Shares of oil producer Noble Energy (NBL) - Get Noble Energy, Inc. Report were jumping more than 7% Friday after the company reported a second-quarter loss that was narrower than expected, topping expectations for the third time in four quarters.
The company reported an adjusted loss of 10 cents a share on revenue of $1.09 billion, topping analysts' expectations for earnings of 12 cents a share on revenue of $1.05 billion.
"Noble Energy continues to execute well on its strategy to deliver free cash flow through capital discipline and moderate growth," CEO David Stover said. "I've been very pleased with the capital efficiency gains in our U.S. onshore business, and we are delivering on a meaningful production ramp in the third quarter."
The company also announced it lowered its full-year capital and operating cost expectations by $100 million due to progress on cost initiatives. The company now expects expenditures between $600 million and $675 million.
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