Newfield Exploration Company (NFX) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $13 million, or $ 0.07 a share in the quarter, against a net loss of $663 million, or $4.06 a share in the last year period.
Revenue during the quarter grew 14.64 percent to $415 million from $362 million in the previous year period. Gross margin for the quarter expanded 353 basis points over the previous year period to 85.30 percent.
Operating income for the quarter was $112 million, compared with an operating loss of $730 million in the previous year period.
Operating cash flow drops significantly
Newfield Exploration Company has generated cash of $826 million from operating activities during the year, down 31.68 percent or $383 million, when compared with the last year.
The company has spent $991 million cash to meet investing activities during the year as against cash outgo of $1,598 million in the last year. It has incurred net capital expenditure of $966 million on net basis during the year, down 41.63 percent or $689 million from year ago.
Cash flow from financing activities was $715 million for the year, up 88.16 percent or $335 million, when compared with the last year.
Cash and cash equivalents stood at $555 million as on Dec. 31, 2016, up 11,000 percent or $550 million from $5 million on Dec. 31, 2015.
Working capital turns positive
Working capital of Newfield Exploration Company has turned positive to $265 million on Dec. 31, 2016 from negative $22 million on Dec. 31, 2015. Current ratio was at 1.39 as on Dec. 31, 2016, up from 0.97 on Dec. 31, 2015.
Debt comes down marginally
Newfield Exploration Company has recorded a decline in total debt over the last one year. It stood at $2,431 million as on Dec. 31, 2016, down 1.46 percent or $36 million from $2,467 million on Dec. 31, 2015. Newfield Exploration Company has recorded a decline in long-term debt over the last one year. It stood at $2,431 million as on Dec. 31, 2016, down 1.46 percent or $36 million from $2,467 million on Dec. 31, 2015. Total debt was 56.38 percent of total assets as on Dec. 31, 2016, compared with 51.74 percent on Dec. 31, 2015. Debt to equity ratio was at 2.59 as on Dec. 31, 2016, up from 1.79 as on Dec. 31, 2015.
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