Noble Energy Q2 Profit Up, But Misses Estimates

(RTTNews) - Noble Energy, Inc. (NBL), Thursday reported an increase in net income for the second quarter, reflecting higher revenues. However, earnings missed the Street estimates. Sales volumes from continuing operations for the period increased 24 percent to 260 MBoe/d, the company said in a statement.  

For the three-month period, the company reported net income of $377 million or $1.04 per share, compared with $292 million or $0.79 per share during the same quarter last year.

Excluding the impact of unrealized commodity derivative gains and certain other items, second quarter adjusted income from continuing operations was $249 million or $0.69 per share.

On average, thirty analysts polled by Thomson Reuters had expected earnings per share of $0.74 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues for the quarter increased to $1.1 billion, up from $965 million reported during the corresponding quarter last year. The Street expected the company to report revenues of $1.19 billion.

Looking forward, the company said: "For the remainder of the year, we look forward to continuing to establish new production records, with significant contributions from all of our core areas of operation. In addition, we are participating in a number of impactful exploration and appraisal wells, including our first prospects in Nevada and offshore Nicaragua, both of which have the potential to be new core areas for Noble Energy."