UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2003
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-07964
NOBLE ENERGY, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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73-0785597 |
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(State of incorporation) |
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(I.R.S. employer identification number) |
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100 Glenborough Drive, Suite 100 |
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77067 |
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(Address of principal executive offices) |
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(Zip Code) |
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(281) 872-3100 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
Number of shares of common stock outstanding as of November 7, 2003: 56,751,851
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands, Except Share Amounts)
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(Unaudited) |
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September
30, |
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December
31, |
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ASSETS |
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Current Assets: |
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Cash and short-term investments |
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$ |
71,382 |
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$ |
15,442 |
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Accounts receivable - trade |
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260,668 |
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232,924 |
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Oil and gas hedges receivable |
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7,998 |
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10,271 |
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Materials and supplies inventories |
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11,618 |
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10,663 |
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Assets held for sale |
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62,873 |
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Other current assets |
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62,282 |
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41,074 |
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Total Current Assets |
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476,821 |
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310,374 |
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Property, Plant and Equipment, at cost |
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4,054,927 |
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4,334,015 |
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Less: accumulated depreciation, depletion and amortization |
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(1,880,879 |
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(2,194,230 |
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Total property, plant and equipment, net |
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2,174,048 |
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2,139,785 |
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Investment in Unconsolidated Subsidiaries |
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229,383 |
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234,668 |
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Other Assets |
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48,762 |
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45,188 |
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Total Assets |
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$ |
2,929,014 |
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$ |
2,730,015 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities: |
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Accounts payable - trade |
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$ |
344,453 |
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$ |
351,856 |
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Current installments of long-term debt |
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60,776 |
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41,919 |
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Oil and gas hedges payable |
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10,843 |
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32,285 |
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Other current liabilities |
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48,303 |
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36,159 |
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Income taxes - current |
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60,275 |
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9,535 |
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Total Current Liabilities |
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524,650 |
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471,754 |
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Deferred Income Taxes |
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192,888 |
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201,939 |
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Asset Retirement Obligation |
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98,038 |
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Other Noncurrent Liabilities |
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82,981 |
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69,820 |
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Long-Term Debt |
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945,977 |
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977,116 |
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Total Liabilities |
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1,844,534 |
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1,720,629 |
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Shareholders’ Equity: |
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Preferred stock - par value $1.00; 4,000,000 shares authorized, none issued |
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Common stock - par value $3.33 1/3; 100,000,000 shares authorized; 60,086,048 and 59,868,067 shares issued at September 30, 2003 and December 31, 2002, respectively |
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200,285 |
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199,558 |
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Capital in excess of par value |
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411,004 |
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405,271 |
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Retained earnings |
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550,653 |
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458,490 |
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Accumulated other comprehensive loss |
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(1,506 |
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(14,603 |
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1,160,436 |
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1,048,716 |
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Less: Common Stock in Treasury, at cost |
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(September 30, 2003, 3,549,976 shares and December 31, 2002, 2,505,522 shares, respectively) |
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(75,956 |
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(39,330 |
) |
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Total Shareholders’ Equity |
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1,084,480 |
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1,009,386 |
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Total Liabilities and Shareholders’ Equity |
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$ |
2,929,014 |
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$ |
2,730,015 |
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See notes to consolidated condensed financial statements.
2
NOBLE ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
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Three Months Ended September 30, |
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2003 |
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2002 |
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REVENUES: |
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Oil and gas sales and royalties |
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$ |
205,650 |
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$ |
156,548 |
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Gathering, marketing and processing |
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16,877 |
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18,940 |
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Electricity sales |
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12,855 |
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3,931 |
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Income from unconsolidated subsidiaries |
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8,584 |
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5,184 |
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Other loss, net |
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(1,850 |
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(1,901 |
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242,116 |
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182,702 |
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COSTS AND EXPENSES: |
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Oil and gas operations |
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37,508 |
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31,289 |
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Transportation |
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3,451 |
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4,010 |
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Oil and gas exploration |
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25,481 |
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50,628 |
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Gathering, marketing and processing |
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14,708 |
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15,216 |
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Electricity generation |
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12,818 |
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3,117 |
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Depreciation, depletion and amortization |
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73,155 |
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60,076 |
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Selling, general and administrative |
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12,495 |
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14,835 |
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Accretion of asset retirement obligation |
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2,401 |
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Interest |
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15,405 |
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14,979 |
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Interest capitalized |
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(4,395 |
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(4,649 |
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193,027 |
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189,501 |
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INCOME (LOSS) BEFORE TAXES |
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49,089 |
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(6,799 |
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INCOME TAX PROVISION (BENEFIT) |
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16,969 |
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(3,096 |
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INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS |
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32,120 |
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(3,703 |
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DISCONTINUED OPERATIONS, NET OF TAX |
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2,996 |
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2,513 |
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NET INCOME (LOSS) |
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