Noble Energy Inc. (NYSE: NBL) said Aug. 3 it plans to reallocate some near-term investments to U.S. oil fields outside of the Permian Basin due to supply constraints and reported weaker-than-expected quarterly profit.
Transportation bottlenecks have driven down prices of regional crude, compared with the U.S. benchmark, and threatens to dampen the outlook for continued output growth from the top U.S. shale basin.
Total sales volumes fell 15.2% to 346,000 barrels of oil equivalent per day (boe/d) in the second quarter.
Net loss attributable to Noble narrowed to $23 million, or 5 cents per share, in the second quarter ended June 30, compared with a net loss of $1.5 billion, or $3.20 per share, a year earlier.
The company took a charge of $2.32 billion in the year-ago quarter related to the sale of some assets.
The Houston-based company's total revenue rose to $1.23 billion from $1.06 billion.
Excluding one-time items, Noble posted a profit of 17 cents per share, while analysts had on average expected 22 cents a share, according to Thomson Reuters I/B/E/S.
Williams’ “poison pill” was found by a Delaware judge to be a disproportionate response to the threat that an activist investor might swoop in when the stock was at a low point during the start of the pandemic.
The NYSE said CNOOC has the right to appeal the delisting decision. The exchange will include any appeal it receives in its application to the U.S. Securities and Exchange Commission.
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