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July 9, 2020, 7:13 a.m. EDT

Noble Energy cut unit production costs and funded $100 million in investments in Q2

Noble Energy Inc. (NAS:NBL) said Thursday it funded about $100 million in investments in the second quarter, even as it cut costs in the face of the coronavirus pandemic. The Houston, Tx.-based oil and natural gas exploration and development company delivered 350 thousand barrels of oil equivalent per day (MBoe/d) in the quarter, including 248 MBoe/d from U.S. onshore. The company's cost-cutting measures delivered record low unit production costs of $6.61 per BOE. It reduced general and administrative costs to $63 million, down 40% from the same period a year ago. Despite the significant impact on global economies from COVID-19, "we've materially reduced the cost structure of our business, while demonstrating robust production capacity in both our onshore and offshore businesses," Chief Executive David Stover said in a statement. Noble will report second-quarter earnings on Aug. 7. Shares rose 1.6% premarket, but are down 64% in the year to date, while the S&P 500 (S&P:SPX) has fallen 1.9%.

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