Newfield Exploration +12% as output seen 8% higher amid 40% capex cut

• Newfield Exploration (NYSE:NFX +11.9%) surges despite reporting lower than expected Q4 earnings and revenues, as it sees 2015 production rising 8% even as it plans to cut capital spending by 40% to ~$1.2B.
• NFX's expects total 2015 production of 52M-55M boe, up 18% Y/Y, with domestic production up 8% at ~48.5M boe.
• Says proved reserves at year-end 2014 totaled 645M boe (96% domestic), up 14% over year-end 2013.