Newfield Exploration lifts '08 production estimate

Newfield Exploration Co. on Tuesday raised its 2008 production guidance by about 26 percent in part to account for deferred production in the Gulf of Mexico stemming from hurricane activity.

The Houston-based oil and natural gas producer said its full-year production would range from an estimated 238 billion cubic feet to 242 billion cubic feet. The previous range was 232 billion cubic feet to 239 billion cubic feet.

The new guidance was up 26 percent over 2007 volumes and is a pro-forma estimate that reflects asset sales and acquisitions.

The company said the increase includes up to 1 billion cubic feet of deferred production in the Gulf of Mexico.

It also issued a 2009 production guidance of 260 billion cubic feet to 272 billion cubic feet, which would be an increase of up to 13 percent over the 2008 volume expected at midpoint of the fiscal year.

Newfield has operations in the Mid-Continent, the Rockies, onshore Texas, the Gulf of Mexico, Malaysia and China.

Newfield's shares fell $3.63, or 8.9 percent, to $37.08 in Tuesday morning trading.