UPDATE: Noble Energy Posts Upbeat Q4 Earnings, Revenue Drops

reported better-than-expected earnings for the fourth quarter. However, the company's revenue missed analysts' estimates. The Houston, Texas-based company reported a quarterly profit of $402 million, or $1.05 per share, versus a year-ago profit of $134 million, or $0.37 per share. Excluding special items, the company's earnings slipped to $0.38 per share from $0.53 per share. Its revenue dropped to $1.07 billion from $1.33 billion. However, analysts were expecting a profit of $0.34 per share on revenue of $1.25 billion. Its total sales volume increased 8%. Noble Energy expects FY15 capital investments of $2.9 billion and total sales volumes of 295 to 315 thousand barrels of oil equivalent. David L. Stover, Noble Energy's President and CEO, commented, "Despite the dramatic commodity price volatility over the last several months, Noble Energy exited 2014 with a substantially increased operational capacity and a solid liquidity position. Our operational momentum was highlighted by the DJ Basin and Marcellus Shale programs, where each asset ended the year at record production levels and above our fourth quarter averages. As we move into 2015, we are responding swiftly and materially to the current environment, focused on maintaining our financial and operational flexibility, while also preserving the long-term value of our business." Noble Energy shares fell 0.24% to close at $50.69 yesterday.