Noble Energy, Inc. (NYSE:NBL) incurred an adjusted loss of 10 cents per share in second-quarter 2019, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
Total Revenues
Noble Energy's total revenues declined 11.1% year over year to $1,093 million in the second quarter. Nevertheless, the top line outpaced the Zacks Consensus Estimate of $1,049 million by 4.2%.
Operational Results
In the quarter under review, sales volume averaged 349 thousand barrels of oil equivalent per day (MBoe/d). U.S. onshore volumes averaged 263 MBoe/d. U.S. onshore assets contributed 75.3% to total sales volume in the second quarter.
The company generated operating income of $32 million compared with $343 million in the year-ago quarter.
Noble Energy Inc. Price, Consensus and EPS Surprise
Noble Energy Inc. price-consensus-eps-surprise-chart | Noble Energy Inc. Quote
Realized Prices
U.S. onshore realized crude oil and condensate prices in the reported quarter dropped 10% to $58.13 per barrel from the year-ago quarter’s level of $64.62.
U.S. onshore natural gas prices were $1.61 per thousand cubic feet, down 29.7% year over year.
U.S. onshore realized prices for natural gas liquids declined 40.4% to $14.54 per barrel.
Financial Highlights
Noble Energy's cash and cash equivalents as of Jun 30, 2019, were $470 million compared with $716 million on Dec 31, 2018.
Long-term debt was $6,866 million as of Jun 30 compared with $6,574 million on Dec 31, 2018.
Cash flow from operating activities in the quarter under review was $564 million, up from $496 million in the prior-year quarter.
Guidance
Considering its impressive run in the first half of the year, the company raised its 2019 sales volume guidance in the range of 353-363MBoe/d from 345-365 MBoe/d.
For the third quarter of 2019, Noble Energy expects U.S. onshore oil volumes in the range of 282-294 MBoe/d. The company anticipates total third-quarter volumes in the range of 370-385 MBoe/d.
Furthermore, the company intends to make organic capital expenditures worth $600-$675 million in the third 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
Eni S.p.A. (NYSE:E) reported second-quarter 2019 adjusted earnings per share (EPS) of 36 cents, which lagged the Zacks Consensus Estimate of 65 cents by 44.6%.
BP plc (NYSE:BP) reported second-quarter 2019 EPS of 83 cents, which surpassed the Zacks Consensus Estimate of 78 cents by 6.4%.
Occidental Petroleum Corporation (NYSE:OXY) reported second-quarter 2019 earnings of 97 cents per share, which surpassed the Zacks Consensus Estimate of 91 cents by 6.6%.
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