Newfield Exploration raises output forecast
(Reuters) - Oil and gas producer Newfield Exploration Co raised its full-year production forecast for the second time on positive results from its key plays as it shifts its focus on oil and natural gas liquids.
The company expects full-year output of 296 billions of cubic feet equivalent (bcfe) to 304 bcfe, up from its previous forecast of 292 bcfe to 302 bcfe.
Newfield said it had encouraging results from Uinta's Central Basin, the Cana Woodford in the Anadarko Basin of Oklahoma and the Maverick Basin Eagle Ford.
For the second quarter, oil and liquids constituted 49 percent of the total production, the company said.
The company produced 6.1 million barrels of oil (mmbbls) of oil and liquids, up 40 percent from the year-ago period.
"Our shift to oil, which began in 2009, continues as more than half of our expected production in the second half of 2012 will be oil/liquids," Chief Executive Lee Boothby said.
Newfield shares, which have lost about 57 percent of their value in the last year, rose 4 percent t0 $32.63 on the New York Stock exchange on Thursday.