Houston-based Noble Energy booked $191 million in adjusted fourth quarter income on Wednesday, beating analyst forecast.

The company booked a fourth quarter net loss of $2.02 billion, or a loss of $4.73 per diluted share, on $846 million in revenues compared to a net income of $402 million on $1.07 billion in revenues in the fourth quarter of 2014.

Noble said the $2 billion net loss was “negatively impacted by $2.2 billion of primarily non-cash items,” that are not considered by analysts in published estimates.

The company reported an adjusted fourth quarter income of $191 million, or $0.44 per share, beating analyst targets.

According to Reuters, analysts had expected a loss of $0.04 per share.

Full year adjusted income came in at $212 million, or $0.52 per share, down from $865 million in 2014.

Noble reported a full year 2015 net loss of $2.44 billion, down from a full year net income of $1.21 billion in 2014.

Fourth quarter 2015 total operating costs, including lease operating expense, production taxes and transportation, averaged $6.93 per barrel of oil equivalent, a 22 percent drop from prior year quarter.

Fourth quarter adjustments included about $1.3 billion of non-cash impairments, including $490 million related to assets in the Gulf of Mexico and Equatorial Guinea and $779 million related to goodwill.

The company said it also had unrealized commodity derivative losses of $156 million, resulting from the value change of existing crude oil and natural gas hedge positions as of the end of the year.

Noble Energy also adjusted $95 million from exploration expense, following its decision to exit its Nevada exploration program.

Excluding the company’s Texas properties there were acquired in July 2015, sales volumes were 362,000 boe per day for the fourth quarter of 2015, up 15 percent from the prior year quarter.

Noble’s production jumped eight percent sequentially to 422,000 boe per day in the fourth quarter of 2015, with crude accounting for 33 percent of production, natural gas liquids making up 14 percent and natural gas accounting for 53 percent of production.

U.S. sales volumes for the fourth quarter totaled 295,000 boe per day, while international sales volumes were 127,000 boe per day.

The company had $567 million in net cash provided by operating activities and $609 million of discretionary cash flow for the fourth quarter on capital expenditures of $527 million.

“Noble Energy ended 2015 by delivering another outstanding operational quarter.  We have substantially improved capital efficiency across our business, evidenced by a continued reduction in well costs as well as completion enhancements in each of our core onshore assets,” Noble Energy CEO, chairman and president David L. Stover said.


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