Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Noble Energy Swings To Profit - Update

2/7/2013 12:35 PM ET

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
Russian Foreign Minister Sergei Lavrov warned Wednesday that Moscow would retaliate strongly if its "interests" in Ukraine are attacked. He also criticized the Ukrainian administration for relaunching its so-called anti-terrorist operation in the east of the country a day earlier. Lavrov's remarks came in an interview with Russia Today, which published excerpts of the English-language interview to While selling pressure has remained relatively subdued, stocks continue to see modest weakness in mid-day trading on Wednesday. The losses on the day come on the heels of the upward trend seen over the past several sessions. The major averages have moved roughly sideways in recent trading, lingering in the red. While a majority of Kentucky voters approve of the way Rand Paul is handling his job as Senator, the results of New York Times/Kaiser Family Foundation poll showed that voters from the Bluegrass State have a more mixed view on Paul's potential run for president in 2016.
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.