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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.

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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 TheStreet.com and IRIS.