Newfield Exploration Company provided a provisional operations update and increased production expectations for the second-quarter and full-year 2016.
The company now expects its second-quarter net production to exceed the mid-point of its previous guidance by about 0.5 million barrels of oil equivalent (MMBOE) and is projected to be about 15.2 MMBOE. The earlier guidance was in the range of 14.4–14.9 MMBOE.
Domestic net production is estimated to be more than 13.6 MMBOE, up from the previous projection of 13.0–13.5 MMBOE. International net production, on the other hand, is anticipated to be about 1.6 MMBOE, up 14.3% from its earlier guidance of 1.4 MMBOE. Full-year net production is now projected to be between 56.0 MMBOE and 58.0 MMBOE compared with the earlier range of 54.5–56.5 MMBOE.
The company’s CEO mentioned, “Our Anadarko Basin production continues to exceed expectations with strong well performance across our expanding footprint.” The company expects to spud development wells for less than $6 million (gross). This apart, the company is likely to have a portion of its STACK rig fleet in active field development in 2017.
Net production from the Anadarko Basin comprises about 56% of the total domestic production. Notably, production from this area is projected to average over 83,000 barrels of oil equivalent per day (BOEPD) in the second quarter, up 6% from 78,400 BOEPD in the first quarter.
The STACK infill spacing pilot, the Chlouber, is the first to be drilled by Newfield. This is also the first of the two planned pilots to test downspacing as well as provide information necessary for full-field development activities planned for 2017.
The company intends to provide additional update to its 2016 production guidance following the closure of its recently announced acquisition of acreage in STACK. The updated guidance will reflect the effect of this acquisition.
Newfield Exploration carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Boardwalk Pipeline Partners, LP , FutureFuel Corp. (FF - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Newfield Exploration Company provided a provisional operations update and increased production expectations for the second-quarter and full-year 2016.
The company now expects its second-quarter net production to exceed the mid-point of its previous guidance by about 0.5 million barrels of oil equivalent (MMBOE) and is projected to be about 15.2 MMBOE. The earlier guidance was in the range of 14.4–14.9 MMBOE.
Domestic net production is estimated to be more than 13.6 MMBOE, up from the previous projection of 13.0–13.5 MMBOE. International net production, on the other hand, is anticipated to be about 1.6 MMBOE, up 14.3% from its earlier guidance of 1.4 MMBOE. Full-year net production is now projected to be between 56.0 MMBOE and 58.0 MMBOE compared with the earlier range of 54.5–56.5 MMBOE.
The company’s CEO mentioned, “Our Anadarko Basin production continues to exceed expectations with strong well performance across our expanding footprint.” The company expects to spud development wells for less than $6 million (gross). This apart, the company is likely to have a portion of its STACK rig fleet in active field development in 2017.
Net production from the Anadarko Basin comprises about 56% of the total domestic production. Notably, production from this area is projected to average over 83,000 barrels of oil equivalent per day (BOEPD) in the second quarter, up 6% from 78,400 BOEPD in the first quarter.
The STACK infill spacing pilot, the Chlouber, is the first to be drilled by Newfield. This is also the first of the two planned pilots to test downspacing as well as provide information necessary for full-field development activities planned for 2017.
The company intends to provide additional update to its 2016 production guidance following the closure of its recently announced acquisition of acreage in STACK. The updated guidance will reflect the effect of this acquisition.
Newfield Exploration carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Boardwalk Pipeline Partners, LP , FutureFuel Corp. (FF - Free Report) and ReneSola Ltd. (SOL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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