Newfield falters amid liquids shift

Street miss: Analysts panned explorer's results

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Kathrine Schmidt

, Kathrine Schmidt

 22 February 2012 19:28 GMT

Shares of Newfield Exploration missed analyst expectations and were trading down more than 12% early Wednesday afternoon as the company continued its push away from gas-rich plays.

The company, headquartered in the Woodlands, Texas, posted net income of $68 million for the three months ending in December, or $127 million without the effects of a commodity derivatives loss.

That was compared to $23 million in net income in the year-ago period.

The adjusted earnings per share of $0.95 missed analyst expectations of more than $1 per share.

The company listed quarterly production at 79 billion cubic feet of gas equivalent, with 44% oil and liquids.

It also disclosed its purchase of 125,000 net acres in the southeast extension of the Cana Woodford…

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