Start doing your dd on NFX

[dan_s]

We will be sending out a Flash Alert on Newfield Exploration (NFX) after I have a chance to update my forecast model with Q2 actuals and listen to their cc. Their focus on liquids is paying off. - Dan

THE WOODLANDS, Texas, July 19, 2012 /PRNewswire via COMTEX/ -- Newfield Exploration Company (NFX, Trade ) today issued its mid-year operational update, highlighting recent positive results from key assessment plays in the Company's portfolio of assets. In addition, Newfield placed an updated slide deck on its website. The updates were provided in advance of second quarter earnings, planned for release after market close on July 24, 2012. A conference call will be held at 7:30 a.m. CDT on July 25, 2012. To participate in the call, dial 719-457-2087 or listen through the investor relations section of the Company's website at http://www.newfield.com .

"We have seen solid assessment results year-to-date in our key domestic operating areas," said Lee K. Boothby, Newfield Chairman, President and CEO. "Our 2012 plan called for the early and rapid assessment of new plays in the Uinta's Central Basin, the Cana Woodford in the Anadarko Basin of Oklahoma and super extended laterals (SXLs) in the Maverick Basin Eagle Ford. We are seeing very encouraging results in each area today and feel confident that the economics of these plays will allow us to move them into aggressive development in 2013 and beyond."

"Our shift to oil, which began in 2009, continues as more than half of our expected production in the second half of 2012 will be oil/liquids. For 2012, we expect our oil/liquids production will increase nearly 30% over 2011 levels. Our liquids production today is largely 'black oil'. With the strength of our performance year-to-date, we are again revising our full-year 2012 production expectations higher. Our focus today is clear: grow oil production, grow cash flow and position our Company for strong performance in 2013."

Newfield's oil and liquids liftings in the second quarter of 2012 were 6.1 MMBbls (67,000 BOPD) and comprised 49% of total Company production. Approximately 4% of Newfield's second quarter production was NGLs. Second quarter 2012 oil/liquids volumes were 40% higher than in the comparable period of 2011. Natural gas production in the second quarter of 2012 was approximately 40 Bcf, or an average of approximately 440 MMcf/d. On an equivalent basis, Newfield's production in the second quarter of 2012 was 76.4 Bcfe.

For the second time this year, Newfield raised its 2012 expectations for total Company production to 296 - 304 Bcfe (previous guidance was 292 - 302 Bcfe). With increasing activities planned in key oil regions in late 2012 and ongoing leasing in the Cana Woodford, Newfield expects that its capital investments in 2012 will approximate $1.7 billion, or the "upper end" of its original guidance range of $1.5 - $1.7 billion.