Newfield Exploration Q3 Profit Surges - Quick Facts

(RTTNews) - Newfield Exploration Co. (NFX) reported net income for the third quarter of $278 million or $2.02 per share, up sharply from $27 million or $0.05 per share in the year-ago quarter.

Excluding an unrealized gain on commodity derivatives of $207 million after-tax, or $1.50 per share, net income from continuing operations for the latest quarter would have been $72 million or $0.52 per share.

Oil, gas and NGL revenue for the third quarter rose to $610 million from $486 million a year ago.

On average, analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter on revenue of $582.48 million. Analysts' estimates typically exclude special items.

Newfield's net production from continuing operations in the quarter was about 12.7 MMBOE, exceeding the mid-point of quarterly guidance by about 0.5 MMBOE.