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Friday, August 3, 2018

-=Noble Energy (NBL) reported earnings on Fri 3 Aug 2018 (b/o)

Noble Energy misses by $0.05, beats on revs 
  • Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus of $0.22; revenues rose 16.1% year/year to $1.23 bln vs the $1.15 bln Capital IQ Consensus.
  • Total company sales volumes for the second quarter of 2018 were 346 thousand barrels of oil equivalent per day (MBoe/d), in the upper half of the Company's guidance range. Compared to the second quarter of 2017, sales volumes increased by approximately 11 percent(1) due to higher volumes from each of the Company's U.S. onshore assets. U.S. production comprised approximately 71 percent of total volumes in the second quarter 2018, with Israel representing 11 percent, and West Africa 18 percent. Liquids comprised 56 percent of total sales volumes for the second quarter 2018.
  • Guidance:
    • Third quarter sales volumes are estimated to range between 335 and 345 MBoe/d. As compared to the second quarter of 2018, U.S. onshore oil volumes in the third quarter are higher by nearly 10 MBbl/d driven by growth from the Delaware and DJ Basins. Israel sales volumes are anticipated to be slightly higher than the second quarter with West Africa lower, driven equally by natural gas decline and the timing of oil liftings. Full year 2018 sales volumes are estimated to be towards the lower end of the Company's full year range, 350 to 360 MBoe/d, resulting from deferred completion activity in the Delaware and Eagle Ford declines.
    • The Company's full year capital expectation has been revised to be approximately $3 billion (Prior $2.7 to $2.9 billion), reflecting increased onshore facility spend from the first half of 2018 and inflation in the U.S. onshore as a result of the higher commodity price environment.

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