CPS beat, strong reserve additions
Cash earnings per share of $1.34 (-2% YoY) came in 5% ahead of consensus. Adjusted EPS of $0.32 were significantly ahead of consensus at $0.04, largely thanks to a $0.17/share benefit from low depreciation charges. Output of 380kboed was at the bottom of the guided range, due to Texas winter storms. FY18 volume guidance brackets consensus, when adjusted for disposals. FY17 reserves replacement, at 627%, benefitted from Leviathan bookings.Noble Energy is an independent energy company, engaged in crude oil and natural gas exploration and production. The company's operating areas include: U.S. onshore, primarily the DJ Basin, Delaware Basin and Eagle Ford Shale; U.S. offshore Gulf of Mexico; Eastern Mediterranean; and West Africa. The company's Midstream segment develops, owns, operates and acquires domestic midstream infrastructure assets, or invests in other midstream entities, with existing focus areas being the DJ and Delaware Basins. The company's activities include geophysical and geological evaluation; analysis of commercial, regulatory and political risks; and exploratory and development drilling leading to production, where appropriate.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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