May 8, 2020 - 12:15 PM EDT
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Shares of Noble Energy Surge on Earnings Results

Shares of oil and gas producer Noble Energy (NASDAQ: NBL) were up 9.2% as of 11 a.m. EDT on Friday after being up as much as 12% earlier in the trading session. Today's big price jump comes after the company announced earnings and plans to curtail production in North America.

The earnings number for Noble looked horrible. The company reported a net loss of $4 billion for the quarter, or $8.27 per share. For a company with a $4.7 billion market cap, that sounds terrible. That massive loss was predominately attributed to $4.2 billion in asset impairments it took on its onshore shale assets. Absent those impairments, adjusted net income was $0.18 per share. That actually beat consensus estimates of $0.02 per share.

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Source: Motley Fool (May 8, 2020 - 12:15 PM EDT)

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