Newfield Reports Q4 and FY2012 Results

Newfield Exploration Company today reported its unaudited fourth quarter and full-year 2012 financial results and provided an update on its operations. Newfield will host a conference call at 8:30 a.m. CST on February 20, 2013. The Company intends to provide an updated slide deck on its website at 7:30 a.m. CST in advance of the call. To listen to the call and to view the slide deck go to Newfield's website at http://www.newfield.com. To participate in the call, dial 719-457-2701.

Excerpt from the earnings press release...

Newfield's net production in the Williston basin averaged 10,500 BOEPD in the fourth quarter of 2012. To date, the Company has drilled 93 wells in the basin, of which approximately half are super extended laterals (SXLs).

Newfield continues to perform well in the field, with "spud to total depth" on its SXL wells averaging about 25 days. Completed well costs continue to reflect efficiency gains and the Company estimates that its 2013 wells can be drilled and completed for about $10 million gross. Recently, a record well was drilled and completed for approximately $9.2 million.

Newfield expects to invest approximately $230 million in its Williston basin drilling program in 2013. As a result, about 46 wells are planned and production is expected to grow 15% over 2012 levels. Three operated rigs are running today and a fourth rig will be added in March 2013. The Company has approximately 41,000 net acres under active development along the Nesson Anticline and areas immediately west of the Nesson. The Company is drilling SXL wells from pad locations in the Bakken and Three Forks formations. Additional exploration potential exists in deeper benches throughout the basin.

Source: Newfield