Noble Energy, Inc. incurred an adjusted loss of 5 cents per share in fourth-quarter 2019, narrower than the Zacks Consensus Estimate of a loss of 9 cents.
Total Revenues
Noble Energy's total revenues were $1,174 million, beating the Zacks Consensus Estimate of $1,098 million by 6.9%. Revenues declined 1.9% from the year-ago quarter’s $1,197 million.
Highlights of the Release
In the quarter under review, sales volume averaged 373 thousand barrels of oil equivalent per day (MBoe/d), up 6% from the year-ago level. U.S. onshore volumes averaged 285 MBoe/d in the fourth quarter, up 12.6% from the prior-year period. Higher production from the DJ Basin drove U.S. onshore volumes.
Operating expenses in the reported quarter were $2,425 million, up 1.3% from the year-ago period.
Interest expenses in the reported quarter were $64 million, up 3% from the year-ago period.
During the reported quarter, Noble Energy commenced production from the Leviathan field ahead of schedule and more than $200 million under budget.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter improved 5.5% to $55.90 per barrel from the year-ago level of $52.98.
U.S. onshore natural gas prices were $1.72 per thousand cubic feet, down 40.1% year over year.
U.S. onshore realized prices for natural gas liquids also declined 41.2% from the year-ago quarter to $14.61 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Dec 31, 2019 were $484 million compared with $716 million in the corresponding period of 2018.
Long-term debt was $7,477 million as of Dec 31, 2019 compared with $6,574 million in the comparable period of 2018.
Cash flow from operating activities in 2019 was $1,998 million, down from $2,336 million in 2018.
Guidance
Noble Energy expects to invest in the range of $1.6-$1.8 billion in 2020, indicating a decline from $560 million a year ago.
Sales volumes for 2020 are estimated to be 10% higher than 2019, at the midpoint of the company’s guided range of 385-405 MBoe/d. The improvement in volumes can be primarily due to commencement of offshore Israel Leviathan operations at the end of 2019.
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
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share against the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) reported fourth-quarter 2019 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share against the Zacks Consensus Estimate of a loss of 1 cent per share.
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Noble Energy, Inc. incurred an adjusted loss of 5 cents per share in fourth-quarter 2019, narrower than the Zacks Consensus Estimate of a loss of 9 cents.
Total Revenues
Noble Energy's total revenues were $1,174 million, beating the Zacks Consensus Estimate of $1,098 million by 6.9%. Revenues declined 1.9% from the year-ago quarter’s $1,197 million.
Highlights of the Release
In the quarter under review, sales volume averaged 373 thousand barrels of oil equivalent per day (MBoe/d), up 6% from the year-ago level. U.S. onshore volumes averaged 285 MBoe/d in the fourth quarter, up 12.6% from the prior-year period. Higher production from the DJ Basin drove U.S. onshore volumes.
Operating expenses in the reported quarter were $2,425 million, up 1.3% from the year-ago period.
Interest expenses in the reported quarter were $64 million, up 3% from the year-ago period.
During the reported quarter, Noble Energy commenced production from the Leviathan field ahead of schedule and more than $200 million under budget.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter improved 5.5% to $55.90 per barrel from the year-ago level of $52.98.
U.S. onshore natural gas prices were $1.72 per thousand cubic feet, down 40.1% year over year.
U.S. onshore realized prices for natural gas liquids also declined 41.2% from the year-ago quarter to $14.61 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Dec 31, 2019 were $484 million compared with $716 million in the corresponding period of 2018.
Long-term debt was $7,477 million as of Dec 31, 2019 compared with $6,574 million in the comparable period of 2018.
Cash flow from operating activities in 2019 was $1,998 million, down from $2,336 million in 2018.
Guidance
Noble Energy expects to invest in the range of $1.6-$1.8 billion in 2020, indicating a decline from $560 million a year ago.
Sales volumes for 2020 are estimated to be 10% higher than 2019, at the midpoint of the company’s guided range of 385-405 MBoe/d. The improvement in volumes can be primarily due to commencement of offshore Israel Leviathan operations at the end of 2019.
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
CNX Resources Corporation (CNX - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per share against the Zacks Consensus Estimate of a loss of 5 cents.
Murphy Oil Corporation (MUR - Free Report) reported fourth-quarter 2019 adjusted earnings of 16 cents per share, which beat the Zacks Consensus Estimate of 12 cents by 33.3%.
Panhandle Oil & Gas (PHX - Free Report) came out with quarterly earnings of 23 cents per share against the Zacks Consensus Estimate of a loss of 1 cent per share.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
See their latest picks 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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