OREANDA-NEWS.  Newfield Exploration Company (NYSE: NFX) today reported its unaudited third quarter 2015 financial results. In addition, the Company provided an updated @NFX publication on its website and plans to host a conference call at 10:00 a.m. CST on November 4, 2015. 

"Despite a challenging macro environment, Newfield is delivering on the key elements of its business plan in 2015, and we expect to enter 2016 with momentum and an improving cost structure," said Lee K. Boothby, Newfield Chairman, President and CEO. "We took decisive steps in early 2015 to improve our balance sheet, reduce expenses and improve margins, and shifted both people and capital resources to our highest return asset – the Anadarko Basin. Our near-term priorities remain unchanged: maintaining liquidity and a strong capital structure, holding our economically resilient STACK acreage by production, capturing remaining acreage opportunities in the Anadarko Basin and improving our margins across the Company. We are focused on delivering long-term value creation for our stockholders."

Third Quarter 2015 Results

For the third quarter, the Company recorded a net loss of $1.2 billion, or $7.52 per diluted share (all per share amounts are on a diluted basis). The loss was primarily related to a full-cost ceiling test impairment of $1.9 billion ($1.2 billion after-tax, or $7.49 per share). After adjusting for the effect of impairments, unrealized derivative losses and restructuring related costs, net income would have been $34 million, or $0.21 per share.

Revenues for the third quarter were $377 million. Net cash provided by operating activities before changes in operating assets and liabilities was $280 million.

Newfield's total net production in the third quarter of 2015 was 14.3 MMBOE, comprised of 47% oil, 16% natural gas liquids and 37% natural gas. Domestic production in the third quarter was 12.9 MMBOE.

2015 Production Guidance and Capital Investments

Newfield increased its 2015 domestic net production guidance to 50.0 – 50.5 MMBOE (previous forecast: 48.5 – 50.0 MMBOE). With recent strong performance from its wells in the Anadarko Basin's SCOOP and STACK,  Newfield again increased its expectations for fourth quarter 2015 average net production in the Anadarko Basin to approximately 74,000 BOEPD (previous forecast: 71,000 BOEPD).

Total Company net production guidance was raised to 55.3 – 55.8 (previous forecast: 53.5 – 55.0 MMBOE). The Company's 2015 capital budget was reiterated at approximately $1.4 billion.

Additional operational highlights for the third quarter of 2015 can be found in @NFX.

Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. We focus on U.S. resource plays and our principal areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas. We also have offshore oil developments in China.