Noble Energy posts loss, misses Wall Street expectations
Noble Energy posted a loss in the second quarter and plans to focus some of its resources outside of West Texas’ Permian Basin oil field.
The Houston oil and gas exploration and production company lost $23 million or 5 cents a share in the second quarter, which ended June 30. That’s compared to the company’s loss of $1.5 billion, or $3.20 a share, in the same period of 2017.
Analysts surveyed by Bloomberg estimated Noble Energy would earn 22 cents a share.
The company earned $554 million or $1.14 a share in the first quarter of 2018.
David Stover, Noble Energy’s president and CEO, said that constraints in West Texas are pushing the company to focus some investments in other onshore oil and gas regions.
Noble Energy operates in South Texas’ Eagle Ford Shale oil field and Colorado’s DJ Basin.
In July, Noble Energy secured 20,000 barrels of crude oil pipeline capacity to move crude from West Texas’ Permian Basin to Corpus Christi.
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