- Noble Energy (NYSE:NBL) reports a narrower than expected Q1 loss and raises its 2016 sales volume guidance by 4%.
- NBL says its Q1 sales volume rose 31% Y/Y to 416K boe/day, and its first two Delaware Basin wells in Texas' Reeves County had started producing; excluding assets from last July's merger with Rosetta Resources, volumes rose 12%.
- NBL says it now expects full-year sales volumes of 405K boe/day vs. its earlier forecast of 390K; U.S. volumes are increased as a result of improved productivity primarily in the DJ Basin, even with slightly fewer completions expected to commence production, while international volumes are driven by reduced Alba field downtime in west Africa and higher natural gas demand in Israel.
- NBL expects Q2 capex of $350M-$400M, with full-year capex coming in less than the original $1.5B estimate.
- Q1 total lease operating costs averaged $4.25/boe, down 22% Y/Y, and NBL says "Significant capital efficiency gains and outstanding operating performance, combined with robust liquidity, position us well in any price scenario."