Skip to main content
Publish date:

Newfield Exploration Swings to Profit

But the exploration and production outfit's revenue was off 7.6%.

Newfield Exploration (NFX) said Thursday that it swung to profit in its third quarter.

The Houston-based oil and gas exploration and production company earned $266 million, or $2.06 a share, in the quarter, compared with no earnings a year ago. Adjusted for unrealized commodity derivative income and other items, the company earned $115 million, or 89 cents a share, in the quarter, compared with $128 million, or $1 a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 83 cents a share in the most recent quarter.

Third-quarter revenue fell 7.6% from a year ago to $425 million as against analysts' expectation of $472.3 million.

For the fourth quarter, Newfield expects natural gas production of 53 billion to 55 billion cubic feet and oil production of 2.3 million to 2.5 million barrels.

TheStreet Recommends

Newfield's natural gas production in the third quarter increased 9% to 51.2 billion cubic feet. Its average realized price fell 18% to $6.21 a thousand cubic feet. The company's oil production fell 8% to 1.9 million barrels while its average realized price rose 12% to $55.70 a barrel.

This story was created through a joint venture between and IRIS.