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Newfield Upping Rig Fleet to Fuel More STACK Development
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Newfield Exploration reported its third quarter 2016 financial and operating results.
Key Points: Company to add rigs in Anadarko Basin in late 2016, moves full-year capital investment plan to $750 million. This is to support full field development of its STACK acreage. The number of rigs being added was not clear. 3Q16 net production was 15.2 MMBOE, or 0.8 MMBOE above its guidance mid-point 3Q16 Anadarko Basin average net production reached a record 93,400 BOEPD 3Q16 domestic lease operating expense per BOE was down more than 20% year-over-year Company increases its 2016 production outlook 2016 Production Guidance and Capital InvestmentsNewfield again increased expectations for its 2016 production. The increase is related primarily to stronger performance year-to-date from…
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