Noble Energy Inc.'s (NYSE: NBL) quarterly profit breezed past analysts' estimates as U.S. sales volumes surged and the company kept a tight leash on expenses.
A rise in global crude prices, led by OPEC cuts, has prompted oil and gas companies to ramp up production. U.S. crude prices averaged $55.30 per barrel in the last quarter of 2017, up 12.2% from a year earlier.
Noble's total operating expenses nearly halved to $740 million in the fourth quarter ended Dec. 31, as exploration costs fell by 90%.
Total sales volumes from U.S. onshore rose 40.5% to 104,000 barrels of oil equivalent per day, and prices realized per barrel rose by $7.14.
Net income attributable was $494 million, or $1.01 per share, compared with a loss of $252 million, or 59 cents per share, a year earlier.
On an adjusted basis, Noble earned 32 cents per share. Analysts on average had expected 4 cents profit, according to Thomson Reuters I/B/E/S.
The Houston-based company's total revenue rose 19% to $1.2 billion.
The company's shares were up 2.7% at $26.98 in premarket trading.
2023-09-01 - U.S. energy firms this week cut the number of active oil and natural gas rigs for an eighth week in a row, says Baker Hughes.
2023-08-11 - The oil and gas rig count dropped to 654, a decrease of 5 in the week ending Aug. 11.
2023-09-29 - The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29.
2023-09-15 - Despite this week's rig increase, Baker Hughes said the total count was still down 122, or 16%, below this time last year.
2023-08-18 - For the week ending Aug. 18, the oil and gas rig count fell by 12 to 642, the lowest since February 2022.