What: Every oil and gas producer has its breaking point when it comes to commodity prices, and it appears that Noble Energy (NYSE:NBL) hit its breaking point in July. For Noble, it wasn’t oil’s decline to around $50 per barrel that was a fear for Noble investors — it was the decline in gas prices.

So what: Noble is a unique oil and gas producer in the sense that it is extremely diversified for its size. Unlike other mid-sized oil and gas producers that have decided to focus solely on shale development, Noble has kept a more diversified portfolio with producing assets in the Gulf of Mexico, off the coast of Equatorial Guinea, and Israel. So, unlike many peers of its size, it isn’t completely reliant on what happens in the U.S. for its long-term success.