Newfield Exploration Closes On Sale Of Gulf Of Mexico Assets

abarrelfullabarrelfull wrote on 09 Oct 2012 05:29
Tags: gofm n-america newfield upstream usa

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Newfield Exploration Company (NYSE: NFX) today announced the closing on its previously announced sale of its assets in the Gulf of Mexico to W&T Offshore, Inc. Including this transaction, total year-to-date proceeds from non-strategic asset sales are approximately $565 million.

The Company's third quarter 2012 production volumes will include its Gulf of Mexico properties. Newfield expects that its third quarter 2012 production volumes will be approximately 75 Bcfe, including the negative impact of about 0.5 Bcfe related to storms in the Gulf of Mexico.

As a result of the sale of its Gulf of Mexico assets, Newfield today removed approximately 4 Bcfe from its 2012 production guidance range (296-304 Bcfe). For the full-year 2012, Newfield now expects that its production will be approximately 298 Bcfe.

Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's domestic areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas. The Company has international operations in Malaysia and China.

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