Noble Energy, Inc. (NBL) saw its loss narrow to $252 million, or $0.59 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2,028 million, or $4.73 a share. On the other hand, adjusted net income for the quarter stood at $113 million, or $0.26 a share compared with $191 million or $0.44 a share, a year ago.
Revenue during the quarter grew 17.44 percent to $1,010 million from $860 million in the previous year period. Gross margin for the quarter expanded 411 basis points over the previous year period to 87.13 percent.
Operating loss for the quarter was $363 million, compared with an operating loss of $1,712 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $706 million compared with $798 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2289 basis points in the quarter to 69.90 percent from 92.79 percent in the last year period.
David L. Stover, Noble Energy's chairman, president and chief executive officer, commented, "2016 was an impactful year for Noble Energy, highlighted by strong operational and financial performance and importantly, strategic portfolio accomplishments that generate substantial long-term value. The fourth quarter was no exception, with the dissolution of our Marcellus joint venture and the announcement of a bolt-on acreage addition in the Delaware Basin. Fourth quarter volumes were at the high end of expectations while production expenses were below. In total, we outperformed our original 2016 plans by 10 million barrels of oil equivalent, with significantly less capital. We are positioned for a tremendous year in 2017 as we accelerate U.S. onshore activity and move forward with the development of Leviathan."
Operating cash flow drops significantly
Noble Energy, Inc. has generated cash of $1,351 million from operating activities during the year, down 34.48 percent or $711 million, when compared with the last year.
The company has spent $431 million cash to meet investing activities during the year as against cash outgo of $2,871 million in the last year. It has incurred net capital expenditure of $300 million on net basis during the year, down 89.39 percent or $2,528 million from year ago.
The company has spent $768 million cash to carry out financing activities during the year as against cash inflow of $654 million in the last year period.
Cash and cash equivalents stood at $1,180 million as on Dec. 31, 2016, up 14.79 percent or $152 million from $1,028 million on Dec. 31, 2015.
Working capital increases marginally
Noble Energy, Inc. has recorded an increase in the working capital over the last year. It stood at $477 million as at Dec. 31, 2016, up 1.27 percent or $6 million from $471 million on Dec. 31, 2015. Current ratio was at 1.32 as on Dec. 31, 2016, up from 1.26 on Dec. 31, 2015.
Debt comes down
Noble Energy, Inc. has recorded a decline in total debt over the last one year. It stood at $7,011 million as on Dec. 31, 2016, down 12.10 percent or $965 million from $7,976 million on Dec. 31, 2015. Total debt was 33.37 percent of total assets as on Dec. 31, 2016, compared with 32.96 percent on Dec. 31, 2015. Debt to equity ratio was at 0.73 as on Dec. 31, 2016, down from 0.77 as on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
