(Adds Q1 details, Q2 forecast, share move, estimates)
May 1 Noble Energy Inc on Monday
reported a smaller-than-expected adjusted quarterly loss as oil
prices ticked up after a more than two-year slump, offsetting a
decline in production.
Brent crude prices averaged $54.57 per barrel in the
first three months of the year, up 55 percent from a year
Noble's total operating expenses fell 12.7 percent to $1
Net income attributable to Noble was $36 million, or 8 cents
per share, in the first quarter ended March 31. The company
posted a loss of $287 million, or 67 cents per share, a year
On an adjusted basis, the company posted a loss of 5 cents
per share. Analysts on average had expected a loss of 14 cents,
according to Thomson Reuters I/B/E/S.
The Houston, Texas-based company's total revenue rose 43.1
percent to $1.04 billion, beating analysts' average estimate of
Total volumes fell 8.2 percent to 382,000 barrels of oil
equivalent per day.
However, the company raised the low-end of its
second-quarter sales volume forecast to 405,000 boed from
395,000 boed, keeping the top-end unchanged at 415,000 boed.
The company's shares were up 1.9 percent at $32.9 in
Last month, Noble closed its acquisition of smaller rival
Clayton Williams Energy, a move which boosts its
presence in the top U.S. shale field, the Permian basin of
(Reporting by Ahmed Farhatha and Arunima Banerjee in Bengaluru;
Editing by Maju Samuel)