Newfield’s profit up five-fold - May 11, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryMay 2003

Vol. 8, No. 19

Week of May 11, 2003

Newfield’s profit up five-fold

Newfield Exploration, a major natural gas player on the Gulf of Mexico’s continental shelf, weighed in with a first-quarter profit of $64.1 million or $1.17 per share.

That compared to net income of $34.3 million in the prior quarter and $16.3 million for the same period last year. First-quarter revenues were $279.3 million compared to $148 million in the year-ago period.

Newfield’s production also soared compared to the year-ago quarter, up 25 percent to 614,000 million cubic feet a day of natural gas equivalent.

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