Noble Energy (NBL) Q1 Loss Wider Than Expected, Revenues Beat
Noble Energy, Inc. NBL incurred an adjusted loss of 9 cents per share in first-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 8 cents.
On a GAAP basis, the company incurred a loss of 65 cents against earnings of $1.14 registered in the year-ago quarter.
Total Revenues
Noble Energy's total revenues declined 18.2% year over year to $1,052 million in the first quarter. Nevertheless, the top line outpaced the Zacks Consensus Estimate of $1,004 million by 4.8%.
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 337 thousand barrels of oil equivalent per day (MBoe/d). U.S. onshore volumes averaged 253 MBoe/d. U.S. onshore assets contributed 75% to total sales volume in the first quarter.
The company incurred operating loss of $91 million against operating income of $708 million in the year-ago quarter.
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 13% to $53.46 per barrel from the year-ago quarter’s level of $61.50.
U.S. onshore natural gas prices were $2.49 per thousand cubic feet, down 4.2% year over year.
U.S. onshore realized prices for natural gas liquids decreased 30% to $17.86 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Mar 31, 2019, were $528 million, down from $716 million on Dec 31, 2018.
Long-term debt was $6,738 million as of Mar 31, 2019, compared with $6,574 million on Dec 31, 2018.
Cash flow from operating activities in the quarter under review was $528 million, down from $583 million in the prior-year quarter.
Guidance
For the second quarter of 2019, Noble Energy expects sales volumes in the range of 332- 347 MBoe/d.
Furthermore, the company intends to make organic capital expenditures worth $675-$750 million in the second 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
TOTAL S.A. TOT delivered first-quarter 2019 operating earnings of $1.02 per share (€0.90 per share), which lagged the Zacks Consensus Estimate of $1.09 by 6.4%
Anadarko Petroleum Corp. APC delivered first-quarter 2019 adjusted earnings of 53 cents per share, which exceeded the Zacks Consensus Estimate of 30 cents by 76.67%.
Devon Energy Corp. DVN reported first-quarter 2019 adjusted earnings per share of 36 cents, which surpassed the Zacks Consensus Estimate of 30 cents by 20%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TOTAL S.A. (TOT) : Free Stock Analysis Report
Anadarko Petroleum Corporation (APC) : Free Stock Analysis Report
Devon Energy Corporation (DVN) : Free Stock Analysis Report
Noble Energy Inc. (NBL) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
