Noble Energy beats by $0.47 ex-items, misses on revs; reaffirms FY16 cap-ex down 50%
- Reports Q4 (Dec) earnings of $0.44 per share, excluding $5.17 in unfavorable items (GAAP EPS -$4.73), $0.47 better than the Capital IQ Consensus of ($0.03); revenues fell 20.9% year/year to $846 mln vs the $1.06 bln Capital IQ Consensus.
- Total Company volumes for Q4 increased to 422 thousand barrels of oil equivalent per day (MBoe/d), up more than eight percent versus the third quarter of 2015 and the fourth quarter of 2014 (pro-forma for the Rosetta Resources merger).
- Co raised volume to 405-415 on Dec 9.
- As previously indicated, capital expenditures, including capitalized interest, for 2016 are expected to total $1.5 billion (-50% YoY pro forma Rosetta) and
- Average sales volumes for the year are projected to be ~390 thousand barrels of oil equivalent per day (MBoe/d), up 10% YoY reported and flat pro froma for Rosetta merger. At the midpoint of the Company's volume guidance, existing hedge positions cover 38 percent of global crude oil and condensate production and 26 percent of U.S. natural gas production
- Estimated reserves at year-end 2015 were 1.4 billion barrels of oil equivalent, up one percent from 2014 year-end. Excluding acquisitions and commodity price revisions, the Company had total additions of 191 million barrels of oil equivalent (MMBoe) versus production of 130 MMBoe during the year. Organic reserve replacement, excluding price-related revisions, was 147 percent.
- Co cut its dividend on Jan 26.