Noble Corp (NE)

[dan_s]

I'm working on a Company Profile for Noble. This offshore driller had a bad quarter but their outlook should be solid beyond Q3. This is definitely one to keep on the radar screen. Let the fear drive it lower and let's take a good hard look before we do anything. At the end of July they are closing on an acquisition that looks like a "Game Changer". - Dan

NEW YORK (TheStreet) -- Noble(NE) reported earnings of 85 cents per share after the close of the market on Monday, well short of the Street expectation of $1.05 from the offshore driller. The Street estimates varied widely, but Noble came in only one penny above the lowest analyst estimate of 84 cents earnings, and its shares dropped by close to 6% in after-hours trading.
More on NE 3 Magnificent Mid-CapsMid-Cap Stars, Corn ETF, Intrade's Political BetsOffshore Driller Stock Winners: Noble Market Activity Noble Corporation| NE UPThe Noble second quarter shortfall was lower than the first quarter earnings of $1.43, and lower than the previous year's second quarter earnings of $1.54. The Street had been expecting weaker earnings from Noble, as the consensus had come down over the past 60 days from $1.34 to $1.05.
Noble second quarter revenue of $688 million was also well below the Street consensus, that had been pegged at almost $100 million higher.
The Noble earnings report was in stark contrast to the report from oil services firm Halliburton(HAL), which blew by Street consensus when it reported on Monday morning and ended the day up 6%.
Contract drilling services revenues for the second quarter of 2010 were $688 million versus $868 million in the second quarter of 2009.
Noble tied to earnings shortfall to the moratorium on drilling in the Gulf of Mexico, among other reasons. "Noble's second-quarter revenues declined due to a combination of factors, not the least of which was the government-ordered drilling limitations in the U.S. Gulf of Mexico," David Williams, Noble CEO commented in the earnings release.

[prince_jake_33]

I notice Noble is drilling all of BEXP's wells in the Bakken.

[dan_s]

I don't think it NE drilling for BEXP. They are an offshore driller.

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 62 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the North Sea, Brazil, and West Africa. Noble's shares are traded on the New York Stock Exchange under the symbol "NE".

Dan

[par_putt]

1:56 PM Oil stocks are lower, but Noble Energy (NBL +3.6%) shares surge after a weekend report that the company's Leviathan project under the Mediterranean Sea off Israel may contain 4.3B barrels of oil. If the Leviathan find pans out, it could produce enough oil to sustain Israel for at least 20 years.