Newfield Exploration Co. Earnings Cheat Sheet: Revenue Grows By Double-Digits For Fifth Straight Quarter

S&P 500 (NYSE:SPY) component Newfield Exploration Co. (NYSE:NFX) reported higher profit for the second quarter as revenue showed growth. Newfield Exploration Co. acquires and explores natural gas and crude oil properties in the U.S. and abroad.

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Newfield Exploration Earnings Cheat Sheet for the Second Quarter

Results: Net income for the oil and gas company rose to $219 million ($1.62 per share) vs. $96 million (72 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 38.6% to $621 million from the year earlier quarter.

Actual vs. Wall St. Expectations: NFX reported adjusted net income of $1.02 per share. By that measure, the company fell short of mean estimate of $1.35 per share. It fell short of the average revenue estimate of $658.4 million.

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 32.2%, with the biggest boost coming in the second quarter of the last fiscal year when revenue rose 56.1% from the year earlier quarter.

The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by 5 cents with net income of $1.02 versus a mean estimate of net income of $1.07 per share.

Competitors to Watch: Harvest Natural Resources, Inc. (NYSE:HNR), Hess Corp. (NYSE:HES), Anadarko Petroleum Corp. (NYSE:APC), EOG Resources, Inc. (NYSE:EOG), Noble Energy, Inc. (NYSE:NBL), Devon Energy Corporation (NYSE:DVN), GeoResources, Inc. (NASDAQ:GEOI), Stone Energy Corporation (NYSE:SGY), Chesapeake Energy Corp. (NYSE:CHK), and Carrizo Oil & Gas, Inc. (NASDAQ:CRZO).

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(Source: Xignite Financials)