Noble Energy second-quarter profit drops 49 percent, tops estimate

MarketsAssociated Press

Noble Energy Inc. (NBL) on Thursday reported earnings that decreased by 49 percent in its second quarter, and beat analysts' expectations.

The Houston-based company said net income fell to $192 million, or 52 cents per share, from $377 million, or $1.04 per share, in the same quarter a year ago.

Continue Reading Below

Earnings, adjusted for one-time gains and costs, came to 87 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 79 cents.

The company said revenue rose 20 percent to $1.38 billion from $1.15 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $1.4 billion, according to Zacks.

Noble Energy shares have climbed $6.10, or 9 percent, to $74.21 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.5 percent. The stock has increased $9.67, or 15 percent, in the last 12 months.