Newfield Exploration Posts Q4 Profit

(RTTNews) - Newfield Exploration Co. (NFX) reported net income for the fourth quarter of $17 million or $0.13 per share, compared to a net loss of $1.4 billion or $10.39 per share for the year-ago quarter.

Income from continuing operations for the fourth quarter was $31 million, or $0.23 per share, compared to a loss from continuing operations of $823 million or $6.86 per share in the prior year quarter.

Excluding unrealized losses on commodity derivatives and auction rate securities and discontinued international operations, net income for the fourth quarter would have been $66 million or $0.48 per share.

Revenues for the fourth quarter rose to $498 million from $352 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.47 per share on revenue of $584.37 million for the fourth quarter. Analysts' estimates typically exclude special items.