Noble Energy (NYSE:NBL) widely missed Wall Street estimates for its second quarter Friday, as earnings per share sharply reversed from a profit in the same quarter last year, dragging down the shares.
The oil and gas company reported a net loss of US$23mn, or US$0.05 per share, off sharply from the average consensus estimate for a profit of US$0.22 per share. A year ago, Noble Energy reported EPS of US$0.05.
Shares of Noble fell about 7% to US$33.31 in early trading after the bell.
Total sales volume declined 15.2% to 346,000 barrels of oil equivalent/day (bope/d) in the second quarter, although revenue hit US$1.23bn, above consensus expectations of US$1.14bn.
Full-year 2018 sales volumes are estimated to be toward the lower end of the company's full-year range of 350 to 360 mboe/d, resulting from deferred completion activity in the Delaware and Eagle Ford areas.
Noble Energy is an independent energy company involved in the exploration and production of crude oil, natural gas and natural gas liquids around the world.