Newfield Exploration Company raised its 2014 production guidance, reflecting year-to-date operating momentum across the company. In addition, the Company provided an interim update on recent acreage additions in the Anadarko Basin. As a result of new leasing and efficiencies associated with its drilling campaigns, Newfield increased its 2014 domestic capital budget by approximately $100 million to $1.7 billion. Newfield also reported that its second quarter 2014 net production was 12.1 MMboe, exceeding its guidance mid-point by approximately 1 MMboe.
"We are executing extremely well across the company today and this momentum is allowing us to increase the production and cash flow growth in our three-year plan," said Lee K. Boothby, Newfield chairman, president and CEO. "We are confident that the momentum we have generated in 2014 will be accretive to our three-year plan and our 2015-16 growth outlook, as well. Consistent with our normal course of business, we will be working our future capital allocation and investment plans later this year and expect to issue a new three-year plan by early 2015. Our outlook continues to improve and the changes we expect to make will be positive for our oil growth and cash flow projections and will improve our debt-adjusted growth metrics."