Exploration & Production | Quarterly / Earnings Reports | Second Quarter (2Q) Update
Newfield Continues Ramping Up Production in 2Q
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Newfield Exploration Company has reported its unaudited second quarter 2014 financial results and provided an update on its operations.
With the recent sale of Newfield's Malaysia business and the process underway to divest its China business, the financial and operating results for the Company's international businesses are reported as "discontinued operations."
For the second quarter of 2014, Newfield reported a consolidated net loss of $22 million, or $0.16 per share. Net income would have been $59 million, or $0.43 per share, excluding an unrealized loss on commodity derivatives of $127 million ($82 million after-tax), or $0.59 per share.
Second quarter consolidated net cash provided by operating activities before changes in operating assets and liabilities was $336 million.
Newfield's net production from continuing operations in the second quarter of 2014 was 12.1 MMBOE, exceeding the mid-point of quarterly guidance by approximately 1.1 MMBOE. Net liftings from discontinued operations totaled approximately 0.04 MMBOE. Domestic liquids production in the second quarter was up 13% compared to the first quarter of 2014 and 40% over the comparable period in 2013. Liquids comprised approximately 55% of total second quarter domestic production.
Operational Highlights
The company has updated each of its E&P segments, which can be accessed below:
Newfield Touts Uinta SXL Wells 'Best in Class'; Cites Longer Laterals
Newfield's SCOOP/STACK Spending Pays Off as Production Soars
Newfield Talks Bakken Drilling Effiencies; Updates Eagle Ford Ops
Production, Costs and Expenses
The following table depicts our actual production and costs and expenses from continuing operations for the second quarter of 2014, as well as our third quarter and full-year 2014 estimates.
