Newfield profits grow on output

Newfield results: Beat analyst expectations

Newfield Exploration Company's profit beat analysts' expectations for the first time in four quarters, helped by higher production, as the company increases its focus on oil-rich plays.

The independent oil and gas producer also backed its strong full-year outlook, with oil production forecast to rise 20% to 292-302 billion cubic feet equivalent, Reuters reported.

First-quarter net income was $116 million, or $0.86 per share, compared with a loss of $17 million, or $0.13 per share last year.

Excluding items, it earned $0.91 per share.

Oil and gas revenue rose 24% to $678 million.

Analysts had expected the Houston-based company to report a profit of $0.76 per share on revenue of $686.1 million, according to analysts surveyed by Thompson Reuters.

Shares of the company, which have lost more than 11% of their value in the last six months, closed at $33.71 on the New York Stock Exchange on Tuesday.

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