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Impairment charges hit Noble Energy 3Q net income

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October 24, 2013 01:48 PM EST | AP


NEW YORK (AP) — NEWS: Noble Energy said its net income fell 7 percent in the third quarter on impairment charges.

DETAILS: Noble Energy Inc. has operations in the Colorado's DJ Basin and the Marcellus Shale in Pennsylvania and West Virginia, the Gulf of Mexico, China, and offshore West Africa and the eastern Mediterranean.

The company said sales volumes from continuing operations climbed 26 percent, but results were hurt by $63 million in impairment costs. The company took the impairment charges because of declining production at an Israeli offshore oilfield and because it classified properties in New Mexico as held for sale.

NUMBERS: The Houston company said its net income slipped to $205 million, or 56 cents per share, in the quarter ended Sept. 30, from $221 million, or 61 cents per share, last year. Excluding one-time charges, Noble said it earned 97 cents per share.

Revenue increased 39 percent, to $1.39 billion from $1.01 billion.

Analysts expected adjusted net income of 96 cents per share and $1.38 billion in revenue, according to FactSet.

FUTURE: The company said sales volumes should grow 10 to 12 percent in the fourth quarter compared with the same period in 2012.

STOCK: Noble Energy shares rose $3.50, or 5 percent, to $74.88 in afternoon trading. Earlier they reached an all-time high of $76.59.