NBL Noble Energy Inc

   By Anne Steele 
 

Noble Energy Inc. widened its loss in the first quarter of the year as expenses climbed and revenue continued to slide on depleted energy prices.

On an adjusted basis, the oil-and-gas producer's loss was not as deep as expected, and the company raised its volume guidance for the year.

Investors have been watching energy companies to see if they can reduce costs enough to match plummeting energy prices. For the quarter, Noble's total lease operating costs averaged $4.25 per barrel of oil equivalent, down about 22% from the previous year.

The company said total sales volumes for the quarter jumped 31% to 416,000 barrels of oil equivalent a day, helped by the merger with Rosetta Resources Inc. in July. Excluding assets from Rosetta, volumes climbed 12%.

Noble said its average realized price for crude oil dropped 32%, while its realized price for natural gas fell 18%.

Chief Executive David Stover said results are "giving us the confidence to lower our full year capital and cost outlook while raising volumes substantially."

"Significant capital efficiency gains and outstanding operating performance, combined with robust liquidity, position us well in any price scenario," he said.

The company said it now anticipates full-year capital expenditures to be less than the original estimate of $1.5 billion. Noble also raised total sales volumes for 2016 by 4%.

Over all, Noble reported a loss of $287 million, or 67 cents a share, wider than a loss of $22 million, or 6 cents a share, a year earlier.

Excluding certain items the company's adjusted loss was 53 cents a share from a profit of 3 cents in the year-ago quarter. Analysts surveyed by Thomson Reuters had expected an adjusted loss of 57 cents a share.

Revenue fell 5.6% to $724 million, below the average analyst estimate of $784 million.

Shares, inactive premarket, have added 12% over the past three months but have declined by 31% over the past year.

Write to Anne Steele at anne.steele@wsj.com

(END) Dow Jones Newswires

May 04, 2016 08:18 ET (12:18 GMT)

Noble Energy (NYSE:NBL)
Historical Stock Chart
From Apr 2024 to May 2024

Noble Energy (NYSE:NBL)
Historical Stock Chart
From May 2023 to May 2024