Noble Energy 2Q profit jumps on strong revenue

Noble Energy cited strong U.S. and international production as it reported Thursday a 29 percent jump in second-quarter profit on a double-digit increase in sales.

The Houston-based company said it earned $377 million, or $1.04 a share, for the April-to-June quarter, compared to a profit of $292 million, or 79 cents a share, a year earlier.

Revenue in the quarter rose 19 percent to $1.1 billion from $965 million a year earlier.

For the first half of the year, profit totaled $639 million, or $1.76 a share, compared to a profit of $556 million, or $1.53 a share, a year earlier. Six-month revenue rose to $2.3 billion from $2 billion in the same period of 2012.

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Sales volumes from international assets were a record 120 million barrels of oil equivalent per day for the second quarter, an increase of 33 percent compared to the second quarter of 2012, excluding volumes from discontinued operations in the North Sea. The increase was primarily due to the commencement of sales at the Tamar natural gas field offshore Israel, Noble said.

U.S. volumes totaled 140 million barrels of oil equivalent per day for the second quarter, an increase of 14 percent compared to the same quarter last year, excluding volumes from divested assets. Noble cited strong operations in the DJ Basin and Marcellus Shale. However, it suffered some bumps in the deep-water Gulf of Mexico, as well as in Colorado.

“Our second quarter results position us well to meet our objectives for 2013 and continue to lay a foundation for long-term, sustainable growth,” CEO Charles D. Davidson said in a statement.

He said the company has a bright outlook for the rest of the year.

“We look forward to continuing to establish new production records, with significant contributions from all of our core areas of operation,” he said. “In addition, we are participating in a number of impactful exploration and appraisal wells, including our first prospects in Nevada and offshore Nicaragua, both of which have the potential to be new core areas for Noble Energy.”

Noble Energy is an independent oil and gas exploration and production company.