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Newfield Exploration’s 3Q15 Total Production Volumes Rose 42%

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Jan. 13 2016, Updated 8:06 a.m. ET

Newfield Exploration’s 3Q15 production volumes

For 3Q15, Newfield Exploration (NFX) reported net domestic production volumes of 12.9 MMboe (million barrels of oil equivalent). This represented an 11% year-over-year rise adjusted for asset sales. Total oil production volumes rose 42% year-over-year.

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Newfield Exploration’s production mix

NFX’s total net production in 3Q15 was 14.3 MMboe. This comprised 47% oil, 16% natural gas liquids, and 37% natural gas. The Anadarko Basin’s average net production in 3Q15 was ~68,000 boepd (barrels of oil equivalent per day). This surpassed the remainder of the company’s combined domestic production.

Newfield Exploration’s realized prices

NFX’s average realized price of crude oil and condensates, including the effect of hedges, fell from $81.41 per barrel in 3Q14 to $54.31 per barrel in 3Q15. Its average realized price for natural gas liquids, including the effect of hedges, fell from $34.16 per barrel in 3Q14 to $16.79 per barrel in 3Q15. Its realized price for natural gas fell from $3.79 per Mcf (thousand cubic feet) in 3Q14 to $3.54 per Mcf in 3Q15.

Newfield Exploration’s production guidance

Newfield Exploration raised its 2015 production guidance range to 55.3–55.8 MMboe compared to the guidance range of 53.5–55.0 MMboe it had provided in 2Q15. Its domestic production guidance range rose to 50–50.5 MMboe compared to its previous guidance range of 48.5–50 MMboe.

NFX also increased its forecast for 4Q15 production in the Anadarko Basin to ~74,000 boepd, compared to the previous forecast of 71,000 boepd.

Upstream companies such as Concho Resources (CXO) and Chesapeake Energy (CHK) also raised their fiscal 2015 production growth guidances by ~28% and ~7%, respectively. Hess (HES) lowered its fiscal 2015 production growth guidance by 8.7%.

Including Newfield Exploration, these companies combined make up ~2.6% of the Vanguard Energy ETF (VDE).

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