Noble Energy slashes budget, drilling rigs in Colorado for 2016

Horizontal Drilling Rig in Weld County Colorado - Credit Niobrara News

Horizontal Drilling Rig in Weld County Colorado – Credit Niobrara News

Noble Energy Inc. on Wednesday said it plans to slash its 2016 capital budget by about 50 percent, to $1.5 billion, following a $2 billion net loss for 2015, or $4.73 per share, due to the bust in oil prices.

Houston-based Noble (NYSE: NBL), is one of Colorado’s biggest oil and gas companies with hundreds of wells in the Denver-Julesburg (DJ) Basin, which sprawls north and east of Denver to the state lines.

The company also said it wrote down$1.27 billion worth of goodwill and international assets during the fourth quarter.

The loss was a downward swing from the profit of $402 million, or $1.05 per share, Noble reported for all of 2014.

Continue reading article at The Denver Business Journal

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