Noble Energy Earnings Cheat Sheet: Great Start to 2011

Rising revenue was not enough for S&P 500 (NYSE:SPY) component Noble Energy, Inc. (NYSE:NBL) as the independent oil and gas company saw profit fall in the first quarter. Noble Energy, Inc. is an independent energy company that acquires and produce crude oil (NYSE:USO), natural gas (NYSE:UNG) and natural gas liquids.

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Noble Energy Earnings Cheat Sheet for the First Quarter

Results: Net income for Noble Energy, Inc. fell to $14 million (8 cents/share) vs. $237 million ($1.34/share) a year earlier. A decline of 94.1% from the year earlier quarter.

Revenue: Rose 27.2% to $899 million YoY.

Actual vs. Wall St. Expectations: NBL‘s adjusted earnings of $1.35 per share, beat the mean analyst estimate of $1.14/share. Estimates ranged from 94 cents per share to $1.31 per share.

Quoting Management: Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “Noble Energy’s first quarter has delivered a great start to 2011. With high liquid volumes and pricing, combined with good cost control, the business generated very strong cash flow. Our balance sheet was further fortified with a successful debt offering, and as a result, the Company is in a very strong position. Operationally, we remain focused on delivering production and cash flow growth from our base of discovered resources and major project developments. We are excited to have active investment programs ongoing in all four of our core areas, including development of our major projects, as well as exploration, appraisal, and development drilling underway throughout our global portfolio.”

Competitors to Watch: Marathon Oil Corporation (NYSE:MRO), Anadarko Petroleum Corp. (NYSE:APC), EOG Resources, Inc. (NYSE:EOG), Newfield Exploration Co. (NYSE:NFX), Chevron Corporation (NYSE:CVX), Apache Corporation (NYSE:APA), Harvest Natural Resources, Inc. (NYSE:HNR), Murphy Oil Corporation (NYSE:MUR), Crimson Exploration Inc. (NASDAQ:CXPO), Chesapeake (NYSE:CHK), ExxonMobil (NYSE:XOM), BP plc (NYSE:BP) and ATP Oil & Gas Corporation (NASDAQ:ATPG).

Today’s Performance: Shares of NBL closed at $96.23 as of April 28, 2011 at 4:00 PM ET, up a little from the previous close.


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