Back to top

Image: Bigstock

Newfield Exploration (NFX) Q2 Earnings Beat, Revenues Lag

Read MoreHide Full Article

Newfield Exploration Co. reported adjusted second-quarter 2016 earnings of 32 cents per share, breezing past the Zacks Consensus Estimate of 15 cents. The company had reported adjusted profit of 46 cents per share a year ago.

The company’s total revenue plunged from $469.0 million in the year-ago period to $381.0 million and lagged the Zacks Consensus Estimate of $404.0 million.
 

Operational Performance

Total quarterly production of 15.3 million barrels of oil equivalent (MMBoe) comprised 45% oil, 18% natural gas liquids (NGLs) and 37% natural gas.

Natural gas volumes totaled 33.8 billion cubic feet. Oil, condensate and NGLs volumes came in at 9.6 million barrels.

Newfield’s second-quarter oil and natural gas price realizations (including the effect of hedges) averaged $29.41 per barrel of oil equivalent. Natural gas prices were $1.86 per thousand cubic feet, oil prices were $47.90 per barrel and NGLs prices were $19.23 per barrel.

Financials

At the quarter end, Newfield had cash balance of $165.0 million. Long-term debt was $2,430.0 million, which represents a debt-to-capitalization ratio of approximately 54.5%.
 

NEWFIELD EXPL Price, Consensus and EPS Surprise

NEWFIELD EXPL Price, Consensus and EPS Surprise | NEWFIELD EXPL Quote

Guidance

For 2016, Newfield anticipates output of 58.0–59.5 MMBoe. The company also projects LOE at $251 million, while production and other taxes of $49 million are expected. General and administration expenses are estimated at $180 million. The company anticipates capital expenditure in the range of $700–750 million for the year.

Zacks Rank and Key Stock Picks

Newfield Exploration currently carries a Zacks Rank #2 (Buy). Some other stocks from the same space holding the same rank are Murphy USA Inc. (MUSA - Free Report) , QEP Resources, Inc. and North Atlantic Drilling Limited .

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 >>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Murphy USA Inc. (MUSA) - free report >>

Published in