July 24, 2012 / 9:49 PM / 5 years ago

Newfield Exploration profit falls on lower gas prices

* Q2 adj EPS $0.61

* Q2 rev up marginally to $628 mln

July 24 (Reuters) - Oil and gas producer Newfield Exploration Co's second-quarter profit fell nearly 40 percent on weak natural gas prices.

Natural gas prices have fallen 46 percent in the April-June quarter to average $2.4 per million British thermal unit from a year earlier.

The company's net income fell to $135 million, or $1 per share, from $219 million, or $1.62 per share, last year.

Excluding items, it earned 61 cents per share.

Revenue at Newfield, which has been ramping up oil production since 2009, rose marginally to $628 million.

Analysts had expected the Houston-based company to earn 65 cents per share, on revenue of $673.7 million, according to Thomson Reuters I/B/E/S.

The company last week raised its full-year production forecast on positive results from key acreages.

Newfield shares fell over 1 percent in extended trade on Tuesday. They closed at $30.47 on the New York Stock Exchange.

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