Newfield Plans to Curtail Mid-Continent Nat. Gas Production
Newfield Exploration plans to voluntarily curtail about 2.5 Bcfe of its third quarter 2009 production in response to recent low natural gas prices. The curtailments will come primarily from the Company's Mid-Continent division.
"Although approximately 75% of our expected third quarter 2009 natural gas production is hedged at nearly $8 per Mcf, we are electing to curtail a portion of our production today," said Lee K. Boothby, Newfield President and CEO. "We still expect that our full-year 2009 production will be in the upper half of our previous guidance range of 250-260 Bcfe." Newfield has an inventory of approximately 30 uncompleted wells in the Woodford Shale. The timing of well completions is dependent on natural gas prices.
The accompanying table updates Newfield's new production guidance ranges and expected costs and expenses for the third quarter of 2009.
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, onshore Texas and the Gulf of Mexico. The Company has international operations in Malaysia and China.
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