Noble Energy Inc.'s (NYSE: NBL) quarterly profit breezed past analysts' estimates as U.S. sales volumes surged and the company kept a tight leash on expenses.
A rise in global crude prices, led by OPEC cuts, has prompted oil and gas companies to ramp up production. U.S. crude prices averaged $55.30 per barrel in the last quarter of 2017, up 12.2% from a year earlier.
Noble's total operating expenses nearly halved to $740 million in the fourth quarter ended Dec. 31, as exploration costs fell by 90%.
RELATED:
Egyptian Firm To Buy $15 Billion Of Israeli Natural Gas
Noble Energy Deals GoM In ‘Last Major’ Portfolio Tweak
Total sales volumes from U.S. onshore rose 40.5% to 104,000 barrels of oil equivalent per day, and prices realized per barrel rose by $7.14.
Net income attributable was $494 million, or $1.01 per share, compared with a loss of $252 million, or 59 cents per share, a year earlier.
On an adjusted basis, Noble earned 32 cents per share. Analysts on average had expected 4 cents profit, according to Thomson Reuters I/B/E/S.
The Houston-based company's total revenue rose 19% to $1.2 billion.
The company's shares were up 2.7% at $26.98 in premarket trading.
Recommended Reading
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.