Yahoo Finance

Noble Corp. CEO talks drilling operations, oil price trends

Noble Corporation (NE) CEO and President Robert Eifler joins Yahoo Finance to discuss the outlook for his company as energy stocks lead market gains in 2024. Eifler emphasizes that Noble Corporation's long-term activity is "driven by oil price" (CL=F, BZ=F), stating that the company is "a long-term business" where its customers create "decade-long plans" when it comes to offshore drilling. Due to this, he says that short-term oil price movements have little to no effect on the company's operations. Eifler notes that the current market dynamics "are in really good shape," setting the company up for "several years of spending" among its customers. He explains that during the "shale boom", a backlog for the company's services was created due to an increase in offshore drilling demand as consumers turned to "longer-term planning," which has driven activity in the post-COVID period. "I like to keep people focused on where we've come from and where we're headed," Eifler told Yahoo Finance, adding, "which is a tremendous ramp-up in our services— and obviously that's coming through in rising EBITDA year-over-year." For more expert insight and the latest market action, click here to watch this full episode. This post was written by Angel Smith