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Noble Corporation Reports Earnings of $5.85 per Share for 2008 on Revenues of $3.4 Billion
Posted by: gurufocus (IP Logged)
Date: January 21, 2009 07:01PM
Press Release: Noble Corporation Reports Earnings of $5.85 per Share for 2008 on Revenues of $3.4 Billion "Our fourth quarter results capped off a record year for the Company," said Chairman, President and Chief Executive Officer Contract drilling services revenues for the 2008 fourth quarter were The Company repurchased 2.0 million of its ordinary shares during the fourth quarter 2008 at a total cost of Operations Highlights At year end 2008, approximately 79 percent of the Company's total rig operating days were committed for 2009 and approximately 40 percent were committed for 2010. The Company made a number of strategic moves within its fleet during the quarter, including the mobilization of the Noble Roy Butler and The Company also took delivery during the fourth quarter 2008 of the Noble Hans Deul, an F&G JU 2000E design jackup rated for water depths of 400 feet and drilling depths of 30,000 feet. That unit is now fully crewed and undergoing inspection and customer acceptance before commencing initial drilling activities in the North Sea. This new high-specification jackup drilling unit is the second of three such rigs being built for the Company, with the final unit, the Noble Scott Marks, expected to be delivered in the third quarter 2009. Outlook "While we believe the long-term fundamentals of our industry are sound, the condition of the global economic environment is clearly a cause of concern and a reason for caution," said Williams. "That said, the strength of our balance sheet, the extent of our contract coverage and the quality of our customer base should position us well to both weather the current economic storm and capitalize on opportunities for growth in a disciplined manner." Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 63 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Conference Call Noble will hold its fourth quarter and full year earnings conference call on NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------ ------------
2008 2007 2008 2007
---- ---- ---- ----
OPERATING REVENUES
Contract drilling services $882,538 $761,075 $3,298,850 $2,714,250
Reimbursables 19,340 30,012 90,849 121,241
Labor contract
drilling services 7,732 40,166 55,078 156,508
Engineering,
consulting and other 544 359 1,724 3,312
--- --- ----- -----
910,154 831,612 3,446,501 2,995,311
------- ------- --------- ---------
OPERATING COSTS AND EXPENSES
Contract drilling services 265,765 243,882 1,011,882 880,049
Reimbursables 15,541 26,123 79,327 105,952
Labor contract
drilling services 5,279 32,443 42,573 125,624
Engineering,
consulting and other - 150 - 17,520
Depreciation and
amortization 93,252 82,607 356,658 292,987
Selling, general and
administrative 17,176 26,686 74,143 85,831
Hurricane losses and
recoveries, net - (5,114) 10,000 (3,514)
Gain on disposal of
assets, net (964) - (36,485) -
---- --- ------- ---
396,049 406,777 1,538,098 1,504,449
------- ------- --------- ---------
OPERATING INCOME 514,105 424,835 1,908,403 1,490,862
OTHER INCOME (EXPENSE)
Interest expense, net of
amount capitalized (1,956) (1,230) (4,388) (13,111)
Interest income and
other, net 1,430 2,527 8,443 11,151
----- ----- ----- ------
INCOME BEFORE INCOME TAXES 513,579 426,132 1,912,458 1,488,902
INCOME TAX PROVISION (95,012) (78,752) (351,463) (282,891)
------- ------- -------- --------
NET INCOME $418,567 $347,380 $1,560,995 $1,206,011
======== ======== ========== ==========
NET INCOME PER SHARE:
Basic $ 1.60 $ 1.30 $ 5.90 $ 4.52
Diluted $ 1.59 $ 1.29 $ 5.85 $ 4.48
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic 261,501 267,074 264,782 266,700
Diluted 262,452 269,508 266,805 269,330
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 31,
------------
2008 2007
---- ----
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 513,311 $ 161,058
Accounts receivable 644,840 613,115
Insurance receivables 13,516 39,066
Prepaid expenses 21,207 20,721
Other current assets 47,467 26,231
------ ------
Total current assets 1,240,341 860,191
--------- -------
PROPERTY AND EQUIPMENT
Drilling equipment and facilities 7,423,440 6,354,782
Other 105,340 80,169
------- ------
7,528,780 6,434,951
Accumulated depreciation (1,886,231) (1,639,035)
---------- ----------
5,642,549 4,795,916
--------- ---------
OTHER ASSETS 219,441 219,899
------- -------
$7,102,331 $5,876,006
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 172,698 $ 10,334
Accounts payable 259,107 198,395
Accrued payroll and related costs 76,842 115,914
Taxes payable 107,211 85,641
Interest payable 11,325 9,951
Other current liabilities 53,541 72,537
------ ------
Total current liabilities 680,724 492,772
------- -------
LONG-TERM DEBT 750,789 774,182
DEFERRED INCOME TAXES 264,618 240,621
OTHER LIABILITIES 120,886 65,705
------- ------
1,817,017 1,573,280
--------- ---------
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST (4,468) (5,596)
------ ------
SHAREHOLDERS' EQUITY
Ordinary shares - par value $0.10 per share;
400,000 shares authorized; 261,899 and 268,223
shares issued and outstanding at December 31,
2008 and 2007, respectively 26,190 26,822
Capital in excess of par value 402,115 683,697
Retained earnings 4,919,667 3,602,870
Accumulated other comprehensive loss (58,190) (5,067)
------- ------
5,289,782 4,308,322
--------- ---------
$7,102,331 $5,876,006
========== ==========
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Twelve Months Ended
December 31,
------------
2008 2007
---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $1,560,995 $1,206,011
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 356,658 292,987
Impairment loss on assets - 10,189
Hurricane losses and recoveries, net 10,000 (3,514)
Deferred income tax provision 51,026 20,509
Share-based compensation expense 35,899 34,681
Pension contributions (21,439) (54,233)
Gain on disposal of assets, net (36,485) -
Other, net (2,884) 56,027
Other changes in current assets and liabilities:
Accounts receivable (31,725) (204,874)
Hurricane insurance receivables 3,803 -
Other current assets (22,040) 23,276
Accounts payable 2,490 (25,671)
Other current liabilities (14,639) 58,985
------- ------
Net cash from operating activities 1,891,659 1,414,373
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
New construction (799,736) (754,967)
Other capital expenditures (323,955) (423,657)
Major maintenance expenditures (107,630) (108,419)
Accrued capital expenditures 40,830 45,260
Hurricane insurance receivables 21,747 -
Proceeds from disposal of assets 39,451 7,910
Proceeds from sale of business unit - 10,000
--- ------
Net cash from investing activities (1,129,293) (1,223,873)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term debt borrowing - 685,000
Short-term debt payment - (685,000)
Borrowings on bank credit facilities 30,000 220,000
Payments on bank credit facilities (130,000) (120,000)
Payments of other long-term debt (10,335) (9,630)
Net proceeds from employee stock transactions 9,304 38,995
Proceeds from issuance of senior notes, net 249,238 -
Tax benefit of employee stock transactions - 7,477
Dividends paid (244,198) (32,197)
Repurchases of ordinary shares (314,122) (195,797)
-------- --------
Net cash from financing activities (410,113) (91,152)
-------- -------
NET INCREASE IN CASH AND CASH EQUIVALENTS 352,253 99,348
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 161,058 61,710
------- ------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 513,311 $ 161,058
======== ========
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended
December 31,
------------------
2008
----
Contract
Drilling
Services Other Total
-------- ----- -----
OPERATING REVENUES
Contract drilling services $882,538 $ - $882,538
Reimbursables 18,060 1,280 19,340
Labor contract drilling services - 7,732 7,732
Engineering, consulting and other 530 14 544
--- -- ---
$901,128 $9,026 $910,154
======== ====== ========
OPERATING COSTS AND EXPENSES
Contract drilling services $265,765 $ - $265,765
Reimbursables 14,329 1,212 15,541
Labor contract drilling services - 5,279 5,279
Engineering, consulting and other - - -
Depreciation and amortization 91,104 2,148 93,252
Selling, general and administrative 17,073 103 17,176
Hurricane losses and recoveries, net - - -
Gain on disposal of assets, net - (964) (964)
--- ---- ----
$388,271 $7,778 $396,049
======== ====== ========
OPERATING INCOME $512,857 $1,248 $514,105
======== ====== ========
OPERATING STATISTICS
Jackups:
Average Rig Utilization 88%
Operating Days 3,354
Average Dayrate $151,601
Semisubmersibles - (6,000 feet or greater):
Average Rig Utilization 100%
Operating Days 644
Average Dayrate $364,180
Semisubmersibles - (less than 6,000 feet):
Average Rig Utilization 100%
Operating Days 276
Average Dayrate $249,603
Drillships:
Average Rig Utilization 67%
Operating Days 184
Average Dayrate $326,170
Submersibles:
Average Rig Utilization 67%
Operating Days 184
Average Dayrate $ 56,903
Total:
Average Rig Utilization 88%
Operating Days 4,642
Average Dayrate $190,137
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended
December 31,
------------------
2007
----
Contract
Drilling
Services Other Total
-------- ----- -----
OPERATING REVENUES
Contract drilling services $761,075 $ - $761,075
Reimbursables 20,233 9,779 30,012
Labor contract drilling services - 40,166 40,166
Engineering, consulting and other 319 40 359
--- -- ---
$781,627 $49,985 $831,612
======== ======= ========
OPERATING COSTS AND EXPENSES
Contract drilling services $243,882 $ - $243,882
Reimbursables 16,644 9,479 26,123
Labor contract drilling services - 32,443 32,443
Engineering, consulting and other - 150 150
Depreciation and amortization 79,679 2,928 82,607
Selling, general and administrative 26,181 505 26,686
Hurricane losses and recoveries, net (5,114) - (5,114)
Gain on disposal of assets, net - - -
--- --- ---
$361,272 $45,505 $406,777
======== ======= ========
OPERATING INCOME $420,355 $ 4,480 $424,835
======== ====== ========
OPERATING STATISTICS
Jackups:
Average Rig Utilization 98%
Operating Days 3,697
Average Dayrate $138,746
Semisubmersibles - (6,000 feet or greater):
Average Rig Utilization 97%
Operating Days 626
Average Dayrate $269,146
Semisubmersibles - (less than 6,000 feet):
Average Rig Utilization 100%
Operating Days 276
Average Dayrate $185,227
Drillships:
Average Rig Utilization 74%
Operating Days 204
Average Dayrate $118,581
Submersibles:
Average Rig Utilization 31%
Operating Days 85
Average Dayrate $ 50,695
Total:
Average Rig Utilization 93%
Operating Days 4,888
Average Dayrate $155,707
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended
September 30,
------------------
2008
----
Contract
Drilling
Services Other Total
-------- ----- -----
OPERATING REVENUES
Contract drilling services $835,198 $ - $835,198
Reimbursables 17,227 860 18,087
Labor contract drilling services - 8,197 8,197
Engineering, consulting and other 94 405 499
-- --- ---
$852,519 $9,462 $861,981
======== ====== ========
OPERATING COSTS AND EXPENSES
Contract drilling services $253,729 $ - $253,729
Reimbursables 15,604 890 16,494
Labor contract drilling services - 5,410 5,410
Engineering, consulting and other - - -
Depreciation and amortization 90,923 1,748 92,671
Selling, general and administrative 15,886 141 16,027
Hurricane losses and recoveries, net 10,000 - 10,000
Gain on disposal of assets, net - - -
--- --- ---
$386,142 $8,189 $394,331
======== ====== ========
OPERATING INCOME $466,377 $1,273 $467,650
======== ====== ========
OPERATING STATISTICS
Jackups:
Average Rig Utilization 91%
Operating Days 3,444
Average Dayrate $150,350
Semisubmersibles - (6,000 feet or greater):
Average Rig Utilization 95%
Operating Days 613
Average Dayrate $329,586
Semisubmersibles - (less than 6,000 feet):
Average Rig Utilization 100%
Operating Days 276
Average Dayrate $237,674
Drillships:
Average Rig Utilization 67%
Operating Days 184
Average Dayrate $214,758
Submersibles:
Average Rig Utilization 67%
Operating Days 184
Average Dayrate $ 55,117
Total:
Average Rig Utilization 90%
Operating Days 4,701
Average Dayrate $177,683Source: PRNewsWire
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