Newfield Exploration Updates GOM-Stake Sale

Newfield Exploration Company reported Monday that it may consider a sale of its Gulf of Mexico assets as its redirects its exploration and production efforts to onshore U.S. oil and liquids-rich opportunities.

The company reported it would "explore all options" this year to create value from its Gulf assets, which it now considers to be non-strategic. As a result, the company will not drill any additional exploration wells in the Gulf.

As part of its focus on oil over the past few years, the company has re-allocating its people and using proceeds from recent asset sales to drive strong oil growth, said Lee K. Boothby, Newfield chairman, president and CEO, in a press statement.

"As a result, we expect to again generate more than 20 percent growth in our 2012 oil and liquids volumes," Boothby commented.

"With today's weak natural gas prices, investing in oil growth is clearly the right economic choice to create the most value for our shareholders," Boothby said.
 

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours