Oct 21 - Independent exploration and production company Newfield Exploration Co (NFX.N) posted a nine-fold fall in third-quarter profit, hurt by $155 million in unrealized losses on commodity derivatives and weak natural gas prices.
For the quarter, the company's net income was $78 million, or 58 cents a share, compared with $724 million, or $5.48 per share a year earlier. Excluding items, it earned $1.58 a share.
Revenue fell 45 percent to $375 million.
Analysts on average were expecting the company to earn $1.34 per share, before items, on revenue of $536.3 million, according to Thomson Reuters I/B/E/S.
Total production for the quarter rose 7 percent to 65.5 billion cubic feet equivalent of natural gas (bcfe).
Natural gas production was 42.5 bcfe and excluded about 2.6 bcfe of curtailments due to low natural gas prices, the company said in a statement.
For the fourth quarter, Newfield forecast total production of 63.3 bcfe to 65.3 bcfe.
Shares of the company fell 54 cents to $47.50 in trading after the bell. They closed at $48.04 Wednesday on the New York Stock Exchange.
For the quarter, the company's net income was $78 million, or 58 cents a share, compared with $724 million, or $5.48 per share a year earlier. Excluding items, it earned $1.58 a share.
Revenue fell 45 percent to $375 million.
Analysts on average were expecting the company to earn $1.34 per share, before items, on revenue of $536.3 million, according to Thomson Reuters I/B/E/S.
Total production for the quarter rose 7 percent to 65.5 billion cubic feet equivalent of natural gas (bcfe).
Natural gas production was 42.5 bcfe and excluded about 2.6 bcfe of curtailments due to low natural gas prices, the company said in a statement.
For the fourth quarter, Newfield forecast total production of 63.3 bcfe to 65.3 bcfe.
Shares of the company fell 54 cents to $47.50 in trading after the bell. They closed at $48.04 Wednesday on the New York Stock Exchange.
