[Editor's note: This story was updated from a previous version posted at 3:55 p.m. CT Feb. 13.]

Noble Energy Inc. (NYSE: NBL) reported a surprise adjusted profit for the fourth quarter, helped by lower expenses and higher oil prices.

Oil producers are betting big on a rise in crude prices by raising capital spending and buying up acreage in low-cost, oil-rich regions such as the Permian Basin of Texas.

Last month, Noble announced that it would buy smaller rival Clayton Williams Energy to boost its presence in the region.

The company said on Feb. 13 that sales volumes for the current year are expected to average 415,000 barrels of oil equivalent per day (boe/d) to 425,000 boe/d, including sales from Clayton.

Noble reported 2016 sales volumes of 420,000 boe/d.

The company's total operating expenses fell about 47% to $1.37 billion in the quarter ended Dec. 31.

Net loss attributable to Noble narrowed to $252 million, or 59 cents per share, in the quarter, from $2.03 billion, or $4.73 per share, a year earlier.

Excluding items, the company earned 26 cents per share. Analysts on average had expected a loss of 10 cents per share, according to Thomson Reuters I/B/E/S.

The Houston, Texas-based company's total revenue rose 17% to $1.01 billion, but missed the average analyst estimate of $1.03 billion. Total sales volumes dropped 2.8%.