Newfield reports strong Q2 production gains, raises 2014 guidance

|About: Newfield Exploration Co. (NFX)|By:, SA News Editor

Newfield Exploration (NYSE:NFX) +3% premarket after raising its 2014 production forecast to 46.5M- 48.5M boe vs. previous guidance of 44M-48M boe.

NFX says Q2 net production from continuing operations was 12.1M boe, above its guidance range of 10.7M-11.3M boe.

Says Q2 domestic production rose 12% Q/Q and 21% Y/Y; liquids production rose 13% Q/Q and 40% Y/Y.

Expects to drill up to 15 additional gross wells in Oklahoma's Anadarko Basin in 2014; now owns interests in more than 250K net acres in the Anadarko.

NFX increases its 2014 domestic capital budget by ~$100M to $1.7B, due to new leasing and efficiencies associated with its drilling campaigns.