Noble Energy posts net income of $40.7 million on strong prices

Noble Energy, an exploration and production independent, posted net income of $40.7 million or 71 cents per share, compared to $16.8 million in the prior quarter and a loss of $15.1 million in the year-ago quarter, the company said April 30.

The company’s first-quarter production increased 4 percent to 101,235 barrels a day of oil equivalent from 96,898 barrels a day in the prior quarter. However, production declined 1 percent compared to last year’s first quarter. Domestic output increased just a half-percent in the first quarter while international volumes soared 14 percent on start-up of production in China’s Bohai Bay.

Noble said it should end this year with production 15 to 20 percent higher than last year. The company attributed its first-quarter performance primarily to higher commodity prices.

“High commodity prices certainly had a strong positive impact on our first-quarter finance performance,” Noble CEO Charles Davidson said.

“More importantly, I am quite pleased with the progress the company has made operationally.”