Noble Energy Inc.'s (NBL) third-quarter earnings fell 7.2% as hedging impacts masked the oil-and-gas explorer's stronger revenue and sales volume.
Noble Energy Inc.'s (NBL) third-quarter earnings fell 7.2% as hedging
impacts masked the oil-and-gas explorer's stronger revenue and sales volume.
The company has been selling its noncore assets, positioning itself to focus on
horizontal drilling operations in the
U.S.
and
offshore projects in the
Gulf of Mexico
, the
Mediterranean
and
West
Africa
. Major initiatives for this year include projects in
Israel
and
Equatorial
Guinea
.
Noble Energy reported a profit of $205 million, or 56 cents a share, down from
$221 million, or 61 cents a share, a year earlier. Unrealized losses related to
hedging came to 41 cents a share, compared with 37 cents a year earlier. The
year-ago period also included a large asset sale that boosted income. Excluding
hedging impacts, the asset sale and other items, earnings rose to 97 cents from
41 cents.
Revenue improved 39% to $1.39 billion on sharply higher crude oil and
condensate revenue, as well as improved natural gas revenue.
Analysts surveyed by Thomson Reuters projected an adjusted profit of 96 cents
on revenue of $1.38 billion.
Sales volumes from continuing operations grew 21% to 293,000 barrels of oil equivalent
a day. Global crude oil and condensate prices averaged $104.95 per barrel, 5.7%
higher than a year ago. Natural gas realized prices rose 45% to $3.11 on higher
prices in the
U.S.
and
Israel
.
Shares closed Wednesday at $71.38 and were inactive premarket. The stock has
risen 40% so far this year.
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