Newfield Exploration’s 2Q16 revenue
Newfield Exploration (NFX) reported its 2Q16 earnings on August 2, 2016, after the markets closed. Its 2Q16 revenue was $381 million versus the estimate of ~$407 million. Revenue in 2Q15 was ~$469 million. In 1Q16, it was $366 million.
Newfield Exploration’s 2Q16 earnings
Newfield Exploration reported adjusted EPS (earnings per share) of $0.32. Wall Street analysts’ consensus estimate for EPS was $0.16.
As you can see in the graph above, Newfield Exploration’s earnings beat analysts’ estimates, as opposed to its revenues, which slightly missed estimates.
On August 3, 2016, Newfield Exploration announced that it had agreed to sell its Texas assets for net after-tax proceeds of about $390 million. Assets include NFX’s unconventional assets in the Eagle Ford Shale as well as its conventional natural gas assets in South and West Texas. The transaction for both these assets will take place under two separate agreements. NFX‘s press release noted that the combined current net daily production from these assets is 12,700 barrels of oil equivalent per day. Upon the close of these two transactions, Newfield will update its 2016 production guidance.