Noble Energy Profit Rises on Gain

HOUSTON -- Oil and gas producer Noble Energy (NE Quote) said Thursday its fourth-quarter profit edged up 1.7%, as a one-time gain related to a mark-to-market change in its financial hedges offset drops in crude oil and natural gas revenue.

Noble earned $305 million, or $1.72 per share, in the last three months of 2008 compared with $300 million, or $1.73 per share, for the same quarter in 2007.

Excluding unrealized gains of $282 million on commodity derivative instruments and $141 million in asset impairments stemming from lower commodity prices, the company posted an adjusted profit of $163 million, or 91 cents per share, for the recent quarter. ...