Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Noble Energy Swings To Profit - Update

RELATED NEWS
Trade NBL now with 

Noble Energy Inc. (NBL: Quote), 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.

Register
To receive FREE breaking news email alerts for Noble Energy Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Chinese economy logged its weakest expansion since early 2009 in the third quarter as slowdown in investment, particularly in the property sector, continued to drag the recovery. Gross domestic product grew 7.3 percent in the third quarter from a year ago, slower than the 7.5 percent expansion seen a quarter ago, the National Bureau of Statistics reported Tuesday. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.