Newfield Updates 2016 Production Guidance - Quick Facts

(RTTNews) - Newfield Exploration Company (NFX) increased its 2016 domestic net production guidance to 50 - 52 MMBOE from a previous forecast of 49 - 51.0 MMBOE. Total company's net production guidance was raised to 54.5 - 56.5 from previous forecast of 53.3 - 55.3 MMBOE.

Newfield's total net production in the first quarter of 2016 was 15.2 MMBOE, comprised of 46% oil, 16% natural gas liquids and 38% natural gas. Domestic production in the first quarter was 13.5 MMBOE.

For the first quarter, the company recorded a net loss of $624 million, or $3.52 per share. The company said the loss was primarily related to a full-cost ceiling test impairment of $506 million, or $2.85 per share. After adjusting for the effect of impairments, credit facility amendment fees and unrealized derivative losses, the net loss for the first quarter would have been $16 million, or $0.09 per share. Revenues for the first quarter were $284 million.