Houston, TX-based Noble Energy Inc. NBL is an independent energy company engaged in the exploration and production of crude oil, natural gas and natural gas liquids across the world.Noble Energy intensely focuses on asset diversification and new discoveries. This is further strengthened by strategic mergers and acquisitions.Given the low commodity price environment, the company is currently focusing on best-return assets to maximize existing facility infrastructure. However, uncertain regulatory atmosphere in Israel and dependence on third parties remain the major headwinds.Estimate Trend & Surprise HistoryInvestors should note that the first quarter Zacks Consensus Estimate for loss of 53 cents per share has widened by 65.6% over the last 90 days.Coming to the earnings surprise, Noble Energy has surpassed the Zacks Consensus Estimate in two out of the last four quarters, resulting in a positive average surprise of 373.33%.Zacks Rank: Currently, Noble Energy has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:Earnings: Noble Energy’s first-quarter loss was in line with the Zacks Consensus Estimate of 53 cents.Revenue: Noble Energy missed the revenue estimates in the first quarter. The company posted revenues of $724 million in the first quarter, compared to our consensus estimate of $814 million.Key Stats: First quarter total sales volumes increased 31% year over year to 416 thousand barrels of oil equivalent per day (MBoe/d).Stock Price: It would be interesting to see how the market reacts during the trading session today.Check back later for our full write up on this NBL earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NOBLE ENERGY (NBL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research