Newfield Results Miss Estimates

(RTTNews) - Oil and natural gas company Newfield Exploration Co (NFX) on Tuesday reported first-quarter net loss of $480 million or $3.30 per share compared with a profit of $284 million or $2.07 per share last year.

Excluding impairment charges and other one-time items, adjusted earnings for the quarter were $0.02 per share.

Revenues for the quarter were lower at $349 million compared with $571 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share on revenues of $428.2 million for the quarter. Analysts' estimates typically exclude special items.

The company's production for the quarter totaled 12.6 MMBOE, and average realized price was $38.27 per BOE.

For the second quarter, the company expects to produce 13.3 to 13.7 MMBOE, and for the full year, 52 to 55 MMBOE.