Noble Energy Q3 Profit Down, But Revenue Rises - Quick Facts

(RTTNews) - Noble Energy Inc. (NBL) announced third quarter 2013 net income of $205 million, or $0.56 per share, down from $221 million or $0.61 per share in the same quarter last year.

Income from continuing operations for the quarter improved to $195 million, or $0.53 per share from $164 million, or $0.45 per share in the prior year.

Adjusted income from continuing operations was $351 million or $0.97 per share, compared to $147 million, or $0.41 per share last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.96 per share. Analysts' estimates typically exclude special items.

Total revenues for the quarter rose to $1.394 billion from $1.005 billion in the prior year quarter. Twenty analysts had consensus revenue estimate of $1.38 billion for the quarter.

Third quarter 2013 sales volumes from continuing operations averaged a record 293 MBoe/d, an increase of 26 percent compared to the third quarter of 2012, after adjusting for divested assets.

Noble Energy expects strong underlying production growth from its U.S. onshore unconventional and deepwater Gulf of Mexico assets during the fourth quarter. This growth will be offset by the recently announced DJ Basin acreage exchange and sale of San Juan assets, as well as the temporary effects from storm flooding in northern Colorado. International sales volumes will be impacted by an under-lift in Equatorial Guinea and seasonal demand in Israel. Fourth quarter 2013 sales volumes are anticipated to average 280 - 285 MBoe/d.