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Noble Energy (NBL) Q1 Loss Wider Than Expected, Revenues Beat

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Noble Energy, Inc.  incurred an adjusted loss of 9 cents per share in first-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 8 cents.

On a GAAP basis, the company incurred a loss of 65 cents against earnings of $1.14 registered in the year-ago quarter.

Total Revenues

Noble Energy's total revenues declined 18.2% year over year to $1,052 million in the first quarter. Nevertheless, the top line outpaced the Zacks Consensus Estimate of $1,004 million by 4.8%.

Noble Energy Inc. Price, Consensus and EPS Surprise

Noble Energy Inc. Price, Consensus and EPS Surprise | Noble Energy Inc. Quote

Operational Results

In the quarter under review, sales volume averaged 337 thousand barrels of oil equivalent per day (MBoe/d). U.S. onshore volumes averaged 253 MBoe/d. U.S. onshore assets contributed 75% to total sales volume in the first quarter.

The company incurred operating loss of $91 million against operating income of $708 million in the year-ago quarter.

Realized Prices

U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 13% to $53.46 per barrel from the year-ago quarter’s level of $61.50.

U.S. onshore natural gas prices were $2.49 per thousand cubic feet, down 4.2% year over year.

U.S. onshore realized prices for natural gas liquids decreased 30% to $17.86 per barrel.

Financial Highlights

Noble Energy's cash and cash equivalents as of Mar 31, 2019, were $528 million, down from $716 million on Dec 31, 2018.

Long-term debt was $6,738 million as of Mar 31, 2019, compared with $6,574 million on Dec 31, 2018.

Cash flow from operating activities in the quarter under review was $528 million, down from $583 million in the prior-year quarter.

Guidance

For the second quarter of 2019, Noble Energy expects sales volumes in the range of 332- 347 MBoe/d.

Furthermore, the company intends to make organic capital expenditures worth $675-$750 million in the second quarter.

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.

Oils-Energy Releases

TOTAL S.A. delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90 per share), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%

Anadarko Petroleum Corp. delivered first-quarter 2019 adjusted earnings of 53 cents per share, which exceeded the Zacks Consensus Estimate of 30 cents by 76.67%.

Devon Energy Corp. (DVN - Free Report) reported first-quarter 2019 adjusted earnings per share of 36 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 20%.

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