Noble Energy: Lots of Marcellus Drilling in 1Q15, Scaling Back 2H15

Noble Energy is a big company with drilling both onshore and offshore. One of their focus areas is the Marcellus Shale where they are spending $900 million on drilling this year (see Noble Energy 2014 in Review, Spending $900M on Marcellus in 2015). Noble released their first quarter 2015 results yesterday. Although the company experienced a $22 million net loss financially, other signs were positive, including their activity in the Marcellus. Noble drilled 15 new wells and brought 3 wells online in 1Q15 in the Marcellus. Noble is also in a joint venture with CONSOL Energy. The JV drilled 25 new wells and brought online 29 wells in the Marcellus in 1Q15. However, Noble warns they are reducing their rig count and scaling back in the Marcellus for the second half of this year…

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