Noble Energy, an independent oil and gas company from the U.S., has swung to a net loss of $283 million in the third quarter of 2015.
To remind, in the third quarter of 2014, Noble Energy reported $419 net income. The company’s revenues were $801 million down from $1.27 billion a year ago.
Noble Energy’s adjusted loss was $90 million. Adjustments to the net loss for the third quarter of 2015 included non-cash commodity derivative losses of $17 million, as a result of the value change of the company’s existing hedge positions as of the end of the quarter.
The company also adjusted from earnings certain costs associated with the termination of the Company’s defined benefit pension program ($67 million), costs incurred as part of the merger with Rosetta Resources ($71 million), and various other items ($22 million).