Newfield Exploration Co. (NYSE: NFX) detailed its second-quarter 2014 financial results, the company said July 29.
There was $59 million in net income, the company said, noting that this amount excluded $127 million in derivatives losses before tax.
The consolidated net loss totaled $22 million, the company said.
Consolidated net cash from operations totaled $336 million, Newfield said, noting that this amount excluded changes in operating assets and liabilities.
Regarding production, a total of 12.1 million barrels of oil equivalent (MMboe) was produced during the quarter, surpassing the quarterly guidance midpoint by about 1.1 MMboe, Newfield said.
The company sold its Malaysia business and is divesting its China business, Newfield said.
With the financial results for these divestitures classed as “discontinued operations,” the company detailed capex for U.S. operations. It $400 million in capex set aside for the Uinta Basin. Production in the Uinta should grow 10% year-over-year, and development will focus on the Greater Monument Butte unit and the adjacent Central Basin’s horizontal plays, the company added.
More than $750 million is set aside for the Anadarko Basin, Newfield’s “largest investment region.” About 70 wells will be drilled in the Scoop and Stack plays for net production of about 50 million boe/d, the company said. For the entire basin, the company estimates that about 14.8 MMboe, instead of 14.3 MMboe, will be produced, Newfield added.
The Woodlands, Texas-based Newfield Exploration Co. explores, develops and produces oil, natural gas and NGL in North America.
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