Noble Q3 2015
Houston-based Noble Energy plans to trim Eagle Ford jobs as it announces third quarter losses.
Related: Chevron to Slash 6,000-7,000 More Jobs
During an earnings call last week, Noble executives reported a $283 million net loss for the 2015 Q3 along with plans to trim capital spending and curtail exploration activity. Like many others, the company is putting these measures into place until the market rebounds enough to support increased spending.
In addition to the losses, Noble will lay off 180 jobs, including some in its Eagle Ford operations, according to Fuelfix. In April, the company cut 230 jobs.
“As we approach 2016, we intend to be cash flow neutral while maintaining long-term operational capacity,” spokeswoman Reba Reid said in a statement to Fuel Fix. “Our diverse portfolio offers exceptional investment options, and we will continue to focus capital allocation on activities that best deliver overall returns and value.”
Third Quarter Eagle Ford Highlights
- During the quarter, we closed on the merger with Rosetta Resources, which established new core operating positions for NobleEnergy in the Eagle Ford and Delaware Basins.
- Spud-to-rig release times averaged eight days for a 5,000-foot lateral, a reduction of approximately 30% from the average on these assets earlier this year
- drilled seven Lower Eagle Ford wells
- Most wells are performing materially above the 3 million-barrel type curve for the area
Real more at nobleenergyinc.com