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Newfield Exploration corporate report

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25 October 2018

Newfield Exploration corporate report

Report summary

2018 has been a turbulent year for Newfield's share price. The company has been one of the worst performers in our coverage year-to-date and now trades at a 31% discount to our base-case valuation. This represents quite the turn of events for a company that weathered the oil price downturn admirably, shedding non-core assets and doubling down on the SCOOP/ STACK – an ostensibly attractive alternative to the red-hot Permian. 

Table of contents

  • Other Newfield research
  • Executive summary
    • Three success factors that will turn around market performance:
      • 1) Execution in the Anadarko Basin
    • Overview
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserves and resources metrics
  • Economic assumptions

Tables and charts

This report includes 38 images and tables including:

  • SWOT Analysis
  • Benchmarking: market premium / discount
  • Relative share price performance
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Key operating regions
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Current NPV,10 vs. Future NPV,10
  • Base case upstream NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecasted production
  • Oil vs. Gas
  • Liquid production
  • Gas production
  • Total reserves; Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Strategy: Image 3
  • STACK Oil proppant per lateral length
  • STACK Oil Total CUM 60 per lateral length
  • SCOOP / STACK NPV,10 vs. locations
  • SCOOP / STACK production outlook
  • SCOOP / STACK type curve evolution
  • SCOOP / STACK well productivity by lateral foot
  • Cash flow breakeven evolution
  • Net debt outlook
  • Non-core upstream cash flow outlook
  • Non-core production outlook

What's included

This report contains:

  • Document

    Newfield Exploration corporate report

    PDF 2.53 MB

  • Document

    Newfield Exploration corporate report

    ZIP 2.98 MB

  • Document

    Newfield Exploration October 2018.xlsx

    XLSX 996.21 KB