Newfield Exploration Earnings: Here’s Why Shares are Up Now
Newfield Exploration Co. (NYSE:NFX) delivered a profit and met Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.81%.
Newfield Exploration Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 50% to $0.45 in the quarter versus EPS of $0.90 in the year-earlier quarter.
Revenue: Decreased 3.98% to $651 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Newfield Exploration Co. reported adjusted EPS income of $0.45 per share. By that measure, the company met the mean analyst estimate of $0.45. It beat the average revenue estimate of $646.6 million.
Quoting Management: “Our production in the first quarter of 2013 exceeded our beginning of the year expectations and we are ‘on target’ to deliver on our expected 39% growth in domestic liquids volumes for the year (adjusted for asset sales in 2012),” said Lee K. Boothby, Newfield Chairman, President and CEO. “We kicked off the year with better than expected first quarter volumes in our Cana Woodford, Williston and Uinta Basin operating regions and posted quarter-over-quarter production growth (adjusted for asset sales) in our domestic operating regions. Our focus this year is on execution. We are seeing greater drilling efficiencies, the benefit of optimized completions and improved returns across the Company.”
Key Stats (on next page)…