Noble Energy to Meet 2013 Objectives (USA)
- Business & Finance
Noble Energy, Inc. announced second quarter 2013 net income of $377 million, or $1.04 per diluted share, and income from continuing operations of $358 million, or $0.99 per diluted share.
Excluding the impact of unrealized commodity derivative gains and certain other items, second quarter 2013 adjusted income from continuing operations was $249 million, or $0.69 per diluted share. For the second quarter of 2012, the Company had income from continuing operations of $275 million, or $0.74 per diluted share, and adjusted income from continuing operations of $137 million, or $0.36 per diluted share.
Discretionary cash flow from continuing operations for the second quarter of 2013 was $765 million compared to $640 million for the same quarter of 2012. Net cash provided by operating activities was $539 million and capital expenditures were $1.1 billion during the second quarter of 2013.
Key highlights for the second quarter of 2013 include:
– Achieved record sales volumes of 260 thousand barrels of oil equivalent per day (MBoe/d)
– Attained record DJ Basin horizontal production averaging 50 MBoe/d
– Reached record exit rate of 150 million cubic feet equivalent per day (MMcfe/d) in the Marcellus Shale
– Confirmed primary resource target with the successful Gunflint appraisal well in the Gulf of Mexico
– Announced a natural gas discovery at the Karish prospect offshore Israel
– Reached full operation at Tamar natural gas field and averaged over 99 percent reliability since initial production in April
– Initiated first production from the Alen field offshore Equatorial Guinea
Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “Our second quarter results position us well to meet our objectives for 2013 and continue to lay a foundation for long-term, sustainable growth. The commencement of production at Alen is a milestone accomplishment and marks our fourth major project brought online in the last two years, within budget and ahead of schedule. 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.”