Houston’s Noble Energy did better than expected in its third quarter earnings.
While the company reported a third quarter net loss of $136 million or 28 cents per share, it was smaller than expected. A year ago, the company had a third quarter net loss of $144 million or 33 cents a share.
Noble, the company that got its start in southern Oklahoma before moving headquarters to Texas attributed the smaller-than-expected loss to cost cutting moves and increasing commodity prices.
Company sales volumes for the quarter were 355 thousand barrels of oil equivalent a day. The company’s average third quarter volumes were down slightly because of heavy localized storms that resulted in flooding and the temporary shut-in of most of the Eagle Ford production in late September and early October.
David L. Stover, Noble Energy’s Chairman, President and CEO, commented, “Our strong results for the third quarter continue to reflect the Company’s high-quality assets and differentiated execution, with particularly strong performance from our U.S. onshore business. The significant value of our recent strategic portfolio repositioning is being realized as onshore cash flows and volumes grow at a rapid pace as we move towards the end of 2017. “