Noble Energy posts net loss despite increased production in D-J Basin

Noble Energy Inc. (NYSE: NBL), a Houston-based oil and gas business with significant activity in the Denver-Julesburg Basin, reported a second-quarter net loss of $23 million, or 5 cents per share.

The company reported increased U.S. onshore oil production, driven by growth in the Delaware and D-J Basins. The D-J Basin averaged 121 thousand barrels of oil equivalents per day. About 80 percent came from the company’s Wells Ranch and East Pony areas.

The company is also gathering infrastructure for the Mustang development area in the D-J Basin, which spans along Colorado’s Front Range into eastern Colorado, Nebraska and Wyoming.

The Delaware Basin, in west Texas and southern New Mexico, averaged 47 thousand barrels of oil equivalents per day.

During the second quarter, Noble Energy operated nine oil drilling rigs, two of which were in the D-J basin and six frac crews, three in the D-J Basin.

Looking ahead, the company said it expects onshore oil production to be higher in the third quarter, driven by growth in the D-J and Delaware Basins.

The company’s full-year capital expectation is about $3 billion.

Last year, Noble Energy announced it was relocating jobs in Denver to other locations, including Houston and Greeley.

 

Noble Energy Inc. (NYSE: NBL), a Houston-based oil and gas business with significant activity in the Denver-Julesburg Basin, reported a second-quarter net loss of $23 million, or 5 cents per share.

The company reported increased U.S. onshore oil production, driven by growth in the Delaware and D-J Basins. The D-J Basin averaged 121 thousand barrels of oil equivalents per day. About 80 percent came from the company’s Wells Ranch and East Pony areas.

The company is also gathering infrastructure for the Mustang development area in the D-J Basin, which spans along Colorado’s Front Range into eastern Colorado, Nebraska and Wyoming.

The Delaware Basin, in west Texas and southern New Mexico, averaged 47 thousand barrels of oil equivalents per day.

During the second quarter, Noble Energy operated nine oil drilling rigs, two of which were in the D-J basin and six frac crews, three in the D-J Basin.

Looking ahead, the company said it expects onshore oil production to be higher in the third quarter, driven by growth in the D-J and Delaware Basins.

The company’s full-year capital expectation is about $3 billion.

Last year, Noble Energy announced it was relocating jobs in Denver to other locations, including Houston and Greeley.