Noble Energy (NBL) Misses Q2 EPS by 5c

Noble Energy (NYSE: NBL) reported Q2 EPS of $0.17, $0.05 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $1.23 billion versus the consensus estimate of $1.14 billion.

Guidance:

Third quarter sales volumes are estimated to range between 335 and 345 MBoe/d. As compared to the second quarter of 2018, U.S. onshore oil volumes in the third quarter are higher by nearly 10 MBbl/d driven by growth from the Delaware and DJ Basins. Israel sales volumes are anticipated to be slightly higher than the second quarter with West Africa lower, driven equally by natural gas decline and the timing of oil liftings. Full year 2018 sales volumes are estimated to be towards the lower end of the Company's full year range, 350 to 360 MBoe/d, resulting from deferred completion activity in the Delaware and Eagle Ford declines.

The Company’s full year capital expectation has been revised to be approximately $3 billion, reflecting increased onshore facility spend from the first half of 2018 and inflation in the U.S. onshore as a result of the higher commodity price environment.

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

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