Newfield Exploration Co. (NFX)

[catdaddyrt]

2nd QTR production was 49% liquid - my friend is drilling gas wells for NFX--they are producing more oil in some regions


Company raises full-year 2012 production guidance; oil/liquids volumes now expected to increase nearly 30% over prior year



http://www.newfield.com/assets/pdf/2Q12%20Ops%20Presentation.pdf



I stand corrected they are shifting into oil but my friend is still drilling for gas and has the last 15yrs for NFX
I think he is in the eagle Ford shale area in south Texas

http://eaglefordshale.com/drilling-rig-count/





Our shift to oil, which began in 2009, continues as more than half of our expected production in the second half of 2012 will be oil/liquids. For 2012, we expect our oil/liquids production will increase nearly 30% over 2011 levels. Our liquids production today is largely 'black oil'. With the strength of our performance year-to-date, we are again revising our full-year 2012 production expectations higher. Our focus today is clear: grow oil production, grow cash flow and position our Company for strong performance in 2013."

Newfield's oil and liquids liftings in the second quarter of 2012 were 6.1 MMBbls (67,000 BOPD) and comprised 49% of total Company production. Approximately 4% of Newfield's second quarter production was NGLs. Second quarter 2012 oil/liquids volumes were 40% higher than in the comparable period of 2011. Natural gas production in the second quarter of 2012 was approximately 40 Bcf, or an average of approximately 440 MMcf/d. On an equivalent basis, Newfield's production in the second quarter of 2012 was 76.4 Bcfe.

For the second time this year, Newfield raised its 2012 expectations for total Company production to 296 – 304 Bcfe (previous guidance was 292 – 302 Bcfe). With increasing activities planned in key oil regions in late 2012 and ongoing leasing in the Cana Woodford, Newfield expects that its capital investments in 2012 will approximate $1.7 billion, or the "upper end" of its original guidance range of $1.5 – $1.7 billion.