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Noble Energy, Inc. reported adjusted earnings of 17 cents per share in the second quarter of 2018, lagging the Zacks Consensus Estimate of 24 cents by 29.2%.
On a GAAP basis, the company reported a loss of 5 cents per share compared with the year-ago quarter’s figure of $3.20.
Noble Energy Inc. Price, Consensus and EPS Surprise
Noble Energy's total revenues increased around 16.1% year over year to $1,230 million in the second quarter. Reported revenues also surpassed the Zacks Consensus Estimate of $1,135 million by 8.4%.
Improvement in the realized prices of crude oil and natural gas liquids helped the company beat revenue expectation, despite a 15.2% year-over-year fall in sales volume.
Operational Results
In the quarter under review, sales volume averaged 346 thousand barrels of oil equivalent per day (MBoe/d), which is within the guided range of 340-350 MBoe/d. U.S. onshore assets are a major contributor to the total sales volume, contributing nearly 244 MBoe/d in the second quarter.
Operating income was $343 million versus a loss of $2,300 million in the year-ago quarter.
During the quarter, the company repurchased 1.8 million shares, bringing the total year-to-date repurchase to 4 million shares, or 17% of the authorized $750 million share repurchase program.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the quarter increased 41.6% to $64.62 per barrel from the year-ago level of $45.63.
U.S. onshore natural gas prices decreased 28.2% to $2.29 per thousand cubic feet from $3.19 in the year-ago period.
U.S. onshore realized prices for natural gas liquids were up 29.9% to $24.39 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Jun 30, 2018 were $621 million, down from $675 million on Dec 31, 2017.
Long-term debt was $6,555 million as of Jun 30, 2018 compared with $6,746 million on Dec 31, 2017.
Cash flow from operating activities in the quarter was $496 million, up from $341 million in the prior-year quarter.
Guidance
Noble Energy now expects its 2018 sales volume at the lower end of the guided range of 350-360 MBoe/d, due to deferred completion activity in the Delaware and Eagle Ford declines. Third-quarter sales volumes are anticipated between 335 MBoe/d and 345 MBoe/d.
Noble Energy raised its 2018 capital expenditure to $3 billion (versus earlier expectation between $2.7 billion and $2.9 billion) due to increased U.S. onshore activity.
EQT Corporation (EQT - Free Report) posted second-quarter 2018 operating earnings of 44 cents per share, beating the Zacks Consensus Estimate of 37 cents by 18.9%.
Antero Resources Corporation (AR - Free Report) posted second-quarter 2018 operating earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 18 cents by 88.9%.
Southwestern Energy Company (SWN - Free Report) posted second-quarter 2018 operating earnings of 18 cents per share, beating the Zacks Consensus Estimate of 16 cents by 12.5%.
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Noble (NBL) Misses Q2 Earnings Estimates, Beats Revenues
Noble Energy, Inc. reported adjusted earnings of 17 cents per share in the second quarter of 2018, lagging the Zacks Consensus Estimate of 24 cents by 29.2%.
On a GAAP basis, the company reported a loss of 5 cents per share compared with the year-ago quarter’s figure of $3.20.
Noble Energy Inc. Price, Consensus and EPS Surprise
Noble Energy Inc. Price, Consensus and EPS Surprise | Noble Energy Inc. Quote
Total Revenues
Noble Energy's total revenues increased around 16.1% year over year to $1,230 million in the second quarter. Reported revenues also surpassed the Zacks Consensus Estimate of $1,135 million by 8.4%.
Improvement in the realized prices of crude oil and natural gas liquids helped the company beat revenue expectation, despite a 15.2% year-over-year fall in sales volume.
Operational Results
In the quarter under review, sales volume averaged 346 thousand barrels of oil equivalent per day (MBoe/d), which is within the guided range of 340-350 MBoe/d. U.S. onshore assets are a major contributor to the total sales volume, contributing nearly 244 MBoe/d in the second quarter.
Operating income was $343 million versus a loss of $2,300 million in the year-ago quarter.
During the quarter, the company repurchased 1.8 million shares, bringing the total year-to-date repurchase to 4 million shares, or 17% of the authorized $750 million share repurchase program.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the quarter increased 41.6% to $64.62 per barrel from the year-ago level of $45.63.
U.S. onshore natural gas prices decreased 28.2% to $2.29 per thousand cubic feet from $3.19 in the year-ago period.
U.S. onshore realized prices for natural gas liquids were up 29.9% to $24.39 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Jun 30, 2018 were $621 million, down from $675 million on Dec 31, 2017.
Long-term debt was $6,555 million as of Jun 30, 2018 compared with $6,746 million on Dec 31, 2017.
Cash flow from operating activities in the quarter was $496 million, up from $341 million in the prior-year quarter.
Guidance
Noble Energy now expects its 2018 sales volume at the lower end of the guided range of 350-360 MBoe/d, due to deferred completion activity in the Delaware and Eagle Ford declines. Third-quarter sales volumes are anticipated between 335 MBoe/d and 345 MBoe/d.
Noble Energy raised its 2018 capital expenditure to $3 billion (versus earlier expectation between $2.7 billion and $2.9 billion) due to increased U.S. onshore activity.
Zacks Rank
Currently, Noble Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
EQT Corporation (EQT - Free Report) posted second-quarter 2018 operating earnings of 44 cents per share, beating the Zacks Consensus Estimate of 37 cents by 18.9%.
Antero Resources Corporation (AR - Free Report) posted second-quarter 2018 operating earnings of 2 cents per share, lagging the Zacks Consensus Estimate of 18 cents by 88.9%.
Southwestern Energy Company (SWN - Free Report) posted second-quarter 2018 operating earnings of 18 cents per share, beating the Zacks Consensus Estimate of 16 cents by 12.5%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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