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.


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