Noble Energy’s 3Q earnings drop

Noble Energy Inc., a key oil and natural-gas producer in Weld County, reported Thursday third-quarter profit of $221 million vs. $441 million last year.

The earnings decline came despite record quarterly sales volume of 242,000 barrels of oil-equivalent per day, a year-over-year increase of 11 percent.

Noble Energy’s production from its horizontal drilling program within the Denver-Julesburg Basin doubled to 31,000 barrels of oil-equivalent per day from the previous third quarter.

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The company’s U.S. sales volumes reached 141,000 barrels of oil-equivalent per day, up 25 percent from last year. Sales growth came primarily from the acceleration of Noble Energy’s horizontal drilling program in the D.J. Basin.

Nearly 60 percent of the company’s net volumes in the D.J. Basin consisted of crude oil and other liquids. Noble Energy completed 57 horizontal wells, up from 43 wells last quarter.

The company expects to end the year in the basin with eight rigs.