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Why Noble Energy's Stock Fell despite Its Earnings Beat

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Part 2
Why Noble Energy's Stock Fell despite Its Earnings Beat PART 2 OF 5

NBL’s 2Q17 Production: Trends and Guidance You Need to Know

NBL’s 2Q17 production

Noble Energy’s (NBL) 2Q17 production volumes totaled 408 Mboepd (thousand barrels of oil equivalent per day)—up ~7% compared to its production volumes in 1Q17, but down 4.4% on a year-over-year basis.

NBL’s 2Q17 Production: Trends and Guidance You Need to Know

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Total production volumes across NBL’s US onshore assets were 269 Mboepd, comprising 33% oil, 23% natural gas liquids (or NGL), and 44% natural gas.

The company’s US onshore oil volumes of 88 Mbbl/d were up 16% while its natural gas liquids volumes of 61 Mbbl/d were up 30%, compared to 1Q17. As you can see from the graph above, NBL’s US onshore oil volumes are expected to rise 40% between 1Q17 and 4Q17.

In Israel, NBL’s assets averaged 275 MMcfe/d (million cubic feet equivalent per day) in production volumes in 2Q17.  NBL noted that it continues to progress on its Leviathan project within its budget and is heading toward first gas by the end of 2019. To learn more about NBL’s Leviathan project, see An Update on Noble Energy’s Leviathan Project.

Noble Energy’s realized prices in the U.S. Onshore

Noble Energy’s average realized price for crude oil (OIL)(USO) and condensates rose from $40.06 per barrel in 2Q16 to $45.63 per barrel in 2Q17. The average realized price for natural gas (UNG) rose from $1.75 per thousand cubic feet in 2Q16 to $3.19 per thousand cubic feet in 2Q17. The average realized price for natural gas liquids rose from $14.02 per barrel in 2Q16 to $18.77 per barrel in 2Q17.

Noble Energy’s updated 2017 production guidance

Excluding ~75 Mboepd of its 2017 production volumes related to its Marcellus and other asset divestments, NBL’s annual volume production guidance was 340 Mboepd–350 Mboepd.  The company’s original guidance for the year had been 415 Mboepd–425 Mboepd.

NBL’s total production guidance ranges for 3Q17 and 4Q17 are 340 Mboepd–350 Mboepd and 380 Mboepd–390 Mboepd, respectively.

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