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Noble Energy reports Q2 losses on lower revenue, cuts 2019 capital guidance

Noble Energy Inc. on Aug. 2 reported a second-quarter adjusted net loss attributable to the company of $49.0 million, or a loss of 10 cents per share, dropping from an income of $81.0 million, or 17 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter was a loss of 12 cents.

Net loss attributable to Noble amounted to $10.0 million, up from a loss of $23.0 million in the prior-year period.

Second-quarter revenue totaled $1.09 billion, declining from $1.23 billion in the same quarter a year ago.

The oil and gas producer posted total sales volumes of 349,000 barrels of oil equivalent per day, a slight increase from 346,000 boe/d a year ago.

Noble also lowered its full-year 2019 capital guidance by $100 million, mostly due to U.S. onshore capital reductions and year-to-date progress on cost initiatives.