Noble Energy Reports Rise in Second-Quarter Profits

Oil and gas company Noble Energy, Inc. reported July 25 that its second-quarter net profit of $377 million was up by 29 percent to $1.04 per diluted share, compared with a second-quarter 2012 figure of 79 cents per share.

Noble reported a gain of 24 percent in oil and gas sales volumes, which achieved record sales at 260,000 barrels of oil equivalent per day (boepd), helped by reaching full production at its Tamar field offshore Israel.

Another increase in volume in the third quarter, driven by Tamar and Alen – a liquid-rich gas condensate field offshore of Equitorial Guinea – is likely, Oppenheimer said. The analyst expects sales volumes of 285,000 to 295,000 boepd in the third quarter.

Still, Wall Street was disappointed at Noble’s adjusted earnings of 69 cents per share in the second quarter of 2013, which were below expectations of 74 cents per share, Oppenheimer said.

Production setbacks and inclement weather played a role in dinting Noble’s second-quarter output, analysts said. Oppenheimer attributed the weaker-than-expected performance to weaker pricing, higher costs and lower equity income.