Noble Energy Beats by 21 Cents

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Noble Energy reported today first quarter 2011 net income of $14 million, or $0.08 per share diluted, on revenues of $899 million. The Company's first quarter 2010 net income was $237 million, or $1.34 per share diluted, on revenues of $733 million. First quarter 2011 net income includes items that are not typically considered by analysts in published estimates. Excluding the impact of these items, which were primarily unrealized commodity derivative losses and a rig standby charge in the deepwater Gulf of Mexico, first quarter 2011 adjusted net income(1) was $240 million, or $1.35 per share diluted. Adjusted net income(1) for the first quarter of 2010 was $138 million, or $0.78 per share diluted. 

This quarter, net income: $14 million
One year ago, 1Q10, net income: $237 million

Difference due to "unrealized commodity derivative losses" and a rig standby charge in the deepwater Gulf of Mexico.