logo
Plus   Neg
Share
Email
Comment

Noble Energy Swings To Profit - Update

Noble Energy Inc. (NBL), Thursday reported a swing to fourth-quarter profit, as a strong jump in production helped boost revenues, while results for the prior-year period were hurt by hefty impairment charges.

Quarterly sales volume from continuing operations averaged 255,000 barrels of oil equivalent per day, or Boe/d, up 18 percent from last year, after adjusting for assets divested in 2012. The company said that volumes at DJ Basin volumes increased to 86,000 Boe/d, up 15 percent from last year.

The sales volume split for the quarter was 47 percent liquids, 24 percent international natural gas, and 29 percent U.S. natural gas.

US volumes jumped 31 percent, and International volumes were up 9 percent.

Houston, Texas-based Noble reported fourth-quarter net income of $251 million or $1.39 per share, compared with a net loss of $296 million or $1.67 per share last year.

Results for the prior-year quarter included impairment charges of $620 million and derivative losses of $162 million.

Excluding items, adjusted earnings from continuing operations for the quarter were $296 million or $1.65 per share, compared with $277 million or $1.55 per share in the prior year.

On average, 29 analysts polled by Thomson Reuters estimated earnings of $1.14 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter jumped to $1.2 billion from $897 million a year ago. Analysts on consensus estimated revenues of $1.1 billion for the quarter.

The company expects to produce 238,000 Boe to 242,000 Boe per day in the first quarter. For fiscal year 2013, the company's volume guidance remains unchanged at 270,000 to 282,000 Boe per day.

Noble Energy is trading at $112.07, down 1.10%, on a volume of 0.51 million shares on the NYSE.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Dish Network Corp. on Wednesday reported a surge in profit for the fourth quarter from last year, reflecting an income tax benefit that helped offset the impact of lower revenues. The latest quarter's results were positively impacted by an income tax benefit of about $1.2 billion due to an adjustment to deferred tax assets and liabilities related to tax reform legislation. Shares of Glencore plc were gaining around 4 percent in the morning trading in London after the producer and marketer of commodities reported Wednesday a significant growth in fiscal 2017 profit on strong higher commodity prices. Chief Executive Officer Ivan Glasenberg said, "Our performance in 2017 was our strongest on record, driven by our leading Marketing and Industrial asset businesses." Shares of Orange SA were gaining around 2 percent in the early morning trading in Paris after the French telecom major reported Wednesday a significant growth in fiscal 2017 profit from continuing operations with revenue growth in most regions, mainly France and Spain. In France, revenue grew for the first time since 2009. Attributable net income, meanwhile, declined on the absence of prior
comments powered by Disqus
Follow RTT