Noble Energy Posts Bigger-than-expected Loss
Noble Energy Inc reported a bigger-than-expected quarterly loss on Friday, as the U.S. oil and gas producer was hit by weak crude prices.
U.S. crude prices averaged $54.9 per barrel in the first quarter, a 12.8 percent fall compared to the year-ago period.
Noble realized $53.46 for each barrel of crude and condensate from its onshore operations in the United States, compared with $61.50 per barrel a year earlier.
U.S. crude prices were under pressure towards the end of last year due to fears of a global glut and a slowdown in demand. Prices have since recovered with the Organization of the Petroleum Exporting Countries (OPEC) and its allies cutting output and sanctions imposed by the United States on Venezuela and Iran.
Adjusted net loss was $44 million, or 9 cents per share, in the quarter ended March 31, compared with a profit of $172 million, or 35 cents per share, a year earlier.
Analysts on average had expected the company to report a loss of 6 cents per share, according to IBES data from Refinitiv.
The Houston-based company's total sales volumes fell nearly 9 percent to 337,000 barrels of oil equivalent per day (boe/d), while revenue fell 18 percent to $1.05 billion.
(Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel)