Oil and gas producer Noble Energy Inc beat analysts' first-quarter profit estimates on Tuesday, helped by a surge in onshore shale production and broadly higher oil prices.
The company, which drills oil wells in the DJ Basin as well as the Permian and Eagle Ford shale plays, said its U.S. onshore oil production rose over 30 percent in the first quarter.
"Our core positions in the U.S. onshore business provide a great foundation for high-return, high-margin growth," Chief Executive Dave Stover said in a statement.
West Texas Intermediate (WTI) light crude futures averaged at $62.89 per barrel in the quarter, up 21.5 percent from a year earlier.
Net income attributable to Noble jumped to $554 million, or $1.14 per share, in the quarter ended March 31 from $36 million, or 8 cents per share, a year earlier, helped by a gain of about $795 million from asset sales.
Excluding items, it earned 35 cents per share, beating the average analyst estimate of 25 cents per share, according to Thomson Reuters
The Houston-based company's total revenue rose to $1.29 billion from $1.04 billion.
Reporting by Taenaz Shakir