Shares of Noble Energy (NBL) are higher Monday after the oil and gas company said it will make a final decision on two gas fields in Israel in about a year’s time, Reuters reported, citing CEO David Stover who spoke on a post-earnings call.
Noble Energy’s announcement comes one day after Israel’s economy minister Aryeh Deri, who was opposed to Noble Energy’s plans, resigned from his position. Prime Minister Benjamin Netanyahu said Sunday he would take control of the economy ministry and approve Noble’s projects, the article added.
Earlier on Monday, the independent energy firm reported weaker-than-expected Q3 results. On an adjusted basis, net loss for the quarter was $0.21 per share; compared to $0.28 earnings per share in the prior year period and wider than the $0.18 loss per share Street estimate provided by Capital IQ.
Total revenues were $801 million, down from $1.27 billion reported for the same period last year and lower than the $985.2 million Street estimate. NBL was still moving in the lower half of the 52-week range of $29.13 to $58.20.