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Newfield Exploration (NFX) Misses on Q2 Earnings & Revenues

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Newfield Exploration Co. (NFX - Free Report) reported adjusted second-quarter 2017 earnings of 43 cents per share, missing the Zacks Consensus Estimate of 44 cents. The company had reported adjusted profit of 32 cents per share a year ago.

The company’s total revenue jumped to $402.0 million from $381.0 million in the year-ago period and lagged the Zacks Consensus Estimate of $424.55 million.
 

Newfield Exploration Company Price, Consensus and EPS Surprise

 

Newfield Exploration Company Price, Consensus and EPS Surprise | Newfield Exploration Company Quote

Operational Performance

Total quarterly production of 13.6 million barrels of oil equivalent (MMBoe) was down from 15.3 MMBoe in the year earlier quarter. It comprised 44% oil, 18% natural gas liquids (NGLs) and 38% natural gas.

Natural gas volumes totaled 31.2 billion cubic feet. Oil, condensate and NGLs volumes came in at 8.4 million barrels.

Newfield’s second-quarter oil and natural gas price realizations (including the effect of hedges) averaged $31.11 per barrel of oil equivalent. Natural gas prices were $2.61 per thousand cubic feet, oil prices were $46.81 per barrel and NGLs prices were $24.54 per barrel.

Financials

At the quarter end, Newfield had cash balance of $522.0 million. Long-term debt was $2,432.0 million, which represents a debt-to-capitalization ratio of approximately 66.8%.
 
Guidance

For 2017, Newfield anticipates output of 149.4–157.8 MBoe. The company projects LOE at $3.76 per Boe. It also expects production and other taxes at $1.05 per Boe. General and administration expenses are estimated at $3.58 per Boe.

Second-Quarter Price Performance

During the April–June quarter of 2017, Newfield’s shares have underperformed the industry. During the aforesaid period, the company’s shares have lost 22.9% compared with the industry’s gain of 2.7%.

Zacks Rank and Stocks to Consider

Currently, Newfield carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the same space include Global Partners LP (GLP - Free Report) , Braskem S.A. (BAK - Free Report) and TransCanada Corp (TRP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Global Partners delivered a positive earnings surprise of 1200.00% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average positive earnings surprise of 415.30%.

Braskem delivered a positive earnings surprise of 107.79% in the quarter ending September 2016.

TransCanada delivered a negative earnings surprise of 7.58% in the preceding quarter. It surpassed estimates in two of the trailing four quarters with an average positive earnings surprise of 1.06%.

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