Noble Energy, Inc. Earnings: Strong Revenue Helps Net Income

S&P 500 (NYSE:SPY) component Noble Energy, Inc. (NYSE:NBL) reported net income above Wall Street’s expectations for the second quarter. Noble Energy, Inc. is an independent energy company that acquires and produce crude oil, natural gas and natural gas liquids.

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Noble Energy Earnings Cheat Sheet for the Second Quarter

Results: Net income for Noble Energy, Inc. rose to $294 million ($1.61 per share) vs. $204 million ($1.10 per share) in the same quarter a year earlier. This marks a rise of 44.1% from the year earlier quarter.

Revenue: Rose 27% to $954 million from the year earlier quarter.

Actual vs. Wall St. Expectations: NBL reported adjusted net income of $1.44 per share. By that measure, the company beat the mean estimate of $1.32 per share. It beat the average revenue estimate of $919.1 million.

Quoting Management: Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “The second quarter was another strong quarter for Noble Energy. With our performance to date, we now expect sales volumes for the year will fall in the top end of our original guidance range. The second half of the year will be very active for our Company with further expansion of the DJ basin horizontal Niobrara play and active rig programs in all of our key offshore regions. We continue to make excellent progress on our major development projects with Aseng in Equatorial Guinea now well ahead of schedule and our exploration success at Santiago being integrated into the Galapagos project plans. In addition, we anticipate testing multiple exploration opportunities in West Africa, the Eastern Mediterranean, and the deepwater Gulf of Mexico before the end of the year.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 19 cents in the first quarter, by 3 cents in the fourth quarter of the last fiscal year, and by 46 cents in the third quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 27.2% to $899 million in the first quarter. The figure rose 3% in the fourth quarter of the last fiscal year from the year earlier and climbed 21% in the third quarter of the last fiscal year from the year-ago quarter.

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), and ATP Oil & Gas Corporation (NASDAQ:ATPG).

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(Source: Xignite Financials)

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