Noble Energy records $419 million 3Q profit

Noble Energy Inc. (NYSE: NBL) said Tuesday it doubled its third-quarter net income to $419 million from $205 million during same quarter last year.

Noble Energy’s sales volumes in the Denver-Julesburg Basin, which includes territory in Northern Colorado, averaged 102,000 barrels of oil equivalent per day, up 15 percent from the same quarter a year earlier. The company blamed “third-party facility downtime” and problems with pipeline pressure for production that came in below expectations.

The company, however, posted record quarterly horizontal production totaling 74,000 barrels of oil equivalent in the D.J. Basin during the third quarter, up 30 percent from the same quarter of last year.

Noble Energy also said it expanded its transportation on pipeline and rail projects to transport crude oil outside Northern Colorado. About 80 percent of the company’s gross crude oil production left the region during the third quarter.

Noble Energy is operating nine drilling rigs in the D.J. Basin.

The company posted $1.3 billion in third-quarter revenue, down from $1.4 billion in revenue during the third quarter of last year.

Noble Energy shares rose 3.5 percent to close at $58.36 on Tuesday.

on Facebook on LinkedIn