Leading contract driller Noble Corporation’s NE first-quarter 2016 earnings of 31 cents per share came in below the Zacks Consensus Estimate of 34 cents. The bottom line also declined from the year-ago quarter earnings of 72 cents per share. Total revenue in the quarter declined 24.1% year over year to $612 million from $804 million. The top line also missed the Zacks Consensus Estimate of $643 million. Contract Drilling Services contributed $591.4 million to total revenue.Fourth-Quarter Operating HighlightsNet income from continuing operations was $105.5 million compared with $126 million in the fourth quarter of 2015. Total rig utilization decreased to 79% from the year-earlier level of 86%. The overall average dayrate decreased to $287,169 from $339,961in the year-ago quarter.The average dayrate for drillships declined to $506,141 from $512,259 a year ago. Average capacity utilization, remained unchanged from the year-ago level of 100%.The average dayrate for the company's jackups was $134,868 compared with $172,700 in the year-ago quarter. Average capacity utilization fell to 84% from the year-ago level of 92%.The average dayrate for semisubmersibles of $258,786 decreased from $392,777 a year ago. Average capacity utilization fell to 48% from the year-ago level of 65%.BacklogTotal backlog at the end of the quarter was approximately $6.2 billion compared with $6.9 billion as of Dec 31, 2015.As of Mar 31, 2016, 69% of the company's available rig operating days were committed for 2016. This included 54% of floating rig days and 87% of jackup rig days.FinancialsAt the end of the reported quarter, the company had a cash balance of $236.2 million and long-term debt of $3,864.1 million, with debt-to-capitalization ratio of 34% (as against 35.9% in the preceding quarter).Zacks RankAt present, Noble Corp. carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are SunCoke Energy Inc. SXC, PetroChina Co. Ltd. PTR and Braskem S.A. BAK. All these stocks sport a Zacks Rank #1 (Strong Buy).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 PETROCHINA ADR (PTR): Free Stock Analysis Report BRASKEM SA (BAK): Free Stock Analysis Report NOBLE CORP PLC (NE): Free Stock Analysis Report SUNCOKE ENERGY (SXC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research