For the first quarter of 2004, Newfield reported net income of $77.9 million, or $1.38 per share (all per share amounts are on a diluted basis). Stated without the effect of a $10.8 million ($7.0 million after-tax), or $0.12 per share, charge related to unrealized commodity derivative transactions, net income for the first quarter of 2004 was $84.9 million, or $1.50 per share. Revenues in the first quarter of 2004 were $305.4 million. Net cash provided by operating activities before changes in operating assets and liabilities was $208.1 million in the first quarter of 2004. See Explanation and Reconciliation of Non-GAAP Financial Measures.
Newfield's results for the first quarter of 2004 compare favorably to the same period of the prior year. Net income from continuing operations in the first quarter of 2003 was $64.9 million, or $1.18 per share. Earnings in the first quarter of 2003 were impacted by the following two items: a $10.0 million one-time charge ($6.5 million after tax), or $0.12 per share, associated with the unwind of the gas forward sales obligation inherited through the acquisition of EEX Corporation in late 2002; and an $8.6 million gain ($5.6 million after tax), or $0.10 per share, resulting from the cumulative effect of adoption of SFAS No. 143. SFAS No. 143 changed the method of accounting for expected future costs associated with our abandonment obligations. Revenues in the first quarter of 2003 were $267.9 million. Net cash provided by continuing operating activities before changes in operating assets and liabilities was $174.4 million in the first quarter of 2003.
Newfield's production in the first quarter of 2004 was 57.4 Bcfe, an 8% increase over first quarter 2003 production of 53.1 Bcfe.
2004 1Q Production (2003 1Q)
Natural gas (Bcf): 48.1 (44.0)
Oil and condensate (MMBbls): 1.5 (1.5)
Total (Bcfe): 57.4 (53.1)
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