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Noble Energy raises sales volume forecast, cuts 2015 budget

Oil and gas producer Noble Energy Inc , which acquired Rosetta Resources in a $2 billion deal earlier this year, raised its sales forecast for the current quarter, while cutting its 2015 capital budget by $100 million.

Oil and gas producers are curtailing spending and cutting operating and other costs to weather a nearly 60 percent drop in crude oil prices since June last year.

Noble reported a larger-than-expected quarterly loss on Monday, hurt by the slump in prices.

Noble, which operates in the U.S. shale fields and offshore Gulf of Mexico, Eastern Mediterranean and West Africa, said it now plans to spend less than $3 billion this year.

The company raised its fourth-quarter sales volume forecast to 385,000-405,000 barrels of oil equivalent per day (boepd) from 375,000-400,000 boe/d.

Sales volume in the third quarter was 379,000 boepd.

Noble said third-quarter sales volumes lagged production by 4,000 barrels per day due to the timing of lifting of some oil and natural gas liquids from its operations in Equatorial Guinea.

The company’s net loss was $283 million, or 67 cents per share, in the third quarter ended Sept. 30, compared with a profit of $419 million, or $1.12 per share, a year earlier.

Adjusted loss was 21 cents per share, steeper than the average analyst estimate of 18 cents, according to Thomson Reuters I/B/E/S.

Total revenue fell 37 percent to $801 million, lagging analysts’ estimate of $955.3 million.

In related news, Study: Marcellus shale industry has ‘modest impact’ on creating local jobs.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Sriraj Kalluvila)

This article was from Reuters and was legally licensed through the NewsCred publisher network.