Newfield Exploration Profit Surges On One-time Gains, Higher Sales

(RTTNews) - Oil and natural gas company Newfield Exploration Co (NFX) Tuesday reported first-quarter net earnings of $284 million or $2.07 per share compared with a loss of $8 million or $0.06 per share last year.

Results for the recent quarter included income from discontinued operations of $260 million, which includes the gain on the sale of its Malaysia business, as well as derivatives loss of $57 million.

Excluding items, adjusted earnings for the quarter were $60 million or $0.44 per share. On average, 22 analysts polled by Thomson Reuters estimated earnings of $0.41 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter were $550 million compared with $370 million in the prior year. Analysts estimated revenues of $517.8 million.

Newfield's net production from continuing operations in the quarter was 10.7 million barrels of oil equivalent (mmboe)

Looking ahead to the second quarter, the company production of 10.7 to 11.3 mmboe.

For fiscal year 2014, NewField expects production of 44 to 48 mmboe.