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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
08/26/201608:00:00Noble Energy to Present at Upcoming Energy Conference
08/16/201616:46:45Statement of Changes in Beneficial Ownership (4)
08/16/201616:40:48Statement of Changes in Beneficial Ownership (4)
08/04/201606:45:00CONE Midstream Reports Second Quarter Results and Increases Guidance
08/03/201612:41:32Quarterly Report (10-q)
08/03/201609:43:00Noble Energy's Loss Widens
08/03/201607:41:02Current Report Filing (8-k)
08/03/201607:00:00Noble Energy Announces Strong Second Quarter Results, Raises...
07/29/201616:09:19Current Report Filing (8-k)
07/28/201616:14:44Current Report Filing (8-k)
07/26/201612:32:05Noble Energy Declares Quarterly Dividend
07/22/201606:45:00CONE Midstream Increases Quarterly Cash Distribution
07/21/201607:32:07Noble Energy Commences Production at Gunflint in the Gulf of...
07/11/201608:59:00CONE Midstream Schedules Earnings Release and Conference Call...
07/07/201607:50:46Noble Energy Announces Second Quarter 2016 Sales Volumes of...
07/05/201609:59:00Correction to Noble to Sell 3% Interest in Tamar Field Article
07/05/201609:22:00Noble Energy to Sell 3% Interest in Tamar Field
07/05/201607:00:00Noble Energy Sells Three Percent Interest in Tamar Field, Offshore...
06/27/201616:33:31Statement of Changes in Beneficial Ownership (4)
06/23/201614:20:00U.S. Oil Output to Get Boost From Gulf

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