Noble Energy reports 4Q loss

Noble Energy Inc. reported net losses of $296 million on revenues of $985 million in the fourth quarter, according to a company statement issued Thursday.

For the year, Noble, which operates in Northern Colorado, reported net income of $453 million compared with net income of $725 million in 2010. Adjusted net income for 2011 was $947 million, up from $746 million the year before.

The company said discretionary cash flow was $677 million for the fourth quarter vs. $538 million for the same quarter the year before. Discretionary cash flow for 2011 was $2.5 billion, 26 percent greater than in 2010.

Net cash for the year grew to $2.2 billion, a 12 percent increase from 2010. Capital expenditures were $1 billion for the fourth quarter and 3 billion in 2011.

Highlights for the fourth quarter include:

> Noble increased D.J. Basin volumes to 66 thousand barrels of oil equivalent per day with horizontal production exiting the quarter at 17 thousand barrels of oil equivalent per day. The production represented a 48 percent increase over the prior quarter exit rate.

> The company reported record sales volume of 233 thousand barrels of oil equivalent per day during the fourth quarter and 222 thousand barrels of oil equivalent per day for the year.

> Noble recorded year-end proved reserves of 1.2 billion barrels of oil equivalent, an 11-percent increase over 2010.

“Noble Energy closed out 2011 with record production for the fourth quarter while significantly progressing our inventory of major projects,” Noble Chairman and CEO Charles D. Davidson said in a statement.

“Production out of the DJ Basin continues to grow, led by the horizontal program which completed 25 wells in the fourth quarter,” Davidson added.

Noble attributed an increase in U.S. volumes to 127 thousand barrels of oil equivalent during the fourth quarter to continued growth in the horizontal Niobrara play in the basin.