One of Colorado’s biggest oil and gas companies, Noble Energy, reported a 37 percent decline in third-quarter revenue on Monday and said it will cut more jobs.
It’s unclear just how much of Noble’s 950-person workforce in Colorado will be affected. Noble is the latest energy company to report losses this quarter as the industry grapples with the lower price of oil.
Some companies weren’t expecting the trend to drag on this long, said Tony Starkey with the market analytics company Bentek Energy.
“Prices will likely be much lower longer than anyone anticipated," Starkey said. "That reality is starting to set in.”
The price of oil is now under $50 a barrel, compared to more than $100 during the summer of 2014.