Noble Energy Inc.'s (NBL) third-quarter earnings rose 90% with a boost from derivatives impacts as the oil-and-gas explorer also benefited from higher oil and gas prices.
Noble Energy Inc.'s (NBL) third-quarter earnings rose 90% with a boost
from derivatives impacts as the oil-and-gas explorer also benefited from higher
oil and gas prices.
Noble and other energy companies have continued to benefit from high oil
prices. A string of recent discoveries in the past few years, including three
major ones off
Israel
's
coast, have boosted its growth prospects.
The company's recent $3.4 billion deal with coal producer Consol Energy Inc. (CNX)
for a 50% stake in its Marcellus shale field, gives it an entry into one of the
world most prolific natural-gas regions. Though Noble has developed other shale
plays, it had been looking to invest in the Marcellus.
Noble Energy reported a profit of $441 million, or $2.39 a share, up from $232
million, or $1.31 a share, a year earlier. Excluding items, such as derivative
impacts, earnings were down at $1.24 from $1.27.
Revenue climbed 39% to $924 million, including 24% growth decline for oil and
16% for natural gas.
Analysts polled by Thomson Reuters most recently forecast earnings of $1 on
revenue of $927 million.
Operating margin rose to 43.1% from 38.81%
Sales volume rose 4%. Average realized oil prices improved 34%, and natural gas
prices were up 14%.
The company raised its 2010 volume projects to 220 million to 222 million
barrels of oil equivalent a day from 215 million to 218 million.
Shares closed Wednesday at $84.14 and were inactive premarket. The stock is up
10% in the past year.
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