Noble Energy doubles money on asset sales

Project push: Noble Energy boss looks to lift output 20%

Charles Davidson

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Bill Lehane

 07 February 2013 12:56 GMT

Noble Energy has reported annual net incomes up 120% to $1 billion thanks to high-value asset selloffs made by the US independent during the year.

In the fourth quarter, net earnings of $251 million reversed the year-ago period’s $296 million loss caused by asset write-downs in the wake of the US gas price slump.

Excluding non-continuing operations, the explorer’s bottom line for 2012 was down slightly to $899 million from 2011’s $904 million.

The explorer said it garnered sales volumes from continuing operations of 255,000 barrels of oil equivalent (boe) per day in the fourth quarter, up 18% year-on-year, and 239,000 boe per day for the full year.

Chief executive Charles Davidson said the explorer planned to lift output…

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