Noble Energy Inc. (NYSE: NBL) reported sharply lower third-quarter earnings Thursday, as lower commodity prices eroded the oil and gas producer's revenue, according to Associated Press.
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Net income fell to $107 million, or 61 cents per share, for the three months ended in September, down 89 percent from $974 million, or $5.37 per share, during the same period last year.
Excluding special items, including a previously disclosed unrealized commodity derivative loss, net income dropped to $193 million, or $1.10 per share, from $395 million, or $2.08 per share.
Revenue slid 43 percent to $621 million from $1.1 billion.
Analysts on average expected net income of 82 cents per share on revenue of $657.3 million, according to a poll by Thomson Reuters. Wall Street estimates typically exclude one-time items.
The company said sales volumes averaged 217,000 barrels of oil equivalent per day, up 3 percent from the third quarter of 2008, mainly due to increased amounts in the United States and West Africa.
Prices fell from the year-earlier quarter. The company's global crude oil prices averaged $63.36 per barrel versus $101.83 a year earlier. Its natural gas prices averaged $2.41 per thousand cubic feet compared with $5.31 last year.
Crude oil prices were cut by $1.89 in the United States and $5.32 per barrel in West Africa because of previously deferred hedge losses.
Shares of Noble Energy rose $1.04 cents to $67.97 in midday trading.
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