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Noble Energy 1Q Net Soars On Higher Prices, Lower Derivatives Losses

DOW JONES NEWSWIRES Noble Energy Inc.'s (NBL) first-quarter profit surged as the oil-and-gas explorer reported stronger sales volume and realized prices for crude oil, as well as far fewer losses related to derivatives. Noble Energy in December announced a major natural-gas discovery in the waters near Cyprus, building on a string of recent success in the area known as the greater Levant basin. The company and its partners have made several discoveries in the basin, which is off the coasts of Cyprus, Israel, Lebanon and Syria--which could help make the area a major natural-gas exporter. Noble Energy in November said it plans to gradually increase its capital spending to $5 billion a year in 2016 from the $3 billion slated last year. Noble reported income of $263 million, or $1.47 a share, up from $14 million, or 8 cents a share. The latest period included 40 cents a share in unrealized losses on derivatives instruments, while the year-ago period included $1.71 a share in similar losses. Excluding derivatives impacts and other items, earnings were up at $1.75 from $1.35. Revenue increased 30% to $1.17 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.41 and revenue of $1.08 billion. Sales volume from the Houston company, which has core operations are in the U.S., West Africa and Israel, grew 13% to 243 thousand barrels of oil equivalent per day. Crude-oil and condensate sales volume jumped 34% as realized prices were up 14% to $110.80. Shares closed Wednesday at $95.73 and were inactive premarket. The stock is up 1.4% so far this year. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Noble (NBL)
DateTimeHeadline
10/19/201419:05:11Partners in Israel's Tamar Field Sign MOU to Supply Gas to Private...
07/13/201405:53:15Estimated Reserves in Israel's Leviathan Gas Field Raised
07/03/201405:37:08CNPC in Talks to Buy Dalian Oil-Refinery Stake
06/04/201405:30:15Rockhopper Exploration: Premier Contracts Drilling Unit
06/04/201405:12:49Falkland Oil and Gas Signs Rig Contract For 6-Well Drill Program
05/21/201403:03:44Woodside Terminates Leviathan Deal--Update
05/06/201417:41:12Israeli Offshore Natural Gas Is Headed to Egypt
04/15/201409:30:42Noble Energy CEO Davidson to Retire in 2015
03/12/201411:41:42Israel's Tamar Field Signs Second Domestic Gas Supply Deal This...
02/21/201401:59:43Noble Plans China Oil-Field Stake Sale -- Update
02/06/201421:10:04Woodside Says Terms of Leviathan Agreement Changed
02/06/201418:31:30Noble Energy Signs Pact to Sell Offshore Licenses to Woodside
02/06/201412:25:48U.S. Hot Stocks: Hot Stocks to Watch
12/18/201310:19:34Israeli Firms Distance Themselves From Noble Energy's Oil Field...
12/17/201309:44:12Noble Energy Sees $4.8 Billion in Capital Spending Next Year
12/10/201308:39:05Dominion to Lease Marcellus Rights to Consolidated in West Virginia
12/04/201309:42:13Noble Energy Unveils Two Exploration Discoveries
12/02/201308:08:13Israel's Givot Olam Halts Drilling at Meged field
11/28/201308:09:38Increased Natural Gas Production Fails to Boost Delek Group's...
11/26/201304:14:09Israel's Tamar Gas Partners Say Signs of Petroleum in Nearby...

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