Noble Energy posted a $109million loss in the second quarter of the year despite increased sales of oil and natural gas.
The company said it expects it will be increasing production throughout the rest of the year but it is likely to be at an increasingly cheaper cost.
Noble has posted second quarter profits of $101million down 68% from the $323million the company had earned the same time last year.
Chief executive David Stover said: “Although these are challenging times in our industry, Noble Energy has maintained a strong financial position, improved operating efficiencies and continued our strong safety culture and performance.
“Operational execution again drove volumes above expectations while materially reducing our operating and overhead costs.”
The company also managed to pull 3% more oil and gas from the ground in the second quarter of the year than in 2014 which it said was as a result of further development of assets in the Marcellus Shale and DJ basin.