May 8, 2020 / 11:06 AM / in 19 days

Noble Energy to curtail production, posts wider Q1 loss

May 8 (Reuters) - Noble Energy Inc said on Friday it will voluntarily curtail production in May and June and posted a wider quarterly loss, taking $4 billion in charges, as global crude prices plunged amid excess supply and tumbling demand due to the coronavirus crisis.

Noble said it will curtail 5,000 barrels per day (bpd)-10,000 bpd in May and 30,000 bpd-40,000 bpd in June from the company’s U.S. onshore assets.

The Houston-based producer said net loss attributable to the company was $3.96 billion, or $8.27 per share, for the first quarter ended March 31, wider than a loss of $313 million, or 65 cents per share, a year earlier. On an adjusted basis, the company posted a profit of 18 cents per share.

Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri

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