Flooding cuts Noble Energy’s oil production

Noble Energy Inc. (NYSE: NBL) said Monday that flooding will reduce its average oil and gas production between 5,000 to 7,000 barrels of oil equivalent per day during the fourth quarter.

Houston-based Noble Energy, one of the largest producers of oil and gas in Northern Colorado, posted an average production loss of 2,000 barrels of oil equivalent daily during the third quarter due to flooding, the company said in a statement.

The company shut off 758 wells due to last month’s flooding, but it has brought about 430 wells back online and continues to return wells to production, a company representative said.

Noble Energy said its drilling activities have returned to normal levels, with all of its rigs operating. It plans to accelerate those activities to eliminate a drilling backlog by the end of the first quarter of 2014.

“These impacts to our business are short-term in nature and we look forward to the continued substantial growth and long-term value creation in this core business,´ said Gary W. Willingham, senior vice president of U.S. Onshore for Noble Energy.

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