Noble Energy posts $263 million profit

Noble Energy Inc. posted net income of $263 million on revenues of $1.16 billion for the first quarter, both big increases over the same period last year, the company said Thursday.

Earnings in the first quarter of last year came to $14 million on revenues of $899 million.

Noble, one of the bigger players in the oil fields of Weld County, also reported record discretionary cash flow of $716 million for the first quarter vs. $576 million for the same quarter last year.

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The company posted record sales volume of 243,000 barrels of oil equivalent per day. Horizontal production in the Denver-Julesburg Basin averaged 18,000 barrels of oil equivalent per day, which was 25 percent of its total volumes in the basin.

Noble also expanded its Northern Colorado acreage by 48,000 net acres to 230,000 net acres during the first quarter.

“The real value driver for the outstanding results this quarter was the impressive increase in crude oil volumes and related revenues which reflect the exceptional operational performance at the Aseng field and drilling results in the DJ Basin,” Noble CEO Charles Davidson said in an earnings statement.

“We are looking forward to the additional oil and liquids production that will be coming online in the second quarter with the startup of Galapagos in the Gulf of Mexico and the expansion of horizontal activity into Northern Colorado, where we are realizing the highest crude oil content in the Niobrara play,” Davidson added.