Noble Energy, the U.S. based energy producer that has a nearly 40% working interest in the Israeli Leviathan natural gas fields, missed Wall Street earnings estimates slightly, but doubled its earnings over last year, as reported by Seeking Alpha. While revenues dipped 8%, the main reason is not the company’s fundamentals and operations, but slipping energy prices, which have affected the entire industry. Shares of Noble energy rallied 9% following earnings.
Its sales volumes were a record-breaking 3% higher at 302K boe/day, and the growth is 10% when accounting for assets that Noble has sold. Prices for crude oil and condensates dropped 9%, average prices rose 5% and liquified natural gas prices fell by 5%. While operating expenses rose 19%, the sales volume increased 15% over last year.
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