Noble Energy, Inc. (NYSE: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.
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 (NYSE: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 (NYSE: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 (NYSE: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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CNX Resources Corporation. (CNX): Free Stock Analysis Report
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