Noble Energy Inc. reported a better-than-expected quarterly profit as higher production helped offset the impact of a slump in crude prices.
Noble said Aug. 3 that its total sales volumes rose 3% to 299,000 barrels of oil equivalent per day (boe/d) in the second quarter. The company also raised its sales volume forecast for 2015 to 305,000-320,000 boe/d from 300,000-315,000 boe/d.
Noble and some other oil and gas companies have used the over 50% fall in crude prices in the past year to acquire assets.
The company said in May it would acquire Rosetta Resources Inc. for about $2 billion to enter the Eagle Ford Shale and Permian Basin in Texas.
Noble also said in April it would cut about 220 U.S. jobs to slash costs.
The company reported a net loss of $109 million, or 28 cents per share, for the quarter ended June 30 compared with a profit of $192 million, or 52 cents per share, a year earlier, as it recorded a derivatives loss of $274 million. Excluding items, Noble earned 26 cents per share. Total revenue fell 47% to $730 million.
Analysts on average had expected a profit of 6 cents per share and revenue of $887.7 million, according to Thomson Reuters I/B/E/S.
The Houston-based company's shares closed at $35.23 on July 31 on the New York Stock Exchange. Up to the July 31 close, the stock had nearly halved in value over the past year.
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