Newfield Exploration’s 3Q16 revenue
Newfield Exploration (NFX) reported its 3Q16 earnings on November 1, 2016, after the markets closed. Its 3Q16 revenue was $392 million versus the estimate of ~$414 million. The company’s revenue in 3Q15 was ~$377 million and in 2Q16, its revenue was $381 million.
Newfield Exploration’s 3Q16 earnings
Newfield Exploration reported adjusted EPS (earnings per share) of $0.45. Wall Street analysts’ consensus estimate for its EPS was ~$0.24.
As you can see in the graph above, Newfield Exploration’s earnings beat analysts’ estimates, as opposed to its revenues, which slightly missed estimates.
Key management commentary
Newfield Exploration’s (NFX) CEO, Lee Boothby, said in the company’s 3Q16 earnings release, “We high-graded our portfolio during the year by selling non-strategic assets in Texas and acquiring additional core acreage in STACK, and we have successfully reduced costs and improved margins across the Company.
“Today, Newfield has a strong balance sheet, cash on hand and advantaged assets ready for rapid acceleration. We are planning to add additional rigs to our Anadarko Basin drilling program as we enter 2017. Our heightened activity levels can quickly be adjusted if commodity prices weaken moving into next year.”
In September 2016, NFX closes its previously announced sale of its Texas assets for ~$380 million. Earlier during the year, NFX had acquired 42,000 net acres in the Anadarko Basin STACK play from Chesapeake Energy (CHK).