Noble Energy beats by $0.18, misses on revs; co raises 2015 sales volumes guidance
Reports Q2 (Jun) earnings of $0.26 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 47.2% year/year to $730 mln vs the $952.75 mln consensus.
- Total organic capital spend in 2015 remains unchanged at $2.9 bln for legacy Noble Energy assets plus $165 mln incremental capex allocated to the Eagle Ford/Delaware assets (post the closing of the transaction).
- Full year 2015 Noble Energy sales volumes, prior to the inclusion of Rosetta assets, have been increased to between 305-320 MBoe/d, reflecting strong confidence in underlying performance and development execution for the second half of the year, up from 300-315 MBoe/d.
- Third quarter sales volumes are anticipated to be 345 to 365 MBoe/d, which includes the Eagle Ford and Delaware assets for the period of July 20, 2015 to September 30, 2015.
- Fourth quarter 2015 sales volumes are expected to increase to a range of 375 to 400 MBoe/d.
- "Looking forward, our production is ramping through the remainder of the year, while capital continues to trend lower each quarter. Production increases are driven from our onshore assets and major project startups in the Gulf of Mexico. In addition, we have two material offshore exploration wells currently drilling, one in the Falkland Islands and one in Cameroon, which provide substantial new resource potential. Our operational performance and financial strength will continue to deliver differential results for Noble Energy."