Newfield: Q1 Production Exceeds Expectations
Newfield Exploration's production in the first quarter of 2008 was 55.1 Bcfe. Production results exceeded guidance due to higher than expected production volumes from the Woodford Shale Play, increased oil liftings from Malaysia and better than expected production in the deepwater Gulf of Mexico. Newfield's production in the first quarter of 2008 was 10% higher than production in the fourth quarter of 2007.
"We have kicked off 2008 with strong production growth," said David Trice, Newfield Chairman, President and CEO. "Our first quarter production was above the upper end of our guidance range. We sold significant assets in 2007, making year-over-year comparisons difficult," Trice added. "However, when adjusting volumes for assets sold and acquired, our first quarter 2008 production was up more than 20% over pro forma production in the first quarter of 2007. We are raising our full-year 2008 guidance to account for better than expected production and a recent bolt-on acquisition in South Texas. Our new guidance is 224-234 Bcfe." Newfield's previous 2008 guidance was 215-230 Bcfe.
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