Noble Energy reported a $998 million net loss and $248 million adjusted net loss in 2016 in its press release of its fourth quarter and year end 2016 on Monday.
According to the results, the company's sales volumes for the fourth quarter of 2016 were 410 thousand barrels of oil equivalent per day (Boe/d). Liquids comprised 46 percent (32 percent crude oil and condensate and 14 percent natural gas liquids) with the remaining 54 percent making up natural gas for volumes in the fourth quarter of 2016.
The company announced that its oil volumes were above expectations at 131 thousand barrels of oil per day (b/d), with the outperformance driven by the DJ Basin and the Gulf of Mexico.
U.S. sales volumes for the quarter totaled 287 thousand Boe/d, while International sales volumes were 123 thousand Boe/d. Total sales volumes were higher than produced volumes by 4 thousand b/d due to the timing of liquids liftings in Equatorial Guinea, according to the press release.
The company received more than $1.5 billion in proceeds from asset divestitures, including proceeds from Noble Midstream Partners LP's initial public offering, the press release showed.
'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' David L. Stover, Noble Energy's chairman, president and CEO said in press release.
According to Stover, fourth quarter volumes were at the high end of expectations while production expenses were below and in total, Noble Energy outperformed its 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.' Stover said.
Noble Energy (NYSE:NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets spanning three continents.
By Muhsin Baris Tiryakioglu
Anadolu Agency
muhsin.tiryakioglu@aa.com.tr