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Noble Energy (NBL) Posts Narrower-Than-Expected Loss in Q2

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Noble Energy, Inc. (NBL - Free Report) incurred an adjusted loss of 10 cents per share in second-quarter 2019, narrower than the Zacks Consensus Estimate of a loss of 13 cents.

Total Revenues

Noble Energy's total revenues declined 11.1% year over year to $1,093 million in the second quarter. Nevertheless, the top line outpaced the Zacks Consensus Estimate of $1,049 million by 4.2%.

Operational Results

In the quarter under review, sales volume averaged 349 thousand barrels of oil equivalent per day (MBoe/d). U.S. onshore volumes averaged 263 MBoe/d. U.S. onshore assets contributed 75.3% to total sales volume in the second quarter.

The company generated operating income of $32 million compared with $343 million in the year-ago quarter.

Noble Energy Inc. Price, Consensus and EPS Surprise

Noble Energy Inc. Price, Consensus and EPS Surprise

Noble Energy Inc. price-consensus-eps-surprise-chart | Noble Energy Inc. Quote

Realized Prices

U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 10% to $58.13 per barrel from the year-ago quarter’s level of $64.62.

U.S. onshore natural gas prices were $1.61 per thousand cubic feet, down 29.7% year over year.

U.S. onshore realized prices for natural gas liquids declined 40.4% to $14.54 per barrel.

Financial Highlights

Noble Energy's cash and cash equivalents as of Jun 30, 2019, were $470 million compared with $716 million on Dec 31, 2018.

Long-term debt was $6,866 million as of Jun 30 compared with $6,574 million on Dec 31, 2018.

Cash flow from operating activities in the quarter under review was $564 million, up from $496 million in the prior-year quarter.

Guidance

Considering its impressive run in the first half of the year, the company raised its 2019 sales volume guidance in the range of 353-363MBoe/d from 345-365 MBoe/d.

For the third quarter of 2019, Noble Energy expects U.S. onshore oil volumes in the range of 282-294 MBoe/d. The company anticipates total third-quarter volumes in the range of 370-385 MBoe/d.

Furthermore, the company intends to make organic capital expenditures worth $600-$675 million in the third 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

Eni S.p.A. (E - Free Report) reported second-quarter 2019 adjusted earnings per share (EPS) of 36 cents, which lagged the Zacks Consensus Estimate of 65 cents by 44.6%.

BP plc (BP - Free Report) reported second-quarter 2019 EPS of 83 cents, which surpassed the Zacks Consensus Estimate of 78 cents by 6.4%.

Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2019 earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 91 cents by 6.6%.

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