Production is up qtr over qtr. Domestic oil up 4,400 BPD. Domestic NGL up 3,300 BPD. Even Domestic gas is up and they are not looking for it. Pull up last Qtr and look at the domestic production guidance and see how bad they beat it. Only thing I can complain about is actual cost per BOE went up across the board.
This is a great qtr. They told us they would lose international liftings as the year went on last year. They are getting $105 a BOE internationally and $45 domestically. There is no amount of domestic growth possible to make up for lower international production from a revenue and EPS standpoint. Revenue and EPS were supposed to be down.
My favorite part, and the true sign that maybe we have turned the corner, no mention of any BS Initial Production numbers in the whole thing. They don't need to hype that junk anymore.
I see the Domestic earnings and production ahead of schedule, but the International earnings and production falling faster than thought. The market should see this as OK, even good news, but I suspect NFX will be given no slack...
The quicker the International is gone, the better...
NFX took forever to transition from nat gas to oil, and now forever to move out of International.
overall an okay quarter (I think the stock will be down 2-3% tomorrow).I'm not too concerned as most of the risk has been priced out of the stock. A company with 43% yoy earnings growth shouldn't be trading at a pe of less then 20.