These guys are stooges. Complete morons. Their stock has tanked 50% since August 2011 and drops weekly.
Why in the h_ll does the board not fire the CEO and CFO? Oh, probably because the Board of Directors are just as stupid.
Investors should flee this piece of poop immediately and invest in an Energy Company that has management with brains and shows some consideration for their stockholders.
This company's management is looking more like Facebook's. They don't have a clue! Incompetent idiots.
I'll post again when the stock price hits a new low and declines to $25 or less. Seems like that's what Newfield's management is great at and that is to kill their company's stock price. Their employees 401k plans have been raped and brutalized by these idiots.
The original poster hit this one on the nail. The stock closed September down from his original post date pps and although it hit $35 in September, it could not hold and fell quickly.
Newfield needs a change of CEO/CFO immediately. These guys are running the company into the ground. Their actions support incompetence. This stock should be $40 today. Easily.
Newfield is doing a great job at finding strong oil wells, at a reasonable cost (cap ex), but a poor job of selling the company to the investing world.
The CEO complains about other companies hyping, but this is the world that exists and competes for investor dollars. Hype is winning all over the E&P world, and NFX is losing.
Here is an example. Chesapeakes announces results for a Hogshooter well producing over 5000 bopd (plus more liquids and gas), gets all over the News as the biggest well in 50 years. Line Energy, with leases nearby, drills 12 wells at about 2000 bopd and in 6 month claims 600 drilling locations and 10 years of production inventory ready to go.
Newfield has the most land near the big well, has drilled 4 wells the last 6 months next to the big well, according to records and has not said a word. Newfield must be sitting on the Hogshooter news, yet the rest of the industry runs with such news and their stock prices reflect it. Newfield does not play the game and it kills the stock price.
COG ($46) sells for nearly 10 time their sales (mostly gas) and breaks even (at best).
NFX ($31) sells for 1.5 times their sales (mostly oil) and makes $3-4 per share.
<<<<The CEO/CFO have done a HORRIBLE job>>>>
I don't agree. Management has made bigger improvements in oil/gas ratios of both production and proved reserves than almost any other large independent. It missed targets for production and profits in the last couple years, but so have the others. Its metrics of profit margins and returns compare well with other independents. Its large miss in 2009 due to losses on derivatives and impairments in valuation of reserves along with its market cap compared to EOG, APC, or PXD have caused analysts to overlook it or classify it as a gasser(although its percentages of oil are better than that of those mentioned. Mgt has attempted PR to counter the impressions, but has not succeeded. Some are finally taking notice--eg.http://seekingalpha.com/article/806161-newfield-exploration-overlooked-and-underplayed?source=yahoo
Classic butt kisser response! Ignore the facts of the stock price declining 50% in 12 months and refer to some other bull cr@p that has no impact on moving the stock price North.
You are either an employee using the company laptop and thinking it may be screened by management or your the moronic CEO or CFO attempting damage control.
Newfield's CEO/CFO are incompetent and years behind where they should be and the sooner stockholders pressure them out the better for investors.
The employees who get stock at a discount are in the red, so that means this stock has tanked tremendously even for them.
Doesn't change the fact for retail investors that this company's CEO/CFO have done a HORRIBLE job and are incompetent.
You keep making excuses for them while the market judges them fairly.
You probably believe OBAMA deserves to be re-elected.
The CEO/CFO have done a HORRIBLE job. Period.
Feb 13 (Reuters) - Newfield Exploration Co said it will seek "strategic alternatives" for its international oil and gas holdings as it looks to focus on its U.S. business, and forecast a big fourth-quarter loss due to a writedown of natural gas assets.
The oil and gas producer said on Wednesday it incurred a $1.5 billion writedown, primarily due to low natural gas prices and the sale of some assets. It also took a a non-cash charge in the quarter ended Dec. 31 for deferred income taxes of about $550 million.
The Woodlands, Texas-based Newfield expects to report a net loss of about $1.2 billion or $8.80 per share for the December quarter.
Larger rival EOG Resources Inc reported a quarterly loss earlier on Wednesday compared with a year-ago profit, as it wrote down the value of Canadian natural gas assets.
Newfield's international assets - primarily offshore oil and natural gas developments in Malaysia and China - contributed nearly 30 percent to total revenue for 2011. The segments contributed 40 percent for the quarter ended Sept. 30.
The company had proved reserves of about 23 million barrels of oil and natural gas liquids in Malaysia and about 20 million barrels in China as of Dec. 31, 2011. It has a stake in about 925,000 net acres offshore Malaysia and about 290,000 net acres offshore China.
Newfield said it has engaged Goldman Sachs to explore strategic opportunities for the international assets, but gave no other details.
"This action reflects the confidence we have in our domestic portfolio and the substantial opportunities we see across our liquids-rich domestic resource areas," Chief Executive Lee Boothby said in a statement.
Separately, the company said it plans to invest $1.7 billion to $1.9 billion in its capital budget for this year.
Production is expected to range from 44 to 47 million barrels of oil equivalent (BOE) compared to 47 million BOE it produced last year.
Cover my Short?!! Lol !!! You're a comedian!! This piece of cr*p is down 50% since August 2011 and you're advising shorts to cover?
First of all, I'm not a short. Secondly, the stock would have to hit $46 before they reach break even. if you think this junk stock with the current incompetent management will hit $46 or anywhere near within the next 4 months, you should be drug tested along with a mental evaluation.
Newfield's CEO and CFO are incompetent.
On September 30, 2012 I will post again and remind you of today's closing price and what it is on September 30th.