Newfield Exploration Co. (NYSE: NFX) increased its domestic capital budget for the year, the company said July 17.

The capital budget was increased by about $100 million, to $1.7 billion, the company said.

The total reflects the exclusion of capitalized interest, overhead and acquisitions, the company said. The capital budget will support increased drilling. Net production in the second quarter was 12.1 million barrels of oil equivalent (MMboe), higher than the midpoint production guidance of 1 MMboe, Newfield said. In fact, the production forecast was raised--to the range of 46.5 MMboe to 48.5 MMboe, higher than the previous guidance's range of 44 MMboe to 48 MMboe, the company added.

New acreage was added to the company’s areas in Oklahoma’s Anadarko Basin, specifically the Scoop and Stack plays, Newfield said. Year-to-date, more than 25,000 net acres were added, and Newfield now owns more than 250,000 acres, the company noted. The company plans to drill up to 15 additional gross wells across these areas this year, Newfield said. Second-quarter 2014’s production increased 12% over the first quarter, and 21% over second-quarter 2013, Newfield said.

Regarding expenses, Newfield estimated the general and administrative (G&A) expense for the second quarter to be about $68 million, compared with the previous guidance of $55 million, Newfield said. The increase was due to higher expenses under stock-based compensation programs, the company noted.

"We are executing extremely well across the company today, and this momentum is allowing us to increase the production and cash flow growth in our three-year plan," said Lee K. Boothby, the chairman, president and CEO.

"We are confident that the momentum we have generated in 2014 will be accretive to our three-year plan and our 2015-16 growth outlook, as well. Consistent with our normal course of business, we will be working our future capital allocation and investment plans later this year and expect to issue a new three-year plan by early 2015,” he added.

“Our outlook continues to improve and the changes we expect to make will be positive for our oil growth and cash flow projections and will improve our debt-adjusted growth metrics," he concluded.

The Woodlands, Texas-based Newfield Exploration Co. explores, develops and produces oil, natural gas and NGL in North America. It also works in Asia.