- Associated Press - Wednesday, May 6, 2015

GREELEY, Colo. (AP) - Noble Energy will invest more in Colorado’s Weld County, which has become its headquarters for U.S. onshore operations, and will reduce spending on its Marcellus gas drilling program in Pennsylvania.

The company’s spending in Colorado will now represent more than 60 percent of its U.S. onshore budget.

Noble Energy announced the plan on Tuesday after reporting a $10 million net loss for the quarter, the Greeley Tribune reports (https://bit.ly/1zANtrz).

That loss came even though the company’s sales increased by 11 percent from the same time last year, when commodity prices were higher.

Noble recently drilled a 9,300-foot horizontal well in central Weld County. The longer the horizontal well, the more production, according to Noble CEO, President and Chairman David Stover.

He said companies are focused on reducing all costs associated with building wells as gas prices drop.

“Compared to last year, we’re drilling 70 percent of the total footage while utilizing 40 percent of the rig count,” Stover said in a call with analysts Tuesday.

“This is a result of our focus on drilling execution, utilizing the best rigs and crews in the basin and continuing to increase our average lateral lengths per well,” he said.

The company sold 116,000 barrels of oil equivalent in Weld County in the first quarter, a 22 percent increase over the same time last year, Stover said.


Information from: The Tribune of Greeley, Co, https://greeleytribune.com

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