Oil and gas company Newfield Exploration Co. (NFX) reported fourth-quarter net loss of $33 million or $0.24 per share, compared with net income of $269 million or $2.00 per share last year.
The company said that the fourth quarter results were impacted by two non-cash charges: a $1.5 billion non-cash full cost ceiling test writedown associated with the carrying value of domestic proved reserves and a $550 million non-cash charge primarily associated with the repatriation of its accumulated international profits in the fourth quarter.
On average, 26 analysts polled by Thomson Reuters expected earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter were $646 million, compared with $677 million a year ago. Analysts on consensus estimated revenues of $642.73 million.
Newfield's total production in the fourth quarter of 2012 was 11.9 million BOE.
Looking ahead, Newfield expects 2013 total company production will range from 44 - 47 million BOE. For 2013, about 200 wells are planned in the Greater Monument Butte Unit. Production from the Uinta basin is expected to increase about 10% in 2013.
Newfield also expects to invest about $230 million in its Williston basin drilling program in 2013. Newfield plans to invest about $275 million in its Eagle Ford drilling program in 2013 and to drill about 35 wells. Newfield is allocating $300 million - $400 million to international operations in 2013.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.