Noble Energy announced second quarter 2014 net income of $192 million on total revenues of $1.4 billion.
Excluding the impact of certain items, which would typically not be considered by analysts in published earnings estimates, second quarter 2014 adjusted income was $318 million.
Key highlights for the second quarter of 2014 include:
- Delivered record horizontal production of 112 thousand barrels of oil equivalent per day (MBoe/d) from the DJ Basin and Marcellus Shale plays, 56 percent higher than second quarter of last year;
- Increased wet gas type curves 10 percent for wells in the Majorsville area of the Marcellus Shale play;
- Announced plans to form Marcellus midstream MLP;
- Exploration discovery made at the Katmai prospect located in the Gulf of Mexico;
- Acquired interest in 17 exploration lease blocks in the Atwater Valley area of the Gulf of Mexico and spud initial prospect;
- Leviathan resource estimate increased 16 percent to 22 trillion cubic feet equivalent (Tcfe) of natural gas;
- Signed two regional export letters of intent for natural gas sales to LNG facilities in Egypt;
- Closed China asset sale, receiving $186 million in proceeds.
Charles D. Davidson, Noble Energy’s Chairman and CEO, commented, “We continued to make great progress on numerous fronts during the second quarter and find ourselves well-positioned to accelerate our growth profile in the second half of 2014 and into 2015. Our U.S. onshore horizontal programs have set yet another quarterly volume record and new completion techniques are enhancing well performance in both the DJ Basin and Marcellus programs. Our Gulf of Mexico program has built significant momentum with a commercial oil discovery at Katmai, as well as by adding a significant new lease position with attractive and sizeable prospects.
“In the meantime, development work is rapidly proceeding on prior Gulf discoveries, which will begin to deliver new production in 2015. In West Africa, both Aseng and Alen reached production milestones in the quarter. Finally in the Eastern Mediterranean, we have announced letters of intent with two new customers for over 1.1 Bcf/d that support the expansion at Tamar and first phase of Leviathan development. I am excited about the progress we are making and our outlook for the coming months and years.”
Press Release, July 24, 2014; Image: Noble Energy