Noble Energy (NBL) Misses Q1 EPS by 2c

Noble Energy (NYSE: NBL) reported Q1 EPS of ($0.09), $0.02 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.01 billion.

Executing to Plan, Full Year Guidance Maintained

The Company’s full year capital expenditures guidance and sales volume expectations remain unchanged.

Sales volumes for the second quarter of 2019 are expected to be slightly higher than the first quarter, reflecting increased U.S. onshore production and relatively flat International volumes. The Company’s second quarter sales volumes range is 332 to 347 MBoe/d. In the U.S. onshore, total production and oil volumes are expected to increase slightly from the first quarter, driven by an increased turn in-line well count in the DJ and Delaware Basins. The Company’s second quarter TILs will drive a substantial increase in third quarter production. As guided earlier in the year, second half U.S. Onshore production is anticipated to be approximately 15% higher than the first half of the year.

Internationally, sales volumes for the second quarter are anticipated to be relatively flat with the first quarter. West Africa is expected to be up slightly, driven by higher Alba field gas production following onshore plant maintenance in the first quarter. Consistent with the first quarter, liquids sales volumes are anticipated to be less than production volumes, before reversing in the second half of the year. In Israel, second quarter production volumes will be slightly lower than the first quarter due to seasonal holiday impacts.

For the second quarter, Noble Energy expects organic capital expenditures between $675 million and $750 million, with the majority to be spent in the DJ and Delaware Basins and to progress Leviathan development.

For earnings history and earnings-related data on Noble Energy (NBL) click here.

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