Newfield Exploration Co. (NFX) Tuesday reported a decline in profit for the second quarter, due mainly to higher operating expenses, despite increased revenues.
The Woodlands, Texas-based company's first-quarter net loss was $8 million or $0.06 per share.
On average, 24 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $651 million from $678 million in the prior-year quarter. Sixteen analysts had a consensus revenue estimate of $646.60 million for the quarter.
For the quarter, total operating expenses increased to $506 million from $481 million in the year-ago quarter.
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