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Noble Energy (NBL) Beats Q3 Earnings, Retains Sales View
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Noble Energy, Inc. incurred adjusted loss of 2 cents per share for the third quarter of 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
On a GAAP basis, the company reported a loss of 28 cents per share compared with a loss of 33 cents in the year-ago quarter.
The difference between adjusted and GAAP figures was due to the combined effect of a loss on divestiture, undeveloped leasehold impairment, loss on debt extinguishment, acquisition expenses and other charges, offset by a gain from tax adjustment.
Total Revenues
Noble Energy's total revenues increased around 5.5% year over year to $960 million in the third quarter. Reported revenues also surpassed the Zacks Consensus Estimate of $937 million by 2.5%.
Noble Energy Inc. Price, Consensus and EPS Surprise
In the quarter under review, sales volumes averaged 355 thousand barrels of oil equivalent per day (MBoe/d), reflecting a 10 MBoe/d increase from the midpoint of the guided range of 340-350 MBoe/d.
U.S. onshore assets are major contributor to the total sales volume, contributing nearly 219 MBoe/d in the third quarter. The heavy storms during the quarter lowered production volumes by nearly 5 MBoe/d.
Operating expenses in the reported quarter was $958 million compared with $1,160 million in the year-ago quarter reflecting a decline of 17.4%, primarily due to lower exploration expenses and Gathering, Transportation and Processing expenses.
Interest expenses in the quarter were $88 million, up 2.3% year over year.
Nearly 78% of the capital expenditure in third quarter was utilized to strengthen operation of its U.S. onshore plays and 20% was spent in Israel primarily for the Leviathan development.
Realized Prices
U.S. Onshore Realized crude oil and condensate prices in the quarter increased 12.7% to $46.39 per barrel from the year-ago level of $41.15.
U.S. Onshore Natural gas prices increased 26.2% to $2.99 per thousand cubic feet from $2.37 in the year-ago period.
U.S. Onshore Realized prices for natural gas liquids were up 56.9% to $22.91 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Sep 30, 2017 were $564 million, down from $1,180 million as of Dec 31, 2016.
Long-term debt was $7,487 million as of Sep 30, 2017 compared with $7,011 million as of Dec 31, 2016.
Cash flow from operating activities in the quarter was $541 million, down from $614 million last year.
Guidance
For the fourth quarter of 2017, Noble Energy reiterated total sales volume in the range of 380-390 MBoe/d. U.S. onshore volumes are anticipated to be 15% higher than the third quarter and U.S. oil volumes are expected in the range of 102-108 MBbl/d.
Noble Energy expects organic capital expenditure for fourth quarter in the range of $600-$700 million.
Murphy Oil Corp. (MUR - Free Report) is scheduled to report third-quarter 2017 earnings on Nov 1, 2017. The Zacks Consensus Estimate of a loss of 14 cents has narrowed by a penny over the last seven days.
WPX Energy Inc. is scheduled to report third-quarter 2017 earnings on Nov 1, 2017. The Zacks Consensus Estimate of a loss of 13 cents has narrowed by a penny over the last seven days.
Apache Corporation (APA - Free Report) is scheduled to report third-quarter 2017 earnings on Nov 2, 2017. The Zacks Consensus Estimate of a loss of 2 cents has remained stable over the last seven days.
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Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Noble Energy (NBL) Beats Q3 Earnings, Retains Sales View
Noble Energy, Inc. incurred adjusted loss of 2 cents per share for the third quarter of 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
On a GAAP basis, the company reported a loss of 28 cents per share compared with a loss of 33 cents in the year-ago quarter.
The difference between adjusted and GAAP figures was due to the combined effect of a loss on divestiture, undeveloped leasehold impairment, loss on debt extinguishment, acquisition expenses and other charges, offset by a gain from tax adjustment.
Total Revenues
Noble Energy's total revenues increased around 5.5% year over year to $960 million in the third quarter. Reported revenues also surpassed the Zacks Consensus Estimate of $937 million by 2.5%.
Noble Energy Inc. Price, Consensus and EPS Surprise
Noble Energy Inc. Price, Consensus and EPS Surprise | Noble Energy Inc. Quote
Operational Results
In the quarter under review, sales volumes averaged 355 thousand barrels of oil equivalent per day (MBoe/d), reflecting a 10 MBoe/d increase from the midpoint of the guided range of 340-350 MBoe/d.
U.S. onshore assets are major contributor to the total sales volume, contributing nearly 219 MBoe/d in the third quarter. The heavy storms during the quarter lowered production volumes by nearly 5 MBoe/d.
Operating expenses in the reported quarter was $958 million compared with $1,160 million in the year-ago quarter reflecting a decline of 17.4%, primarily due to lower exploration expenses and Gathering, Transportation and Processing expenses.
Interest expenses in the quarter were $88 million, up 2.3% year over year.
Nearly 78% of the capital expenditure in third quarter was utilized to strengthen operation of its U.S. onshore plays and 20% was spent in Israel primarily for the Leviathan development.
Realized Prices
U.S. Onshore Realized crude oil and condensate prices in the quarter increased 12.7% to $46.39 per barrel from the year-ago level of $41.15.
U.S. Onshore Natural gas prices increased 26.2% to $2.99 per thousand cubic feet from $2.37 in the year-ago period.
U.S. Onshore Realized prices for natural gas liquids were up 56.9% to $22.91 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Sep 30, 2017 were $564 million, down from $1,180 million as of Dec 31, 2016.
Long-term debt was $7,487 million as of Sep 30, 2017 compared with $7,011 million as of Dec 31, 2016.
Cash flow from operating activities in the quarter was $541 million, down from $614 million last year.
Guidance
For the fourth quarter of 2017, Noble Energy reiterated total sales volume in the range of 380-390 MBoe/d. U.S. onshore volumes are anticipated to be 15% higher than the third quarter and U.S. oil volumes are expected in the range of 102-108 MBbl/d.
Noble Energy expects organic capital expenditure for fourth quarter in the range of $600-$700 million.
Zacks Rank
Noble Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Peer Releases
Murphy Oil Corp. (MUR - Free Report) is scheduled to report third-quarter 2017 earnings on Nov 1, 2017. The Zacks Consensus Estimate of a loss of 14 cents has narrowed by a penny over the last seven days.
WPX Energy Inc. is scheduled to report third-quarter 2017 earnings on Nov 1, 2017. The Zacks Consensus Estimate of a loss of 13 cents has narrowed by a penny over the last seven days.
Apache Corporation (APA - Free Report) is scheduled to report third-quarter 2017 earnings on Nov 2, 2017. The Zacks Consensus Estimate of a loss of 2 cents has remained stable over the last seven days.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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