Newfield Exploration - Q2 Results
Posted: Tue Aug 01, 2017 5:20 pm
For the second quarter, the Company recorded net income of $98 million, or $0.49 per diluted share (all per share amounts are on a diluted basis). After adjusting for the effect of unrealized derivative gains during the period, net income would have been $85 million, or $0.43 per share. < Adjusted EPS compares to my forecast of $0.33 per share.
Year-to-date 2017 Highlights
Second quarter 2017 net production exceeded the mid-point of domestic and international guidance ranges.
The Company today increased the mid-point of its full-year 2017 domestic production outlook.
At the end of the second quarter, Newfield had approximately $550 million of cash and short-term investments on hand. The cash balance includes the recent closing on the sale of the Company's asset in Bohai Bay, China.
Recent operational highlights include:
"We are on target to deliver the key objectives within our 2017 business plan and we expect to enter 2018 with strong momentum across the company," said Lee K. Boothby, Newfield Chairman, President and CEO. "We have streamlined our operations to improve our cost structure and margins and we are fortunate to have high-return plays to actively develop in today's commodity price environment. The advancements we are demonstrating in more mature development plays like SCOOP and the Bakken, are great examples of where we are headed in STACK. We have a deep drilling inventory of quality development opportunities to pursue over the next several decades and we continue to be encouraged by the prospectivity of other horizons on our acreage in the Anadarko Basin. With the exception of our contractor's recent mechanical issue in China, where we are hopeful that repairs will be completed by year-end, the year 2017 is shaping up to be another strong year of performance for Newfield."
Year-to-date 2017 Highlights
Second quarter 2017 net production exceeded the mid-point of domestic and international guidance ranges.
The Company today increased the mid-point of its full-year 2017 domestic production outlook.
At the end of the second quarter, Newfield had approximately $550 million of cash and short-term investments on hand. The cash balance includes the recent closing on the sale of the Company's asset in Bohai Bay, China.
Recent operational highlights include:
"We are on target to deliver the key objectives within our 2017 business plan and we expect to enter 2018 with strong momentum across the company," said Lee K. Boothby, Newfield Chairman, President and CEO. "We have streamlined our operations to improve our cost structure and margins and we are fortunate to have high-return plays to actively develop in today's commodity price environment. The advancements we are demonstrating in more mature development plays like SCOOP and the Bakken, are great examples of where we are headed in STACK. We have a deep drilling inventory of quality development opportunities to pursue over the next several decades and we continue to be encouraged by the prospectivity of other horizons on our acreage in the Anadarko Basin. With the exception of our contractor's recent mechanical issue in China, where we are hopeful that repairs will be completed by year-end, the year 2017 is shaping up to be another strong year of performance for Newfield."