Newfield Exploration Reports First Quarter 2013 Results.
56% of total company production
Domestic liquids production up 9% over fourth quarter of 2012
Domestic liquids production expected to increase 12%
quarter-over-quarter in second quarter of 2013
, Texas , April 23, 2013 /PRNewswire/ —
Exploration Company (
NFX Network Effects
NFX Netflow Aggregation Support
) today reported its unaudited first
quarter 2013 financial results and provided an update on its operations.
The Company’s year-to-date operational highlights are detailed in a
“new” @NFX publication, located on Newfield’s
Newfield will host a conference call at 8:30 a.m.
Central Daylight Time
Central Daylight Time
n abbr (US) (= Central Daylight Time) → hora de verano del centro;
on April 24,
2013. To listen to the call and view the slide
, please visit
Newfield’s website at http://www.newfield.com. To participate in
the call, dial 719-325-4824.
First Quarter Financial Summary
For the first quarter, the Company posted a net loss of $8 million,
or $0.06 per
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
share (all per share amounts are on a diluted
basis). Net income for the first quarter includes a net
of $111 million ($69 million after-tax), or
$0.51 per share. Without the impact of this item, net income for the
first quarter of 2013 would have been $61 million, or $0.45 per diluted
Revenues for the first quarter of 2013 were $651 million. Net cash
provided by operating activities before changes in
liabilities was $323 million. See “Explanation and Reconciliation
of Non-GAAP Financial Measures” found after the financial
statements in this release.
First Quarter Sales Summary
Newfield’s net production in the first quarter of 2013 was 11.7
BOE Bank of England
BOE Board of Equalization
BOE Board of Elections
BOE Barrel of Oil Equivalent
BOE Bind on Equip
. The composition of first quarter production was 47% oil, 9%
natural gas liquids and 44% natural gas. Newfield’s first quarter
domestic liquids production was up 9% over the fourth quarter of 2012.
Production by product is detailed in this release for the first quarter
“Our production in the first quarter of 2013 exceeded our
beginning of the year expectations and we are ‘on target’ to
deliver on our expected 39% growth in domestic liquids volumes for the
year (adjusted for asset sales in 2012),” said Lee K.
Newfield Chairman, President and
. “We kicked off the year with
better than expected first quarter volumes in our Cana
city (1990 pop. 13,131), seat of Williams co., NW N.Dak., on the Missouri River; inc. 1904. An early riverboating town, its importance increased with the arrival of the Great Northern Railway (1887) and later by the discovery (1951) of rich oil reserves in
BASIN Brothers And Sisters In Need
operating regions and posted
quarter-over-quarter production growth (adjusted for asset sales) in our
domestic operating regions. Our focus this year is on execution. We are
seeing greater drilling efficiencies, the benefit of optimized
completions and improved returns across the Company.”
First Quarter Operational Highlights
For complete year-to-date highlights, see the Company’s @NFX
publication, located on its website.
* Domestic liquids production increased 9% over fourth quarter of
2012 and nearly 30% over the prior year’s first quarter when
adjusted for asset sales. Domestic liquids production expected to
increase 12% quarter-over-quarter in second quarter of 2013.
* Average Cana Woodford net production in the first quarter of 2013
above the fourth quarter 2012 average. Significant
drilling efficiency gains were achieved in the first quarter and are
detailed in the @NFX publication.
* Record wells completed in the Williston Basin with average gross
24-hour initial production rates of more than 3,100 BOEPD in the Bakken
formation. Completions in the Three Forks formation yielded average
gross 24-hour initial production rates of
1. Almost exact or correct:
Company raised its 2013 year-over-year production growth estimate to 25%
compared to original estimate of 15%.
* Drilled six additional super extended lateral wells in the Eagle
Ford Shale with well costs lowered by $0.4 million over 2012 average
completed well costs. Wells are in various stages of completion with a
45% increase in quarter-over-quarter Eagle Ford production expected in
the second quarter of 2013.
* Uinta Basin production increased 10% over the fourth quarter of
2012. Record drilling times of four days achieved in Greater
, city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center.
Unit and recent Uteland Butte completions consistent with earlier
any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar
capacity expansions underway in the Salt Lake City
area and additional markets outside of Salt Lake City are being tested
for marketing future oil.
* Announced the second of two significant natural gas discoveries
, independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital.
with combined estimates of gas in place ranging from
approximately 2.0 Tcf to more than 3.0 Tcf. Company is exploring
strategic alternatives for international businesses and a data room is
expected to open in the second quarter of 2013.
Full-Year 2013 Guidance
Newfield expects 2013 total company production will range from 44 –
47 million BOE. The table below details the Company’s growth
forecast through 2015 and its planned capital investment ranges for
2013 Costs and Expense Guidance
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 are focused on
resource plays of scale. Our principal domestic areas of operation
include the Mid-Continent, the
major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak.
1. Moving or directed toward the shore:
2. Located on the shore:
Internationally, we have oil developments offshore Malaysia and
**This release contains forward-looking information. All information
other than historical facts included in this release, such as
information regarding estimated or anticipated drilling plans, planned
capital expenditures, and estimated production, is forward-looking
information. Although Newfield believes that these expectations are
reasonable, this information is based upon assumptions and anticipated
results that are subject to numerous uncertainties and risks. Actual
results may vary significantly from those anticipated due to many
factors, including drilling results, oil and gas prices, industry
conditions, the prices of
goods and services
, the availability of
drilling rigs and other
Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services
, the availability of refining
capacity for the crude oil Newfield produces in the Uinta Basin, the
availability and cost of capital resources, new regulations or changes
in tax legislation, labor conditions and severe weather conditions. In
addition, the drilling of oil and natural gas wells and the production
are subject to numerous governmental regulations and
operating risks. Other factors that could impact forward-looking
statements are described in “Risk Factors” in Newfield’s
2012 Annual Report on Form 10-K and other subsequent public filings with
the Securities and Exchange Commission, which can be found at
. Unpredictable or unknown factors not discussed in this
press release could also have material adverse effects on
forward-looking statements. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date
Formal or law of or concerning this
Adv. 1. hereof – of or concerning this; “the twigs hereof are physic”
. Unless legally required, Newfield undertakes no obligation to
publicly update or revise any forward-looking statements.
For additional information, please contact Newfield’s
department. Phone: 281-210-5201 Email: firstname.lastname@example.org
Explanation and Reconciliation of Non-GAAP Financial Measures
Earnings Stated Without the Effect of Certain Items Earnings stated
without the effect of certain items is a non-GAAP financial measure.
Earnings without the effect of these items are presented because they
affect the comparability of operating results from period to period. In
addition, earnings without the effect of these items are more comparable
to earnings estimates provided by securities analysts.
A reconciliation of earnings for the first quarter of 2013 stated
without the effect of certain items to net income (loss) is shown
Net Cash Provided by Operating Activities Before Changes in
Operating Assets and Liabilities Net cash provided by operating
activities before changes in operating assets and liabilities is
presented because of its acceptance as an
of an oil and gas
exploration and production company’s ability to internally fund
exploration and development activities and to service or
additional debt. This measure should not be considered as an alternative
to net cash provided by operating activities as defined by U.S.
A reconciliation of net cash provided by operating activities before
changes in operating assets and liabilities to net cash provided by
operating activities is shown below:
SOURCE Newfield Exploration Company