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Houston oil producer Noble Energy slashed its quarterly dividend, becoming the latest energy company to pare back its regular cash payments to shareholders amid industry-wide cost-cutting.
By resolving the final sticking points in the anti-trust dispute, the Houston-based oil company can begin pressing forward with plans to expand the Tamar and develop the Leviathan.
Despite pulling back from some of its oil fields, Noble Energy cranked up production in recent months, with plans to send more oil to market in the fourth quarter than it had originally projected.
As Israel prepares to push through a long-delayed landmark natural gas deal, Prime Minister Benjamin Netanyahu is facing a growing backlash by protesters who accuse him of using shady backroom dealings and strong-arm tactics to push through the plan.
Noble has dismissed critics who claimed that the Eni find would thwart its efforts to market Israeli gas to the region.
The postponement is a surprising reversal from last week, when the Houston-based producers said it hoped to raise at least $237.5 million.
Noble Energy agreed to sell of its stake in two undeveloped gas fields in the Eastern Mediterranean to satisfy concerns that the Houston oil company held too much control over the country’s natural gas resources.
The Houston exploration and production company began notifying workers Tuesday as it braces for a drop-off in activity in the coming months to cope with stubbornly low oil and gas prices that show no signs of significantly rebounding soon.
Atwood’s new contract for the rig is 60 percent smaller than a previous three-year contract with Noble.
Apache Corp. shares climbed as much as 13 percent on Monday.