Newfield Exploration Company (NFX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $48 million, or $ 0.24 a share in the quarter, against a net loss of $1,227 million, or $7.52 a share in the last year period.
Revenue during the quarter grew 3.98 percent to $392 million from $377 million in the previous year period. Gross margin for the quarter expanded 353 basis points over the previous year period to 84.69 percent.
Operating income for the quarter was $45 million, compared with an operating loss of $1,951 million in the previous year period.
Operating cash flow drops significantly
Newfield Exploration Company has generated cash of $587 million from operating activities during the nine month period, down 33.97 percent or $302 million, when compared with the last year period.
The company has spent $829 million cash to meet investing activities during the nine month period as against cash outgo of $1,285 million in the last year period.
Cash flow from financing activities was $715 million for the nine month period, up 83.80 percent or $326 million, when compared with the last year period.
Cash and cash equivalents stood at $478 million as on Sep. 30, 2016, up 6,728.57 percent or $471 million from $7 million on Sep. 30, 2015.
Working capital turns positive
Working capital of Newfield Exploration Company has turned positive to $314 million on Sep. 30, 2016 from negative $55 million on Sep. 30, 2015. Current ratio was at 1.54 as on Sep. 30, 2016, up from 0.92 on Sep. 30, 2015.
Days sales outstanding went down to 52 days for the quarter compared with 87 days for the same period last year.
Debt comes down marginally
Newfield Exploration Company has recorded a decline in total debt over the last one year. It stood at $2,430 million as on Sep. 30, 2016, down 2.72 percent or $68 million from $2,498 million on Sep. 30, 2015. Newfield Exploration Company has recorded a decline in long-term debt over the last one year. It stood at $2,430 million as on Sep. 30, 2016, down 2.72 percent or $68 million from $2,498 million on Sep. 30, 2015. Total debt was 57.68 percent of total assets as on Sep. 30, 2016, compared with 45.31 percent on Sep. 30, 2015. Debt to equity ratio was at 2.65 as on Sep. 30, 2016, up from 1.23 as on Sep. 30, 2015.
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