The intensity noise in Fabry–Pe´rot lasers with low facet reflectivities is studied. A direct comparison between laser intensity fluctuations under noise suppressed and shot‐noise limited current injection is made. Noise levels in excess of the shot‐noise level are observed, even when the pump noise is suppressed. Also, an injection current dependent negative correlation between the intensity noise at the output facets of a laser is demonstrated. ©1995 American Institute of Physics.