Noble Energy Beats Production Guidance and Consensus Estimates in Very Strong Third Quarter
Noble Energy enjoyed a terrific third quarter, with production of 425 thousand barrels of oil equivalent per day, beating the high end of management's guided range of 405-415 mboe/d. As an additional kicker the unexpected volumes were predominantly liquids, slightly improving the firm's mix. Noble also outperformed on the cost side, with lease operating expense and transport both trumping guidance (though sequentially these were both slightly higher on a per unit basis). Further, though the firm...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.
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