In their latest quarterly report, Noble Corp.'s (NYSE:NE) profits plummeted by 80 percent, as the toll from the Obama administrations' oil moratorium continues to rise.
Even though the moratorium was lifted before the November elections, it is effectively still in place because of the permitting process and new regulations which will keep oil companies from drilling in the deepwater portions of the Gulf of Mexico for some time.
Profits in the quarter for Noble dropped to $86 million, or 34 cents a share, far below the $426 million, or $1.63 a share they produced last year in the same quarter.
Revenue for the third quarter also dropped to $613 million.
Analysts had been looking for revenue of $635 million, and profits of 35 cents a share.
The guidance from Noble Chief Executive David Williams was ominous: "We recognize that the effects of U.S. policies related to offshore drilling will be felt into 2011 and beyond."
Noble closed Wednesday at $35.00 a share, gaining $0.27, or 0.78 percent.
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