Noble Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year 2013
January 23, 2013 at 05:00 pm
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Noble Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income attributable to Noble Corporation of $127,577,000 or $0.50 per basic and diluted share, compared to $127,003,000 or $0.50 per basic and diluted share a year ago. Operating revenues for the fourth quarter of 2012 were $966,367,000 compared to $751,045,000 in the fourth quarter of 2011. Operating income was $216,738,000 compared to $161,602,000 a year ago. Income before income taxes was $188,420,000 compared to $149,584,000 a year ago. Net cash from operating activities was $450 million in the fourth quarter 2012. Capital expenditures in the fourth quarter 2012 totaled $423 million.
For the full year, the company's net income attributable to Noble Corporation of $522,344,000 or $2.05 per basic and diluted share, on operating revenues of $3,547,012,000 compared to earnings of $370,898,000 or $1.46 per basic and diluted share on operating revenues of $2,695,832,000 in 2011. Operating income was $783,800,000 compared to $490,493,000 a year ago. Income before income taxes was $703,225,000 compared to $436,250,000 a year ago. Net cash from operating activities was $1,381,693,000 compared to $740,240,000 a year ago. Expenses on new construction were $586,746,000 compared to $1,671,057,000 a year ago. Other capital expenditures were $763,977,000 compared to $657,286,000 a year ago. In 2012, capital expenditures amounted to $1.7 billion, including $587 million (excluding capitalized interest) associated with the fleet expansion program. Capital expenditures in 2012 totaled $1.67 billion compared to guidance of $1.8 billion. The lower amount was due to anticipated spending for subsea components which did not take place because of delayed deliveries by vendors and lower-than-expected major project capital expenditures which were deferred to 2013.
The company provided earnings guidance for the first quarter and full year 2013. Total capital spending for the first quarter is expected to be about $1.0 billion. Net interest expense in the first quarter is expected to be $25 million to $30 million, remaining at this level until the fourth quarter when it's forecast to increase by about $10 million with the startup of operations on the 4 newbuilds.
The company expects its capital expenditures for 2013 to be approximately $2.8 billion, up from approximately $1.7 billion in 2012. Effective tax rate for 2013 is expected to be in the range 20% to 21% and likely towards the high end of this range. Interest expense, net of capitalized interest, is expected to total $120 million to $130 million, $40 million above the total for 2012 due to lower amounts of interest capitalized with the completion of 4 newbuilds and the major drillship projects in Brazil.
Noble Corporation plc is an offshore drilling contractor for the oil and gas industry. The Company owns and operates fleets in the offshore drilling industry. The Company is engaged in the contract drilling of oil and gas wells. The Company, through its subsidiaries, provides contract drilling services with a fleet of 32 offshore drilling units, consisting of 19 floaters and 13 jackups, focused on ultra-deepwater and harsh environment drilling opportunities in both established and emerging regions worldwide. Its mobile offshore drilling units comprise its offshore rig fleet and operates in a global market for contract drilling services. Its customers consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. It has a single segment, contract drilling services, which conducts drilling operations in Africa, Far East Asia, the Middle East, the North Sea, Oceania, South America, and the US Gulf of Mexico.
Noble Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter and Full Year 2013