Newfield Exploration reports Q4 EPS with items ($10.39) , consensus 43c Reports Q4 revenue $646M, consensus $642.73M. The company's results were impacted by a $1.5B non-cash full cost ceiling test writedown associated with the carrying value of domestic proved reserves, and a $550M non-cash charge primarily associated with the repatriation of its accumulated international profits in Q4. The repatriation was a result of the company's strategic decision not to permanently reinvest international profits overseas triggered by its focus on accelerating growth from its U.S. operations. Repatriated cash was used in Q4 to reduce borrowings under the company's revolving credit facility.
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Newfield Exploration should consider upstream MLP, says FBR Capital FBR Capital believes Newfield Exploration management should consider an upstream master limited partnership since the company's Uinta Basin's growth potential is not being fully recognized by investors. FBR said its analysis indicates the pretax value of the Uinta business within an MLP would be $5.3B compared with Newfield's current enterprise value of $6.2B. The firm raised its price target for the stock to $40 from $35 to reflect the company's turnaround progress and keeps an Outperform rating on the stock.