UPDATE 1-Noble Energy posts 2nd-qtr loss on trading charge

Wed Jul 30, 2008 2:06pm BST
 
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NEW YORK, July 30 (Reuters) - Noble Energy Inc (NBL.N), an independent oil and gas company, posted a second-quarter loss on Wednesday because of a charge from derivatives trading.

The net loss was $144 million, or 84 cents per share, compared with a profit of $209 million, or $1.21 per share, in the same period a year earlier.

Excluding the previously announced after-tax charge of $481 million linked to derivatives trading, adjusted earnings were $337 million, or $1.93 per share.

Revenue jumped to $1.2 billion from $794 million.

Sales volumes averaged 218,000 barrels of oil equivalent per day, up 9 percent from a year earlier.

On average for the quarter, the Houston company said it received $105.46 per barrel for crude oil and condensate, up sharply from $57.42. For natural gas, Noble saw prices rise to $5.86 per thousand cubic feet, up from $5.27.

Revenue jumped to $1.2 billion from $794 million. (Additional reporting by Anna Driver in Houston) (Reporting by Matt Daily; editing by John Wallace, Dave Zimmerman)

 

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