Newfield Exploration Mulls Acquisitions
Feb 25 15
Newfield Exploration Co. (NYSE:NFX) is seeking acquisitions. Lee Boothby, Chairman, President & Chief executive Officer of Newfield Exploration Company, said in Newfield Exploration Company earnings call on being asked about potential acquisitions, “Clearly, there are other areas in the Anadarko Basin that we have an interest in. And I guess we're politely letting everybody out there know that we're in the game. So if opportunities show up there, I promise you Newfield will be in that game.”
Newfield Exploration Company Reports Financial and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Production Guidance for the First Quarter and Full Year of 2015
Feb 24 15
Newfield Exploration Company reported financial results for the fourth quarter and full year ended December 31, 2014. Net income from continuing operations was $2.65 per diluted share, compared to a net loss of $0.12 per share in the fourth quarter of 2013. Excluding special items, net income for the fourth quarter of 2014 was $0.38 per share. Revenues were $495 million, down from $510 million reported for the same period last year. Income from operations was $46 million compared to $126 million a year ago. Income from continuing operations before income taxes was $579 million compared to $52 million a year ago. Income from continuing operations was $367 million compared to loss of $16 million a year ago. Net income was $360 million compared to $17 million a year ago. Diluted earnings per share were $2.60 compared to $0.13 a year ago. Fourth quarter net cash provided by operating activities before changes in operating assets and liabilities was $337 million. Oil, gas and NGL revenues were $495 million compared to $510 million a year ago.
For the year, the company's net income was $900 million, or $6.52 per diluted share, compared to $147 million, or $0.94 per diluted share, for the year ended December 31, 2013. Oil, gas and NGL revenues for the year ended December 31, 2014 were $2.29 billion, compared to $1.86 billion for the year ended December 31, 2013. Income from operations was $575 million compared to $450 million a year ago. Income from continuing operations before income taxes was $1,032 million compared to $201 million a year ago. Income from continuing operations was $650 million compared to $73 million a year ago. For the full-year 2014, the company posted net income from continuing operations of $650 million, or $4.71 per share. Net cash provided by operating activities was $1,387 million compared to $1,445 million a year ago. Additions to oil and gas properties and other were $2,095 million compared to $2,023 million a year ago. Acquisitions of oil and gas properties were $33 million compared to $72 million a year ago.
The company’s net production in the fourth quarter of 2014 was 12.7 MMBOE, of which approximately 0.3 MMBOE was from the company’s China business. Domestic liquids production in the fourth quarter was up 9% compared to the third quarter of 2014, when adjusted for production associated with asset sales. The composition of fourth quarter total production was 42% oil, 18% natural gas liquids and 40% natural gas.
For the full-year 2014, the company’s production was 49.2 MMBOE, of which 0.8 MMBOE was from the company’s discontinued operations in Malaysia.
The company provided production and financial guidance for the first quarter and full year of 2015. For 2015, the company expects total production in the range of 52.0 to 55.0 MMBOE, interest expense of $160 million and tax rate of 44%.
For the first quarter of 2014, the company expects total production in the range of 12.2 to 112.5 MMBOE, interest expense of $40 million and tax rate of 44%.
Newfield Exploration Company Announces Board Resignations
Feb 10 15
On February 5, 2015, C.E. (Chuck) Shultz informed Newfield Exploration Company's board of directors that he will retire effective May 14, 2015 and, as a result, not stand for re-election to the board at the company's 2015 annual meeting of stockholders. On that same date, Messrs. Howard H. Newman and Richard K. Stoneburner also informed the board that they will not stand for re-election at the company's 2015 annual meeting to pursue other interests.