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NEW YORK (TheStreet) -- Shares of Newfield Exploration (NFX) are soaring, up 12.13% to $35.51 in midday trading Wednesday, after the company said its capital budget for 2015 is 40% lower than 2014 investment levels, which will help balance its expenditures and cash flow, according to MarketWatch.

Newfield's 2015 capital budget of $1.2 billion, excludes about $120 million in capitalized interest and direct internal costs.

The company also said total 2015 production is expected to grow about 18% year-over-year, with domestic production estimated to rise by 8%.

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For the fourth quarter the company posted earnings of $53 million, or 38 cents per share, falling below analysts' estimate of 44 cents per share.

Revenue for the fourth quarter fell to $495 million from the $510 million the company reported a year ago, and missed the consensus revenue estimate of $545.71 million for the period.

Texas-based Newfield is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids.

The company focuses on both domestic areas and international operations with offshore oil developments in Malaysia and China.  

Separately, TheStreet Ratings team rates NEWFIELD EXPLORATION CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate NEWFIELD EXPLORATION CO (NFX) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall."

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