Noble Energy, Inc. delivered adjusted earnings of 12 cents per share in fourth-quarter 2018, surpassing the Zacks Consensus Estimate of 11 cents by 9%. However, the bottom line plunged 62.5% year over year.
On a GAAP basis, the company incurred a loss of $1.72 per share, against the earnings of $1.01 in the year-ago quarter.
In 2018, Noble Energy delivered adjusted earnings of 90 cents, up from 31 cents in 2017.
Total Revenues
Noble Energy's total revenues declined 0.3% year over year to $1,197 million in the fourth quarter. Nevertheless, the top line beat the Zacks Consensus Estimate of $1,170 million by 2.3%.
In 2018, Noble Energy delivered revenues worth $4,986 million, up from $ 4,256 million in 2017.
Operational Results
In the quarter under review, sales volume averaged 350 thousand barrels of oil equivalent per day (MBoe/d), which surpassed the upper end of the guidance. U.S. onshore assets contributed 72% to total sales volume in the fourth quarter.
The company incurred operating loss of $1,198 million, against operating income of $461 million in the year-ago quarter.
In 2018, the company returned more than $500 million to shareholders, of which $295 million were through the share repurchase program and $208 million through quarterly dividend.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 1.6% to $52.98 per barrel from the year-ago quarter’s level of $53.83.
U.S. onshore natural gas prices were $2.87 per thousand cubic feet, flat year over year.
U.S. onshore realized prices for natural gas liquids were down 10.5% to $24.84 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Dec 31, 2018 were $716 million, up from $675 million on Dec 31, 2017.
Long-term debt was $6,574 million as of Dec 31, 2018 compared with $6,746 million on Dec 31, 2017.
Cash flow from operating activities in the quarter was $560 million, up from $533 million in the prior-year quarter.
Guidance
For 2019, the company expects average U.S. onshore sales volumes in the range of 262-278 thousand barrels of oil equivalent per day (MBoe/d).
For the first quarter of 2019, U.S. onshore sales volumes are expected to be slightly lower than the fourth-quarter tally.
During the first quarter, the company’s intends to make organic capital expenditures worth $725-$800 million.
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 Oils-Energy Releases
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 19.2%.
CNX Resources Corporation (CNX - Free Report) delivered adjusted earnings of 67 cents per share in fourth-quarter 2018, which beat the Zacks Consensus Estimate of 28 cents by a whopping 139.3%.
Anadarko Petroleum Corporation’s fourth-quarter 2018 adjusted earnings of 38 cents per share missed the Zacks Consensus Estimate of 57 cents by 33.33%.
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Noble Energy, Inc. delivered adjusted earnings of 12 cents per share in fourth-quarter 2018, surpassing the Zacks Consensus Estimate of 11 cents by 9%. However, the bottom line plunged 62.5% year over year.
On a GAAP basis, the company incurred a loss of $1.72 per share, against the earnings of $1.01 in the year-ago quarter.
In 2018, Noble Energy delivered adjusted earnings of 90 cents, up from 31 cents in 2017.
Total Revenues
Noble Energy's total revenues declined 0.3% year over year to $1,197 million in the fourth quarter. Nevertheless, the top line beat the Zacks Consensus Estimate of $1,170 million by 2.3%.
In 2018, Noble Energy delivered revenues worth $4,986 million, up from $ 4,256 million in 2017.
Operational Results
In the quarter under review, sales volume averaged 350 thousand barrels of oil equivalent per day (MBoe/d), which surpassed the upper end of the guidance. U.S. onshore assets contributed 72% to total sales volume in the fourth quarter.
The company incurred operating loss of $1,198 million, against operating income of $461 million in the year-ago quarter.
In 2018, the company returned more than $500 million to shareholders, of which $295 million were through the share repurchase program and $208 million through quarterly dividend.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 1.6% to $52.98 per barrel from the year-ago quarter’s level of $53.83.
U.S. onshore natural gas prices were $2.87 per thousand cubic feet, flat year over year.
U.S. onshore realized prices for natural gas liquids were down 10.5% to $24.84 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Dec 31, 2018 were $716 million, up from $675 million on Dec 31, 2017.
Long-term debt was $6,574 million as of Dec 31, 2018 compared with $6,746 million on Dec 31, 2017.
Cash flow from operating activities in the quarter was $560 million, up from $533 million in the prior-year quarter.
Guidance
For 2019, the company expects average U.S. onshore sales volumes in the range of 262-278 thousand barrels of oil equivalent per day (MBoe/d).
For the first quarter of 2019, U.S. onshore sales volumes are expected to be slightly lower than the fourth-quarter tally.
During the first quarter, the company’s intends to make organic capital expenditures worth $725-$800 million.
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 Oils-Energy Releases
Murphy Oil Corporation (MUR - Free Report) delivered fourth-quarter 2018 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 26 cents by 19.2%.
CNX Resources Corporation (CNX - Free Report) delivered adjusted earnings of 67 cents per share in fourth-quarter 2018, which beat the Zacks Consensus Estimate of 28 cents by a whopping 139.3%.
Anadarko Petroleum Corporation’s fourth-quarter 2018 adjusted earnings of 38 cents per share missed the Zacks Consensus Estimate of 57 cents by 33.33%.
Is Your Investment Advisor Fumbling Your Financial Future?
See how you can more effectively safeguard your retirement with a new Special Report, “4 Warning Signs Your Investment Advisor Might Be Sabotaging Your Financial Future.”
Click to get it free >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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