The company now expects to produce 46.5 million to 48.5 million barrels of oil equivalent in 2014, up from its previous guidance of 44 million to 48 million Boe. Newfield said it produced 12.1 million Boe in the second quarter, about its guidance of 10.7 million to 11.3 million Boe.
Newfield also increased its 2014 domestic capital budget by about $100 million to $1.7 billion due to improved drilling performance across the company and new acreage in the Anadarko Basin.
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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, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."