Noble Energy Posts Loss In 1st Quarter

HOUSTON (AP) — Oil and gas producer Noble Energy Inc. on Thursday posted a first-quarter loss driven mainly by asset impairments and hedging write-downs, along with a sharp drop in sales volumes and weak commodity prices.

The Houston-based company reported a loss of $188 million, or $1.09 per share, compared with earnings $215 million, or $1.20 per share, in the year-ago period.

Results include asset impairments and hedging write-downs totaling $291 million after-tax. Excluding nonrecurring items, adjusted earnings were $103 million, or 59 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 44 cents per share, on average. Analysts typically exclude one-time items.

Revenue slid 57 percent to $441 million, down from $1.025 billion from the same period last year. Analysts forecast an average revenue of $598.2 million.

First-quarter commodity price realizations were $37.81 per barrel of crude oil and condensate and $2.64 per thousand cubic feet of natural gas, both down more than 50 percent year over year.

The company lowered its 2009 capital spending budget to about $1.4 billion, compared with its previous estimate of $1.6 billion.

In 2008, capital expenditure totaled $2.26 billion.

Shares of the company fell $1.18, or 2 percent, to $59.12 in morning trading.