Noble Energy, Inc.NBL reported adjusted loss of 5 cents per share for the first quarter of 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents. The quarterly loss was also narrower than the year-ago quarter loss of 53 cents.
On a GAAP basis, the company reported earnings of 8 cents per share against a loss of 67 cents in the year-ago quarter.
The difference between adjusted and GAAP figures was due to the combined effect of a gain from commodity derivative instruments and other adjustments. These gains were partially offset by undeveloped leasehold impairments and loss on assets due to the termination of a contract.
Noble Energy's total revenue increased around 43.1% year over year to $1,036 million in the first quarter. Reported revenues beat the Zacks Consensus Estimate of $974 million by 6.4%.
Noble Energy Inc. Price, Consensus and EPS Surprise
In the quarter under review, sales volumes averaged 382 thousand barrels of oil equivalent per day (MBoe/d), reflecting an 8.2% year-over-year drop. U.S. sales accounted for 70.7% of the total volume, while international sales accounted for the rest.
Operating expenses in the reported quarter was $8.83 per barrel of oil equivalent (BOE), representing a 5% decline from the first-quarter 2016 level.
Interest expenses in the quarter were $87 million, up 10.1%.
U.S. Onshore Realized crude oil and condensate prices in the quarter increased 61.5% to $48.88 per barrel from the year-ago level of $30.27.
U.S. Onshore Natural gas prices increased 82.5% to $3.45 per thousand cubic feet (Mcf) from $1.89 in the year-ago period.
U.S. Onshore Realized prices for natural gas liquids were up 114.9% to $23.85 per barrel.
Noble Energy's cash and cash equivalents as of Mar 31, 2017 were $787 million, down from $1,180 million as of Dec 31, 2016.
Long-term debt was $6,995 million as of Mar 31, 2017, down from $7,011 million as of Dec 31, 2016.
Cash flow from operating activities in the quarter was $536 million, up 113.5% from $251 million last year.
Capital expenditure in the quarter was $616 million.
For the second quarter of 2017, Noble Energy expects organic capital expenditure in the range of $650-$750 million and total sales volumes in the range of 405-415 MBoe/d.
For 2017, Noble Energy reiterated organic capital expenditure in the range of $2,300-$2,600 million and total sales volumes in the range of 415-425 MBoe/d.
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 Corporation MUR is slated to report first-quarter earnings on May 3. The Zacks Consensus Estimate is pegged at a loss of 2 cents per share.
Concho Resources Inc. CXO is also slated to report first-quarter earnings on May 3. The Zacks Consensus Estimate stands at 31 cents.
WPX Energy WPX will report first-quarter earnings on May 3. The Zacks Consensus Estimate is pegged at a loss of 17 cents.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>