NFX tops our forecast

[dan_s]

For the third quarter of 2010, Newfield recorded net income of $161 million, or $1.20 per diluted share (all per share amounts are on a diluted basis). Net income includes the effect of a net unrealized gain on commodity derivatives of $20 million ($13 million after-tax).

Without the effect of this item, net income for the third quarter of 2010 would have been $148 million, or $1.10 per share.

EPG had forecast EPS of $1.08/share.

I will dig into the NFX 3rd quarter report this afternoon. The big news is that oil productions guidance for Q4 given by the company is much higher than what I had in my previous forecast.

[dan_s]

"In 2010, we have focused on growing our oil production while improving our operating margins," said Newfield Chairman, President and CEO Lee K. Boothby. "Our portfolio has attractive oil projects capable of growth and we allocated additional capital and people to these areas. Our 2010 domestic oil production is expected to rise nearly 25% over 2009 levels and we have great momentum entering 2011. Our gas assets are substantially held-by-production and we have the option to slow our investments in these regions while continuing to re-direct our focus to oil projects."