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%.
RELATED:
Egyptian Firm To Buy $15 Billion Of Israeli Natural Gas
Noble Energy Deals GoM In ‘Last Major’ Portfolio Tweak
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.
Recommended Reading
US Oil, Gas Rig Count Falls to Lowest Since January 2022
2024-05-03 - The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.
Pemex Reports Lower 2Q Production and Net Income
2024-05-03 - Mexico’s Pemex reported both lower oil and gas production and a 91% drop in net income in first-quarter 2024, but the company also reduced its total debt to $101.5 billion, executives said during an earnings webcast with analysts.
Chouest Acquires ROV Company ROVOP to Expand Subsea Capabilities
2024-05-02 - With the acquisition of ROVOP, Chouest will have a fleet of more than 100 ROVs.
SLB, OneSubsea, Subsea 7 Sign Collaboration Deal with Equinor
2024-05-02 - Work is expected to begin immediately on Equinor’s Wisting and Bay Du Nord projects.
SilverBow Makes Horseshoe Lateral in Austin Chalk
2024-05-01 - SilverBow Resources’ 8,900-foot lateral was drilled in Live Oak County at the intersection of South Texas’ oil and condensate phases. It's a first in the Chalk.