Exploration & Production | Drilling / Well Results | Quarterly / Earnings Reports | First Quarter (1Q) Update
Newfield Talks Well Results, Discontinued Ops in 1Q
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Newfield Exploration Company reported its unaudited first 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."
Consolidated net income for the first quarter of 2014 was $284 million, or $2.07 per diluted share (all per share amounts are on a diluted basis). Net income would have been $60 million, or $0.44 per diluted share, excluding the following:
- an unrealized loss on commodity derivatives of $57 million ($36 million after-tax), or $0.27 per share, and
- net income from discontinued international operations of $260 million, or $1.90 per share, which includes the gain on the sale of the Company's Malaysia business.
First quarter net cash provided by operating activities before changes in operating assets and liabilities was $345 million.
1Q 2014 Production Summary
Newfield's net production from continuing operations in the first quarter of 2014 was 10.7 MMBOE, exceeding the mid-point of quarterly guidance by 0.4 MMBOE. Net liftings from discontinued operations totaled approximately 1.0 MMBOE. Domestic liquids production in the first quarter was up 3% compared to the fourth quarter of 2013. Liquids comprised 54% of total first quarter domestic production.
Operational Highlights
Newfield has updated each of its E&P projects, which can be accessed below.
- Newfield Sees Strong SCOOP, STACK Results in 1Q; Unveils Results
- Newfield Brings on Three Uinta, 16 Bakken Wells in 1Q; Plans More
- Newfield Maintains Eagle Ford Momentum; Talks Laterals, Well Cost
Production, Costs and Expenses
The following table depicts our actual production and costs and expenses from continuing operations for the first quarter of 2014, as well as our second quarter and full-year 2014 estimates.
