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Noble Energy Q4 net loss $1.2 billion

Christian Fernsby |
Noble Energy today provided fourth quarter results.

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The Company reported fourth quarter net loss attributable to Noble Energy of $1.2 billion, or $2.52 per diluted share.

Excluding items impacting comparability, the Company generated adjusted net loss of $26 million.

Adjusted EBITDAX was $640 million, and cash provided by operating activities was $469 million.

Prior to working capital changes, operating cash flow was $541 million for the quarter.

Fourth quarter capital expenditures were below the low end of guidance, primarily driven by delivery of the Leviathan project, along with incremental cost reductions in U.S. onshore drilling and completions.

Organic capital investments attributable to Noble Energy included $262 million related to U.S. onshore activities.

Noble Energy also invested $125 million in the Eastern Mediterranean, primarily for continued development of the Leviathan project, and $5 million in West Africa for the Alen Gas Monetization project.

Sales volumes for the quarter averaged 373 thousand barrels of oil equivalent per day (MBoe/d), an increase of more than six percent from the fourth quarter 2018.

The Company’s U.S. onshore assets averaged 285 MBoe/d in the fourth quarter 2019, with oil volumes of 123 thousand barrels per day (MBbl/d).

The international portfolio contributed 88 MBoe/d in the quarter with 21 MBbl/d of liquids volume.

Unit production expenses for the fourth quarter 2019 were $8.01 per barrel of oil equivalent (BOE), including lease operating expenses, production taxes, gathering and transportation and processing expenses, and other royalty costs.

These costs were below the low end of guidance, benefitted by continuous cost management and prior year refunds on production taxes in the U.S. onshore.

Marketing and other expenses, including sales and costs of purchased oil and gas, netted to $18 million in the quarter, primarily reflecting mitigation of firm transportation costs.

Depreciation, depletion and amortization was $16.84 per BOE and general and administrative expenses totaled $118 million for the quarter.

G&A expenses for the quarter included 2019 incentive compensation awards, which reflected strong operating performance and major project execution.

Income from equity method investees for the fourth quarter totaled $3 million.

Equity income generated in West Africa (Alba LPG Plant and Methanol Plant) was offset by losses incurred on Noble Midstream Partners LP’s (NASDAQ: NBLX) equity pipeline investments prior to full-service commencement.

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