U.S. oil and gas producer Noble Energy Inc. (NYSE: NBL) reported a better-than-expected quarterly profit on Nov. 1, as the company boosted oil production and sold at higher prices.
Sales volumes from the company’s U.S. onshore business, its biggest, rose 17.2% in the third quarter to 109,000 barrels of oil equivalent per day.
The company said average realized prices for U.S. onshore rose 41.3% to $65.54/bbl, as U.S. oil producers benefited from a rise in crude prices, which touched a high of $80/bbl in the three months ended September.
Houston-based Noble Energy’s total revenue rose to $1.27 billion from $960 million.
The company said net income attributable was $227 million, or 47 cents per share, in the three months ended Sept. 30, compared with a loss of $136 million, or 28 cents per share, a year earlier.
Excluding one-time items, Noble earned 27 cents per share, beating analysts’ average estimate of 18 cents, according to Refinitiv data.
The company’s shares rose 1.6% to $25.24 in premarket trading.
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