentina also has to deal with Brazil’s increasing influence in the region, which is a traditional rival. With these issues in mind, we may expect Noble to be in the midst of an international dispute in the coming years. Certainly, Cristina Kirchner will object, howl, and rant about big American corporations drilling in her backyard. However, these ramblings and rants will go unheeded, if we take sentiments in the international community and in the Falklands, to account. By drilling and producing oil and gas in the Falkland Islands, Noble stands to effectively establish itself as the sole player in the Southern Atlantic region.
Back in 2010, Exxon Mobil (XOM) had stated that they doubted the existence of large energy reserves in the Falkland Islands. Exxon’s international chairman Brad Corson argued that oil reserves in the Falkland Islands Continental Shelf was not profitable enough. Certainly, Exxon executives will be wringing their hands when they read about the potential profits that Noble stands to make in the future. Anadarko Petroleum (APC), which is one of the most favorable oil companies in the world at the moment to invest, had planned to invest and explore in the Falkland Islands too, in January. However, nothing has come out of those plans and that is probably because of Cristina Kirchner’s rhetoric. If Anadarko ever enters the Falkland Islands, it now has Noble to compete with. Chevron (CVX) has not ventured so far south in the Atlantic but has already burned its hands in Brazil, where it had to pay a fine because of environmental pollution caused during drilling. Chevron also paid fines in Ecuador and it failed to block the $18 billion judgment.
In 2010, Argentina had also chastised Royal Dutch Shell (RDS.A) for causing a gasoline shortage in Argentina and clubbed the Dutch oil company with Brazilian Petrobas, and claimed that foreign companies had a hand in stifling oil movement within Argentina. Shell denied the charges but working in Argentina became difficult for foreign oil companies thenceforth. For now, only Noble seems to be taking the risk of playing with Cristina Kirchner’s ire and that does seem like a very good decision, considering the vast oil reserves and a favorable international sentiment towards American companies drilling in the Falkland Islands.
Back in the early 90s, Argentina went through a major push toward privatization. The country had been run by mega state industries for decades, during which time everything ran behind closed doors. But several of these mega state run industries began losing upwards of $5 billion per year. Through a push toward privatization, Argentina ended up not only saving its economy, but also turning it around.
Noble trades at $93 at the moment and is one of the most stable oil corporations to invest in. With a market cap of $17 billion and an enterprise value of $20 billion, Noble continues to be a valuable oil enterprise. The company also has a very high profit margin at 17.5% and a higher operating margin of $25%. The company’s income statement revealed that it had revenue of $4 billion and a gross profit of $3 billion. Noble has a total cash of $702 million and a total debt of $4.45 billion, which is a little worrying. However, it also has a large operating cash flow of $2 billion. The decision to drill in the Falkland Islands in spite of Cristina Kirchner’s rhetoric and possible Argentinean action was a very clever one and will take Noble a long way. This venture will not have any short-term effects, but in the long-term, it will prove to be a cash cow.

Noble Corporation

From Wikipedia, the free encyclopedia

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For the exploration and production company, see Noble Energy.
Noble Corporation (NYSE: NE) is the modern name of Noble Drilling Corporation, by which it was known through the 1990s. The company is part of the S&P 500 stock market index.[1] Noble Corporation is a major contract driller of oil and natural gas wells.
In 1985, its parent company, Noble Affiliates, Inc. (now known as Noble Energy, NYSE: NBL), spun off its subsidiary Noble Drilling Corporation to shareholders and began publicly trading on the NASDAQ, later being renamed Noble Corporation.[2]

Contents
 [hide] 
1 History
1.1 Noble Drilling
1.2 Noble Corporation
2 References
3 External links
[edit] History
In 1932 the parent company Noble Affiliates, Inc. began as Samedan Oil Corporation in southern Oklahoma, an explorer of crude oil and natural gas founded by Lloyd Noble, in Ardmore, Oklahoma.[2]
Founded in 1932, by the 1970s, the parent holding company Noble Affiliates Inc., owned three subsidiary business lines, its 1932 original oil and gas explorer Samedan Oil Corporation, the drilling company Noble Drilling Corporation, and a trucking company B. F. Walker.[2]
In 1972, Noble Affiliates first became publicly-traded.[2]
Throughout the long bear market of the 1970s, Noble Affiliates did extremely well, as its stock price multiplied by over 29 times from its low, and split two-for-one in 1981. It had begun paying a cash dividend to shareholders in 1975, which it has continued for every year since. It earned nearly US$82 million in 1981, although it carried a long-term debt of nearly US$100 million by then. But as the early 1980s progressed, the stock settled back down to half of its earlier record peak price, as earnings steadily declined each year, until by 1985 the company was operating at a loss.[3]
[edit] Noble Drilling
In cost-saving measures, in 1984, Noble Affiliates sold the B. F. Walker trucking company, and in 1985 it spun off Noble Drilling Corporation to shareholders.[2]
By the early 1990s, Noble Drilling Corporation began trading on the NASDAQ exchange, under the symbol NDCO. Its first years of growth were strong as its stock grew in price sevenfold by 1993.[3]
Through the 1990-1991 recession and in 1992, Noble Drilling operated at a loss of about US$40 million each year, finally becoming profitable with peak earnings of US$25 million plus extraordinary income in 1993, leading to the runup in its stock. But in the 1994 soft landing the stock price plunged to less than half of its prior peak price, as earnings began to slide by two-thirds of what they had been the prior year, and the stock languished through 1995. Noble Drilling had accumulated nearly US$130 million in long-term debt by that year. By 1995 the company had become a member of the S&P SmallCap 600 index.[3]
By early 1996, Noble Drilling Corporation moved from the NASDAQ to the New York Stock Exchange, and began trading under the new symbol NE. Investor enthusiasm over the move drove its stock price above its 1993 high, rising almost 50% in the month of March 1996. The runup in the stock was not matched by company fundamentals however, as the company had a marginal loss in 1995, its long-term debt had increased by a few million dollars, and the company diluted shareholder equity when it issued almost 20% more common shares outstanding that year.[3]
[edit] Noble Corporation
By the early 2000s, Noble Drilling changed its name to Noble Corporation as a result of its change in domicile from the United States to the Cayman Islands.
On December 19, 2008, Noble, incorporated in the Cayman Islands and operated from Sugar Land, Texas, announced plans to reincorporate in Switzerland.[4]
In March 2009, Noble Corporation redomesticated to Switzerland. At that time it was removed from the S&P500 Index.

About Royal Rosamond Press

I am an artist, a writer, and a theologian.
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