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Noble Energy (NBL) Beats Q4 Earnings & Revenue Estimates

Zacks Equity Research

Noble Energy, Inc. NBL 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.

Noble Energy Inc. Price, Consensus and EPS Surprise

Noble Energy Inc. Price, Consensus and EPS Surprise | Noble Energy Inc. Quote

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 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 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 APC 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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