Noble Energy Net Income at $261 Mln
Noble Energy, Inc. announced today first quarter 2013 net income of $261 million, or $1.45 per share diluted, and net income from continuing operations of $232 million, or $1.28 per share diluted.
Excluding the impact of unrealized commodity derivatives losses and certain other items, first quarter 2013 adjusted net income from continuing operations was $269 million, or $1.48 per share diluted. During the first quarter 2012, the Company had net income from continuing operations of $249 million, or $1.39 per share diluted, and adjusted net income from continuing operations of $297 million, or $1.65 per share diluted.
Discretionary cash flow from continuing operations(2) for the first quarter 2013 was $761 million compared to $690 million for the same quarter in 2012. Net cash provided by operating activities was $705 million and capital expenditures for the quarter were $910 million. Revenue for the quarter was $1.1 billion.
Key highlights for the first quarter of 2013 include:
• Established first production from the Tamar natural gas field and raised the gross mean resource estimate to 10 trillion cubic feet (Tcf), 1 Tcf over the previous estimate
• Achieved record sales volume of 92 thousand barrels of oil equivalent per day (MBoe/d) from the DJ Basin with 45 MBoe/d from the horizontal program
• Drilled the longest extended-reach lateral well in Colorado history of 9,978 feet in the DJ Basin
• Increased the gross mean resource estimate of Leviathan to 18 Tcf, 1 Tcf over the previous estimate
• Signed sale agreements on three non-core divestment packages with expected proceeds exceeding $105 million
Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “The strong first quarter was an excellent start to 2013 and positions us to deliver on full year expectations. The Tamar project in Israel has begun production and is experiencing significant market demand with our primary customer already exercising an option for increased supply. Our second major project for this year, Alen in Equatorial Guinea, is on track for first production in the third quarter. Domestically, the DJ Basin continues to set production records driven by our horizontal drilling program. In addition, we continue with our exploration program and have several significant opportunities before us.”