* Sees FY 2010 production at upper half of prev. view
* Says 45 pct of FY capex to be focused on oil
* Says domestic oil prod'n to grow 20 pct y-o-y
April 26 Independent oil and gas explorer
Newfield Exploration Co (NFX.N) forecast full-year production
at the upper half of its previous outlook range, citing higher
expected oil volumes.
The company's earlier 2010 production was 278 to 288
billion cubic feet equivalent of natural gas (bcfe).
Newfield said it expects to invest 45 percent of its
planned 2010 capital budget, or $700 million, in oil projects,
up from $200 million planned earlier.
The company said it was allocating additional capital to
its oil activities in the Unita and Williston basins.
"Newfield's growing crude oil volumes are expected to
account for about 60 percent of 2010 revenues," the company
Newfield also said its full-year domestic oil production
was expected to grow 20 percent over 2009 levels.
Energy companies are increasingly focusing on oil to
benefit from relatively high prices for the commodity, as
slumping natural gas prices are expected to take a toll on
so-far lucrative gas shale drilling. [ID:nN17188584]
Shares of Newfield, which reached a 21 month high of $58.10
on Monday, closed at $57.15 Monday on the New York Stock
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(Reporting by Arup Roychoudhury in Bangalore; Editing by Ratul