Noble Energy board elects Stover as CEO

Noble Energy Inc.’s (NYSE: NBL) board of directors has elected David Stover as the oil and natural-gas producer’s new president and CEO, the company said Tuesday.

As expected, Stover will replace former Noble CEO Chuck Davidson, who retired May 1. Noble Energy, among the top oil producers in Weld County, originally announced the chief executive succession plan in April.

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Stover previously served as the company’s president and chief operating officer. Davidson will serve as Noble Energy’s chairman until the company’s annual meeting next year, when he will vacate the board position. The board has indicated that it will elect Stover as chairman immediately following the meeting.

Noble Energy also said that Susan Cunningham was elected executive vice president responsible for global exploration, new ventures, frontier, environmental, health, safety, regulatory and business innovation. Garry Willingham was elected executive vice president responsible for global production, drilling, major projects and supply chain.

The company also said Tuesday that its board declared a quarterly cash dividend of 18 cents per common share payable on Nov. 17, 2014 to the shareholders of record at the close of business on Nov. 4, 2014.

Noble Energy planned this year to invest $2 billion in the Denver-Julesburg Basin, a region that includes territory in Northern Colorado.

Company shares rose 2 percent to close at $59.89 on Tuesday.