So far in March, Noble Energy (NBL) had outperformed upstream stocks that are part of the S&P 500 Index (SPY). Noble Energy stock has risen 8.4% in March. The S&P 500 Index has risen 1.7%, while US crude oil prices have risen 2.9%. Brent crude oil futures have risen 2% in March. ConocoPhillips (COP) and EOG Resources (EOG) have fallen 0.7% and 1.2% on a month-to-date basis.
Why NBL outperformed
On February 19, Noble Energy released its 2019 guidance and fourth-quarter earnings results. On the same day, Noble Energy stock rose 4.7%. The company reported a net income of $0.12 per diluted share, which was on par with analysts’ consensus estimates. Based on the company’s guidance, at the midpoint, ~59.4% of Noble Energy’s total capital expenditure in 2019 will be spent on boosting the production from the DJ and Delaware basins.