Diamonds and Dogs
Energy closing out the year on a high note. Noble Energy (NBL) is up 1.6% after announcing the commencement of natural gas production from the Leviathan field, the largest natural gas field in the Eastern Mediterranean. The Leviathan field was first discovered in 2010. The price of oil is up 35% year to date and up 17% in the last three months. Commodities in general look good to start the New Year.
Not all oil stocks are higher. Core Laboratories (CLB) is down 21% after the oil-services provider lowered its fourth quarter guidance and cut its dividend payments amid a slowdown in the key U.S. drilling sector and a delay in booking big overseas deals. The company's forecast pointed to an 11% decline in U.S. rig count and a 20% decline in "completion activity" affecting the company's production enhancement division. The Amsterdam company also said discussions on major international and offshore projects were moving more slowly than expected. Core Labs slashed its quarterly dividend to 25 cents a share from 55 cents.