Noble Corp. (NE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Noble Corp. has a market cap of $9.51 billion; its shares were traded at around $36.96 with a P/E ratio of 5.9 and P/S ratio of 2.6. Noble Corp. had an annual average earning growth of 26.5% over the past 10 years. GuruFocus rated Noble Corp. the business predictability rank of 2-star.NE is in the portfolios of First Pacific Advisors of First Pacific Advisors, LLC, John Hussman of Hussman Economtrics Advisors, Inc., Stanley Druckenmiller of Duquesne Capital Management, LLC, John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, PRIMECAP Management.
In the first quarter of 2010, we recognized net income of $371 million, or $1.43 per diluted share, on total revenues of $841 million. The average dayrate across our worldwide fleet decreased to $187,214 for the first quarter of 2010 from $199,122 for the fourth quarter of 2009. Fleetwide average utilization was 81 percent in the first quarter of 2010, as compared to 83 percent in the fourth quarter of 2009. Daily contract drilling services costs increased slightly to $58,905 for the first quarter of 2010 from $58,792 for the fourth quarter of 2009. As a result, our contract drilling services margin decreased in the first quarter of 2010 to 69 percent as compared to 71 percent in the fourth quarter of 2009.
Net income for the three months ended March 31, 2010 (the Current Quarter) was $371 million, or $1.43 per diluted share, on operating revenues of $841 million, compared to net income for the three months ended March 31, 2009 (the Comparable Quarter) of $414 million, or $1.58 per diluted share, on operating revenues of $896 million.
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Noble Corp. has a market cap of $9.51 billion; its shares were traded at around $36.96 with a P/E ratio of 5.9 and P/S ratio of 2.6. Noble Corp. had an annual average earning growth of 26.5% over the past 10 years. GuruFocus rated Noble Corp. the business predictability rank of 2-star.NE is in the portfolios of First Pacific Advisors of First Pacific Advisors, LLC, John Hussman of Hussman Economtrics Advisors, Inc., Stanley Druckenmiller of Duquesne Capital Management, LLC, John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, David Dreman of Dreman Value Management, PRIMECAP Management.
Highlight of Business Operations:
While the global macro environment continued to improve during the first quarter of 2010, the worldwide economy remains uncertain. Oil and gas prices had dramatically different performances during the first quarter of 2010. While oil prices increased from $70 per barrel to $85 per barrel, gas prices decreased from over $5.00 per mcf to below $4.00 per mcf at the quarter close. Prices for both commodities continue to be volatile. While some economic indicators in the United States, China and elsewhere improved during the quarter, there continues to be broad concern about the timing of the economic recovery. In spite of recent increases in oil prices, we have not begun to see a significant increase in demand for offshore drilling services. It is our belief that demand remains strong in the deepwater market segment, but there has been little contract activity in recent months. Activity remains relatively stagnant in the midwater segment. Demand in the shallow water segment has increased, but global utilization continues to hover around 75 percent. Dayrates for jackup units have decreased up to 50 percent in most regions since the end of 2008. While we believe that the risk for early contract terminations or defaults under existing contracts has decreased over the prior year, the risk has not been eliminated. If the global economy continues to improve and oil prices continue their upward trend, we may see increased demand for contract drilling services during the remainder of 2010. However, due to the introduction of newbuild jackup units into the market, it is possible that dayrates for jackup units may not improve from current levels for some time.In the first quarter of 2010, we recognized net income of $371 million, or $1.43 per diluted share, on total revenues of $841 million. The average dayrate across our worldwide fleet decreased to $187,214 for the first quarter of 2010 from $199,122 for the fourth quarter of 2009. Fleetwide average utilization was 81 percent in the first quarter of 2010, as compared to 83 percent in the fourth quarter of 2009. Daily contract drilling services costs increased slightly to $58,905 for the first quarter of 2010 from $58,792 for the fourth quarter of 2009. As a result, our contract drilling services margin decreased in the first quarter of 2010 to 69 percent as compared to 71 percent in the fourth quarter of 2009.
Net income for the three months ended March 31, 2010 (the Current Quarter) was $371 million, or $1.43 per diluted share, on operating revenues of $841 million, compared to net income for the three months ended March 31, 2009 (the Comparable Quarter) of $414 million, or $1.58 per diluted share, on operating revenues of $896 million.
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