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.
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