Noble Energy Posts Q1 Results

Noble Energy announced first quarter 2014 net income of $200 million on total revenues of $1.4 billion.

Excluding the impact of certain items that would typically not be considered by analysts in published earnings estimates, first quarter 2014 adjusted income was $298 million. Discretionary cash flow was $870 million, and net cash provided by operating activities was $929 million. Capital expenditures for the first quarter 2014 totaled $951 million.

Key highlights for the first quarter of 2014 include:

• Total sales volumes of 286 thousand barrels of oil equivalent per day (MBoe/d), an increase of 20 percent from the first quarter of 2013, after adjusting for divested assets;
• Delivered record horizontal production of 100 MBoe/d on average from the DJ Basin and Marcellus Shale plays, up over 60 percent versus the first quarter of last year;
• Performed completion operations on initial vertical well in the Wilson play of NE Nevada, successfully recovering oil from multiple intervals;
• Apparent high bidder on 12 deepwater lease blocks in the Central Gulf of Mexico Lease Sale 231;
• Signed the first two regional export sales agreements for natural gas sales from Tamar and Leviathan to customers in Jordan and the Palestinian Authority;
• Finalized agreement with the Israel Anti-Trust Authority;
• Executed sales agreements to divest the company’s E. Texas, N. Louisiana and Powder River Basin assets.

Charles D. Davidson, Noble Energy’s Chairman and CEO, commented: “Following on our strong 2013, Noble Energy continues to deliver on its growth objectives, with the first quarter laying a good foundation from which to build on for the remainder of the year. In our U.S. unconventional areas, we are creating substantial value in the DJ Basin and Marcellus development programs, through material production growth, facility and well efficiencies, and an increased application of extended reach laterals. Although early, I am quite pleased with initial drilling and completion results in our Nevada exploration play. Offshore, we are moving forward our next round of developments, including projects in the deepwater Gulf of Mexico, West Africa and Israel. The progress we have made recently regarding the Leviathan project offshore Israel has been remarkable, and we are close to executing a number of domestic and regional export sales agreements to support the field’s development. We are also excited about our exploration prospects this year, with Katmai currently drilling in the deepwater Gulf of Mexico.”

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