Two upstream oil and gas companies reported mixed third-quarter results as the earnings season kicked off.
Newfield Exploration Co. (NYSE: NFX) announced a third-quarter net loss of $33 million, or 24 cents per diluted share, according to unaudited financials. The company said that international production could drop by up to 25% in 2013 due to early field pay-out in Malaysia.
David Tameron, Wells Fargo Securities senior analyst, lowered estimated earnings per share and reduced Kodiak’s stock valuation range to $29-$33 per share from $31-$35.
“The bar is definitely now set ...