Noble Energy, a U.S.-based independent oil and gas company, has seen its loss deepen during the first quarter of the year. In addition, the company expects to spend less than it had budgeted for the year.
Noble Energy’s results for the first quarter of 2016 include an adjusted net loss of $228 million, excluding the impact of certain items not typically considered by analysts in published estimates. The reported net loss for the quarter was $287 million compared to a loss of $22 million in the prior-year quarter.
The company’s quarterly capital expenditures for the quarter were $374 million, below the low end of guidance.
Total company volumes for the first quarter of 2016 increased to 416 thousand barrels of oil equivalent per day (MBoe/d), up 31 percent from the first quarter of 2015.
Liquids comprised 45 percent (31 percent crude oil and condensate and 14 percent natural gas liquids) of first quarter 2016 volumes, with natural gas accounting for 55 percent. Compared to the first quarter of 2015, total liquids volumes were higher by 50 thousand barrels per day (MBbl/d), split evenly between crude oil and natural gas liquids.
According to its 1Q 2016 report on Wednesday, while remaining flexible to commodity environment changes through the remainder of the year, Noble Energy anticipates full-year capital expenditures to be less than the original estimate of $1.5 billion. The company explained that the reduction was driven primarily by capital efficiencies in the U.S. onshore business.
Offshore Energy Today Staff