Nobel Energy Earnings Rise With Oil and Gas Production

Independent oil and natural gas exploration and production company Nobel Energy reported higher first quarter earnings before the market Tuesday as production on oil and gas rose. $NBL total onshore oil and gas production rose 30%.

Independent oil and natural gas exploration and production company Nobel Energy reported higher first quarter earnings before the market Tuesday as production on oil and gas rose. $NBL total onshore oil and gas production rose 30%.

Noble Permian

Earnings: 

Reported 35 EPS cents on revenue of $1.29 billion beating expectations of EPS 28 cents per share on $1.199 billion. Also ahead of a loss of 5 cents per share in the year-ago-quarter

 Noble Energy, Inc. NYSE: $NBL

Market Summary > 32.86 USD −0.99 (2.92%)

Highlights

Onshore sales volumes jumped 40% to 237,000 barrels of oil equivalent per day, with total sales volume at 361,000 boe per day.

“Our core positions in the U.S. onshore business provide a great foundation for high-return, high-margin growth. Offshore, we are maximizing cash flow from our assets, while progressing our world-class Leviathan development. Growing our cash flows enables us to accelerate direct return to shareholders through our buyback program and our recent dividend increase.” said Chairman and CEO David Stover in a statement.

Production 

  • Delivered quarterly sales volumes of 361 MBoe/d(1) up 18 percent(2) from first quarter 2017 on organic capital expenditures of $781 million.
  • Increased U.S. onshore oil production over 30 percent(2) compared to the first quarter of 2017 driven by Delaware Basin growth.
  • Completed the Company’s third central gathering facility in the Delaware Basin.
  • Established a record for first quarter gross sales volumes in Israel of 959 MMcfe/d. 

Noble Eagle Ford

 

Prices

Secured contracts totaling up to an additional 740 MMcf/d of natural gas sales to customers in Egypt and Israel from Tamar and Leviathan.  

Cash and Balance Sheet

  • Closed the divestments of the General Partner of CONE Gathering and a 7.5 percent working interest in the Tamar field, and announced the sale of the Gulf of Mexico business.
  • Reduced Noble Energy debt by $230 million and increased total financial liquidity to more than $5 billion at the end of the first quarter.
  • nnounced $750 million share repurchase program and repurchased approximately $67.5 million of Noble Energy stock during late February and March.

 About Noble Energy

$NBL is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. The company was founded more than 85 years ago.

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