Mon, Aug. 3, 10:31 AM
- Noble Energy (NBL -2.2%) opens lower after reporting better than expected Q2 earnings but also a 47% Y/Y revenue decline and costs that are not falling as much as sales.
- While NBL's Q2 sales volumes rose 3.1% Y/Y to 299K boe/day, crude oil and condensate sales were cut in half to $483M, and natural gas revenue fell 28% Y/Y to $215M.
- NBL attributes the modest rise in Q2 total sales volume to the continued development of the DJ Basin and Marcellus shale plays, where combined production rose 28%.
- NBL raises its full-year sales volume forecast to 305K-320K boe/day from 300K-315K boe/day, and says it expects more than 15% annual production growth from assets recently acquired from Rosetta Resources, which includes 50K acres in the Eagle Ford Shale and 54K acres in the Permian.
- NBL says total organic capital spending in 2015 remains unchanged at $2.9B for legacy assets; Q2 costs fell 17% Y/Y and 13% Q/Q.
Mon, Aug. 3, 7:34 AM
Sun, Aug. 2, 5:30 PM
Fri, Jul. 17, 12:58 PM
- Rosetta Resources (ROSE +1.2%) pumped 63K boe/day during Q2, 2% more than the same period last year and exceeding the high end of company estimates, the company said in its Q2 earnings report ahead of the expected close next Monday of its takeover by Noble Energy (NBL +1.2%).
- ROSE’s assets in the Eagle Ford Shale in South Texas and the Permian Basin in West Texas have been “under-appreciated,” and the Q2 results shed light on why NBL was eager to snap them up, Tudor Pickering analysts say.
- ROSE’s volumes are projected to add 66K boe/day to NBL’s portfolio, or ~18% of the company’s total output, and the Q2 results are "a positive read-through for Noble," Raymond James says.
- Even as ROSE pumped more oil, the company posted a $342M Q2 loss as it fetched a smaller price for its crude.
Tue, May 5, 10:12 AM
- Noble Energy (NBL +0.8%) opens higher after beating Q1 earnings estimates by a penny but posting a 45% drop in revenues, as the price it received for a barrel of oil fell by more than half.
- But NBL raised its sales volume guidance for the year, now expecting sales of 300K-315K boe/day after Q1 sales volume rose 11% Y/Y to a quarterly record 318K boe/day, due mostly to the development of the DJ Basin and Marcellus Shale resource plays.
- NBL's Q1 average realized prices for crude oil and condensates fell to $45.96/bbl from $100.23 a year earlier, while average prices for natural gas fell 27%.
- NBL says it remains on track with its capital budget of $2.9B for the year after announcing plans in February to cut its 2015 capex plans by ~40%.
Tue, May 5, 7:36 AM
Mon, May 4, 5:30 PM
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Thu, Feb. 19, 8:26 AM
- Noble Energy (NYSE:NBL) plans a 40% reduction in capital spending for 2015 to $2.9B, in the latest example of an energy company that has slashed its spending plans in the wake of sharply lower oil prices.
- At the same time, NBL forecasts total 2015 sales volumes of 295K-315K boe, representing 5% growth at the midpoint of the range, after adjusting for assets divested in 2014.
- The capital program comprises 60% toward core U.S. onshore assets, 35% for global offshore development activities and 5% for global offshore exploration.
- In NBL's Q4 earnings results, the sharp drop in oil prices cut into revenue and offset higher sales volumes; estimated reserves at year-end 2014 were 1.4B boe.
Thu, Feb. 19, 7:31 AM
Wed, Feb. 18, 5:30 PM| Wed, Feb. 18, 5:30 PM | 7 Comments
Oct. 28, 2014, 10:49 AM
- Noble Energy (NBL +0.8%) is modestly higher after reporting Q3 earnings that missed estimates but more than doubled from the previous year while revenues slipped 9% as it realized lower prices for crude oil and natural gas liquids.
- NBL says total sales volumes rose 3% Y/Y to average 302K boe/day, its highest ever and a 3% Y/Y increase, and that the growth would be 10% after taking into account assets the company had sold since Q3 2013.
- Average realized prices for crude oil and condensates fell 9%, average realized prices increased 5% for natural gas, and natural gas liquids prices fell 5.5%.
- Total Q3 operating expenses grew 19%.
- Sees Q4 volumes of 307M-327M boe/day; the midpoint of the updated sales volume range represents a 15% gain over Q4 of last year after adjusting for the impact of the sale of its Piceance Basin assets.
Oct. 28, 2014, 7:30 AM
Oct. 27, 2014, 5:30 PM
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Jul. 24, 2014, 11:49 AM
- Noble Energy (NBL -3.6%) is sharply lower after Q2 earnings were cut in half from a year ago, as higher expenses masked a rise in revenue.
- Q2 revenue rose 20% Y/Y to $1.38B, total sales volumes jumped 13%, average realized prices for crude oil and condensates rose 5.9%, while average realized prices gained 15% for natural gas liquids and 10% for natural gas.
- Total oil and gas production rose 14% to 290K boe/day; NBL expects to produce 290K-305K boe/day in Q3 and 310K-330K boe/day in Q4.
- While production from the Denver-Julesburg basin rose in the quarter, NBL says the output fell below its expectations due to downtime at a third-party processing plant and facility upgrades at more than 60 wells.
- Total operating expenses for Q2 rose 8.4%.
Jul. 24, 2014, 7:31 AM
Apr. 24, 2014, 8:36 AM
- Noble Energy (NBL) is flat premarket after Q1 earnings beat expectations but fell 23% Y/Y, as higher expenses offset a rise in revenue.
- Revenues rose to $1.38B from $1.14B as crude, natural gas and natural gas liquids sales all increased, but total operating expenses soared to $975M from $718M; NBL also booked an asset impairment of $97M after having none in the year-ago period.
- Q1 production rose to 286K boe/day from 246K in the same period last year, with U.S. production alone climbing 12% to 163K boe/day; for Q2, NBL expects to produce 290K-296K boe/day.
- Revises FY 2014 volume guidance to 302K-310K boe/day, due to the expected closing of an asset sale in Bohai Bay off China later this year and a U.S. onshore asset sale set to close this month.
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