Noble Energy Inc. (NBL:NYSE) recently announced that it earned $294 million in second-quarter profits, which worked out to $1.61 per share.

According to Dow Jones Newswires, the oil and gas exploration firm's profits were up from $204 million during the same period the year before. Revenue for the quarter was $954 million, up 27 percent.

These figures surpassed the expectations of Thomson Reuters analysts who predicted revenue of just $919 million.

Chief executive officer of the Houston-based company Charles Davidson said that he expects expenditures to rise in the second half of 2011 as development ramps up in a number of areas.

"We are accelerating a number of our development projects and we have also made important additions on the exploration side," he reportedly told investors on a conference call.

This development will reportedly take place in basins in Colorado, West Africa and the Mediterranean Sea, and full-year spending is anticipated to be about $3 billion.

Shares of Noble Energy hit a 52-week high at $98.99, and the low over the same period was $63.80, according to Reuters.