THE WOODLANDS, Texas – Newfield Exploration Co. (NYSE: NFX) has signed an agreement to sell its remaining assets in the Gulf of Mexico to W&T Offshore Inc.
The agreement includes the planned disposition of interests in the company's remaining 12 fields. The transaction is expected to close in October 2012. Total year-to-date proceeds from non-strategic asset sales will be about $580 million.
Lee K. Boothby, chairman, president and CEO, said: “This is another positive step along our path of better aligning our people and capital investments on our plays of the future. Our focus today is on driving strong oil and liquids growth and increasing cash flow from our core assets onshore U.S. and in Southeast Asia.”