U.S. Markets closed

Newfield tops Street 4Q forecasts

THE WOODLANDS, Texas (AP) _ Newfield Exploration Co. (NFX) on Tuesday reported fourth-quarter net income of $13 million, after reporting a loss in the same period a year earlier.

The The Woodlands, Texas-based company said it had net income of 7 cents per share. Earnings, adjusted for non-recurring costs, came to 49 cents per share.

The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The independent oil and gas company posted revenue of $415 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $400.9 million.

For the year, the company reported that its loss narrowed to $1.23 billion, or $6.36 per share. Revenue was reported as $1.47 billion.

Newfield shares have risen almost 5 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed roughly 6 percent. In the final minutes of trading on Tuesday, shares hit $42.49, a rise of 88 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NFX at https://www.zacks.com/ap/NFX


Keywords: Newfield Exploration, Earnings Report