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Noble Energy swings to loss in Q3

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Noble Energy swings to loss in Q3

Noble Energy Inc. said its normalized net income for the third quarter came to a loss of 25 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 18 cents per share.

The per-share result swung to a loss from the prior-year profit of 93 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $104.4 million, compared with income of $341.3 million in the year-earlier period.

The normalized profit margin declined to negative 13.3% from 27.8% in the year-earlier period.

Total revenue decreased 37.7% year over year to $765.0 million from $1.23 billion, and total operating expenses climbed 33.3% on an annual basis to $896.0 million from $672.0 million.

Reported net income totaled a loss of $281.4 million, or a loss of 67 cents per share, compared with income of $411.0 million, or $1.12 per share, in the prior-year period.