Newfield announces sale of its remaining Gulf of Mexico assets

Source: Newfield Exploration Company

Newfield Exploration Company (NFX) today announced signing an agreement to sell its remaining assets in the Gulf of Mexico to W&T Offshore, Inc. Including today's agreement and dispositions closed in late 2011 and early 2012, total asset sales culminating in the Company's exit from the Gulf of Mexico generated approximately $300 million.

"This is another positive step along our path of better aligning our people and capital investments on our plays of the future," said Lee K. Boothby, Chairman, President and CEO. "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."

The most recent agreement includes the planned disposition of interests in the Company's remaining 12 fields. The effective date of the transaction is July 1, 2012 and it is expected to close in October 2012. Including the expected closing of this transaction, total year-to-date proceeds from non-strategic asset sales will be approximately $580 million.

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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