Noble Energy Reports 2016 Q3
Noble Energy, Inc. has announced outstanding production performance and cost control for the third quarter of 2016 including adding another rig in the Eagle Ford Shale.
Related: Noble Energy to Cut Jobs
Noble reported its third quarter results last week, including sales volumes of 425 thousand barrels of oil equivalent per day (MBoe/d). The company’s capital expenditures of $297 million were substantially below expectation and reflect increased operational efficiencies.
In spite of a net loss of $144 million, President and CEO David L. Stover said that the company’s operating and financial numbers are “up where we want them to be up and down where we want them to be down.”
Eagle Ford Operations
Sales volumes for the company’s Eagle Ford operations increased 11% from the third quarter of 2015. Other quarterly highlights include:
- Drilled and commenced production on 5 wells
- Commenced production on 5 Lower Eagle Ford wells in the Gates Ranch area
- Closed on the sale of approximately 11,000 non-core acres in the Eagle Ford for $68 million at the end of the quarter. The acreage sold included small positions in La Salle, Atascosa, Live Oak and Dimmit counties where we had not engaged in drilling activity since the merger with Rosetta Resources Inc.
- 25 wells drilled but uncompleted
- Eagle Ford production made up 84 percent of the volumes
- Added one rigs to the company’s Eagle Ford area
In September, Noble executives told the Houston Chronicle that the company will initiate a fourth round of layoffs by the end of the year. The cuts will be in the exploration sector in order for the company to refocus efforts on production.