Oil and gas explorer Newfield Exploration Co. (NFX), Wednesday reported a decline in profit for the third quarter on lower revenues and a loss from commodity derivatives.
Third-quarter net income plunged to $78 million from $724 million last year. Earnings per share decreased to $0.58 from $5.48 reported in the prior-year period.
Results included net unrealized loss on commodity derivatives of $243 million and a $24 million tax benefit, or $0.18 per share, associated with deferred tax assets in Malaysia. Results for the prior year quarter included commodity derivative income of $726 million.
On a non-GAAP basis, third quarter earnings were $209 million or $1.58 per share.
On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share for the quarter. Analysts' estimate typically exclude special items.
Oil and gas revenues for the quarter decreased to $375 million from $680 million last year, due to lower prices. Analysts expected revenues of $536.34 million for the quarter.
Total income from operations declined to $112 million from $345 million reported in the year-ago period on lower revenues, hurt by the increase in operating expenses to $263 million from $335 million reported last year.
Production in the third quarter was 65.5 Billion cubic feet equivalent or Bcfe, an increase of 7% over the prior year period. Average realized prices of oil and gas for the third quarter was $9.31 per Million cubic feet equivalent or Mcfe, with domestic prices of $8.87 per Mcfe and international prices of $11.13 per Mcfe, respectively.
The company's capital expenditures in the third quarter of 2009 were $285 million.
For the nine months, the company reported net loss of $655 million or $5.06 per share, compared to net income of $416 million or $3.15 per share in the year-ago period. Revenues for the nine-month period declined to $924 million from $1.88 billion last year.
NFX finished Wednesday's regular trade at $48.08 down $1.12 on a volume of 2.53 million shares on the NYSE.
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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.