Falling crude prices won’t dampen Noble Energy’s plans to pull more oil and gas from the ground this year, even as the Houston-based oil company posted a $109 million loss in the second quarter.
While the downturn has created “challenging times” in the industry, Noble’s strong assets and its healthy balance sheet have helped protect the company from the slump no matter how long it lingers, Chairman, President and CEO David Stover said in a call with investors Monday morning.
And the company, which recently closed on its $2.1 billion acquisition of smaller Houston oil company, Rosetta Resources, is in a good position to grow even further as other companies are cutting back, Stover said.
“We have the financial strength to navigate through a volatile market and take advantage of opportunities,” Stover said. “All oil and natural gas companies are facing choppy seas right now but I believe investors are very well-positioned with Noble Energy.”