Noble Energy reports second quarter earnings

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HOUSTON — Noble Energy Inc. announced second quarter 2013 net income of $377 million, or $1.04 per diluted share, and income from continuing operations(1) of $358 million, or 99 cents per diluted share.

Second quarter 2013 adjusted income from continuing operations was $249 million, or 69 cents per diluted share, down from 74 cents the second quarter of 2012.

Discretionary cash flow from continuing operations for the second quarter of 2013 was $765 million compared to $640 million for the same quarter of 2012.

Net cash provided by operating activities was $539 million and capital expenditures were $1.1 billion during the second quarter of 2013.

Shale drilling

In the Marcellus Shale, the company is operating three horizontal rigs in the wet gas area and anticipates adding two additional horizontal rigs in the second half of the year.

During the quarter, West Virginia drilling operations in the Majorsville and Normantown areas resulted in 14 operated wells reaching total depth.

The company drilled its longest lateral to date with total in-zone pay length of more than 10,400 feet.

In June, the 11-well WEB-4 pad was brought online at an initial gross production rate of over 50 MMcf/d plus 3 thousand barrels per day of liquids.

CONSOL Energy, the company’s joint venture partner, is operating two horizontal rigs in the dry gas area. Total joint venture production for the quarter averaged 112 MMcfe/d net.

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