WRAPUP 1-Apache, Williams and Noble Energy see higher profits

By Anna Driver

HOUSTON, May 1 (Reuters) - U.S. independent energy companies Apache Corp (APA.N: Quote, Profile, Research), Williams Cos Inc (WMB.N: Quote, Profile, Research) and Noble Energy Inc NBL.N all reported higher first-quarter profits on Thursday, benefiting from gains in crude oil and natural gas prices.

Benchmark U.S. oil prices averaged a record of nearly $98 a barrel during the quarter, up nearly 70 percent from a year earlier, and natural gas futures rose nearly 30 percent.

Apache's earnings more than doubled to $1.02 billion, or $3.03 per share, boosted by higher energy prices. Production growth was 4 percent, falling short of investor expectations, and the company's shares tumbled 6.3 percent.

"I think the bottom line is that production was a fraction light," said Ben Dell, analyst at Bernstein Research. "In the exploration and production space, production growth is a focus for investors.

Houston-based Apache said quarterly production was 557,631 barrels of oil equivalent (boe) per day, driven by higher oil output in the United States, the North Sea and Egypt.

Revenue was $3.2 billion, up from $2 billion a year earlier.

Williams, a natural gas producer based in Tulsa, Oklahoma, said first-quarter profit nearly quadrupled, topping Wall Street expectations.

Earnings jumped to $500 million, or 84 cents per diluted share, from $134 million, or 22 cents per diluted share, in the same period a year ago.