Noble Energy profit slips on gas price dropadmin
Noble Energy Inc. said on Thursday its fourth-quarter profit fell as weakness in natural gas prices weighed on results.
Net profit declined to $165 million, or 95 cents a share, from $222 million, or $1.27 a share, a year earlier.
Excluding charges of $13.1 million, the oil and gas producer said earnings were $1.03 per basic share.
Analysts had expected profit of $1.01 per share, according to Reuters Estimates.
Revenue rose to $714.2 million from $701 million.
In the latest quarter, the company’s average realized natural gas price decreased 20 percent to $5.56 per thousand cubic feet from $6.91 a year earlier.