Boston, MA 07/26/2013 (wallstreetpr) – Newfield Exploration (NASDAQ:NFX) on July 24, 2013 announced its quarterly earnings. The company earned revenue of $623 million in its second quarter missing the estimate of $632.9 million. The earnings per share also missed the consensus estimate by $0.04 to report EPS at $0.37. This is the third time in last four quarters that the company is missing the estimates. Missing the targets was reflected on the stock price, which was $26.45 as on the end of July 24, 2013 to close at $24.80 on July 25, 2013, with the volumes traded being 6.12 million as compared to 30 day trading average of 1.93 million.
Company CEO and Chairman, Lee K. Boothby was still content with the results saying, the company results are well on its way to achieve its 3-yr growth plan. The company is on target of its yearly production with 23 million barrels year-to-date. The production was 17% up from its Q1, ahead of its guidance. It upgraded the production estimate to 47 Million barrels from 46M barrels. The company is strategizing by reducing its production duration. The days taken from rig release to first sales are reduced. This will add momentum to the 2014 productions. The company is also focusing on working capital movements and is concentrating on improving its margins.
One major movement was selling of its international business to concentrate more on its domestic operations. The international assets are said to be quality assets with strong interests shown. The move is a long-term strategy to angle itself towards domestic sales becoming North American focused company. The company explores and produces natural gas and crude oil with operations in North America, Malaysia and China. Fields at Malaysia and China are planned to be sold to keep production at fields at Texas, Mid-Continent and Rocky mountains.
