Newfield Loss Widens On Impairment Charge, Lower Revenue

(RTTNews) - Newfield Exploration Co (NFX) on Tuesday reported second-quarter net loss of $992 million or $6.09 per share compared with a loss of $22 million or $0.16 per share last year.

Results for the quarter included impairment charge of $1.5 billion.

Excluding items, adjusted earnings for the quarter were $0.46 per share.

Revenues for the quarter were $469 million compared with $612 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.20 per share on revenues of $492.3 million for the quarter. Analysts' estimates typically exclude special items.

The company's production totaled 14.1 MMBOE in the quarter.

For the third quarter, Newfield expects to produce 13.7 to 13.9 MMBOE.

For the full year 2015, the company now expects to produce 53.5 to 55 MMBOE, from prior guidance of 52 to 55 MMBOE.

The company's 2015 capital budget was increased to $1.4 billion from previous budget of $1.2 billion.