Noble Energy 1Q Net Down 0.8% on Higher Costs
Noble Energy Inc.'s first-quarter earnings fell 0.8% as the oil-and-gas explorer's higher expenses counterbalanced stronger revenue from oil and condensates, as well as natural gas.
The company has been selling its noncore assets to focus its spending on higher-return areas, including horizontal drilling operations in the U.S. and offshore projects in the Gulf of Mexico, the Mediterranean, and West Africa.
Noble late last year said it would bump up capital spending by 11% in 2013 to $3.9 billion, and said its oil and gas output would grow at a compounded annual growth rate of 17%. About 60% of the capital expenditures were allocated for U.S. onshore projects, while 10% of the capital budget was targeted for its operations in the Eastern Mediterranean region.
Noble Energy reported a profit of $261 million, or $1.45 a share, down from $263 million, or $1.47 a share, a year earlier. Excluding hedging impacts and other items, earnings were down at $1.48 from $1.65.
Revenue rose 5.1% to $1.14 billion amid higher oil and natural-gas revenue.
Analysts polled by Thomson Reuters most recently projected earnings of $1.24 on revenue of $1.08 billion.
Average sales volumes from continuing operations rose to 245,000 barrels of oil equivalent a day, from 236,000 Boe/d. Average crude and condensate realized prices were down 8.2% and natural-gas realized prices rose 20%.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension