Program to generate proceeds of approximately $735 million
2011 total Company production was 300 Bcfe, with more than 20% growth in oil/liquids
THE WOODLANDS, Texas, Feb. 6, 2012 /PRNewswire/ -- Newfield Exploration Company
today provided an update on its ongoing sale of non-strategic assets. The program to date will generate estimated proceeds of approximately $735 million. This includes approximately $400 million of sales closed in 2011 and an additional $335 million in sales that are expected to close in early 2012.
In 2011, Newfield grew its oil and liquids production more than 20%. Natural gas volumes declined approximately 5% in 2011 due to reduced capital investments in gas assets and natural field declines. For the full year 2011, the Company produced approximately 300 Bcfe. On a pro forma basis, excluding the production associated with assets sold in 2011 and the anticipated closings in early 2012, full year 2011 production would have been approximately 290 Bcfe.
'Our focus over the last several years has been on oil,' said Lee K. Boothby, Newfield Chairman, President and CEO. 'We are re-allocating our people and using proceeds from recent asset sales to drive strong oil growth. For 2012, we will direct substantially our entire budget to oil and liquids-rich opportunities. As a result, we expect to again generate more than 20% growth in our 2012 oil and liquids volumes. With a lack of investment and natural declines, our natural gas volumes will continue to fall. In the second half of 2012, we anticipate that approximately 50% of our production will be from oil and liquids assets... this compares to just one-third of production just three years ago. 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 continued, 'As evidenced through our asset sales program, we are committed to living within our internal resources. We will continue to monetize assets over time that are non-strategic to our future and use the proceeds to high-grade our investment inventory.'
With the continued emphasis on oil growth and its focus on developing long-lived onshore resource plays, Newfield now considers its Gulf of Mexico assets to be 'non-strategic.' Newfield is not planning to drill any additional exploratory wells in the Gulf of Mexico and will explore all options in 2012 to create value from these assets.
Newfield will release its fourth quarter and full year 2011 financial and operating results on February 21, following the market close. A conference call with management will held at 10 a.m. CST, February 22, 2012. To participate in the call, dial 719-325-2481 or listen through the investor relations section of our website at http://www.newfield.com.
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, Appalachia and the Gulf of Mexico. The Company has international operations in Malaysia and China.
**This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, new regulations or changes in tax legislation, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to numerous governmental regulations and operating risks. Other factors that could impact forward-looking statements are described in 'Risk Factors' in Newfield's 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.
For information, contact:
Investor Relations: Steve Campbell (281) 210-5200 Danny Aguirre (281) 210-5203
THE WOODLANDS, Texas, Jan. 10, 2012 /PRNewswire/ -- Newfield Exploration Company
will host its fourth quarter / full year 2011 earnings conference call at 10:00 a.m. (CST), Wednesday, February 22, 2012. Earnings results will be released prior to the call. To participate in the conference call, please dial (719) 325-2481 about 10 minutes prior to [...]
THE WOODLANDS, Texas, Jan. 6, 2012 /PRNewswire/ -- Newfield Exploration Company
is scheduled to present at the following events. A live webcast of the presentations will be made available through Newfield's website at http://www.newfield.com.
BMO Capital Markets 9th Annual Unconventional Resource Conference 11:00 a.m. (Eastern), January 10
10-Year Deal Secures 20,000 BOPD of Supply Capacity
THE WOODLANDS, Texas, Jan. 4, 2012 /PRNewswire/ -- Newfield Exploration Company
today announced the signing of a crude oil supply agreement with HollyFrontier Corporation to provide 20,000 barrels per day of supply capacity at HollyFrontier's Woods Cross, Utah, refinery. The new agreement spans a 10-year period with commitments commencing in 2014. This is the second of two recent agreements by Newfield to secure approximately 40,000 BOPD of capacity for the Company's planned oil growth in the Uinta Basin. The oil price differential associated with this agreement is not materially different than Newfield's current supply contracts in the basin.
'We are planning to significantly increase our drilling activities in the Uinta Basin - both in our proven shallow oil developments and in new and deeper oil horizons,' said Lee K. Boothby, Newfield's Chairman, President and CEO. 'This new agreement with HollyFrontier helps ensure that our oil growth will be matched by capacity expansions in the Uinta Basin. We are growing an important source of domestic oil volumes and both Newfield and HollyFrontier will benefit throughout the next decade.'
In addition to the new arrangement with HollyFrontier, Newfield today extended an existing arrangement with Big West Oil to add up to 3,000 BOPD of oil sales through the first quarter of 2014.
Newfield has been active in the Uinta Basin since 2004. Multiple oil-productive geologic targets exist across the Company's acreage and an active drilling campaign is underway to develop more than 6,000 potential locations. The Company expects to run at least eight rigs in the Uinta Basin in 2012, up from a historic five-rig program.
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, Appalachia and the Gulf of Mexico. The Company has international operations in Malaysia and China.
**This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, new regulations or changes in tax legislation, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to numerous governmental regulations and operating risks. Other factors that could impact forward-looking statements are described in 'Risk Factors' in Newfield's 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.
For information, contact: ------------------------- Investor Relations: Steve Campbell (281) 210-5200 Danny Aguirre (281) 210-5203 Media Relations: Keith Schmidt (281) 210-5202
Seven-Year Deal Secures 18,000 BOPD of Supply Capacity
THE WOODLANDS, Texas, Dec. 5, 2011 /PRNewswire/ -- Newfield Exploration Company
today announced the signing of a crude oil supply agreement with Tesoro Corporation to provide 18,000 barrels per day of supply capacity at Tesoro's refinery in Salt Lake City, Utah. The new agreement spans a seven-year period, with commitments commencing in 2013, and secures additional supply capacity for Newfield's planned oil growth in the Uinta Basin. The oil price differential associated with this agreement is not materially different than Newfield's current supply contracts in the basin.
'Our centerpiece oil asset is the Uinta Basin and today's agreement is a significant step towards securing the necessary oil refining capacity to support our future growth plans,' said Lee K. Boothby, Newfield's Chairman, President and CEO. 'We've enjoyed a mutually-beneficial relationship with Tesoro since entering the region and look forward to growing our businesses together into the next decade.'
Newfield has been active in the Uinta Basin since 2004. Multiple oil-productive geologic targets exist across the acreage and an active drilling campaign is underway to develop the more than 6,000 potential locations on the acreage.
In mid-2011, Newfield disclosed initial results from two new Central Basin oil developments - the Uteland Butte and the Wastach. Newfield is planning to test multiple horizontal intervals in 2012. The Company has been increasing its rig count and expects to run at least eight rigs in the Uinta Basin in 2012, up from an historic five-rig program.
The Company sells its crude oil from the Uinta Basin to multiple Salt Lake City-area refiners and continues to work with each to secure additional refining capacity to meet future growth plans from the region.
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, Appalachia and the Gulf of Mexico. The Company has international operations in Malaysia and China.
**This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the availability and cost of capital resources, new regulations or changes in tax legislation, labor conditions and severe weather conditions (such as hurricanes). In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to numerous governmental regulations and operating risks. Other factors that could impact forward-looking statements are described in 'Risk Factors' in Newfield's 2010 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors not discussed in this press release could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.
For information, contact: ---------------- Steve Campbell (281) Investor Relations: 210-5200 Danny Aguirre (281) 210-5203 Keith Schmidt (281) Media Relations: 210-5202
THE WOODLANDS, Texas, Nov. 28, 2011 /PRNewswire/ -- Newfield Exploration Company
is scheduled to present at the following events. A live webcast of the presentations and the accompanying slides will be made available through Newfield's website at http://www.newfield.com.
THE WOODLANDS, Texas, Nov. 10, 2011 /PRNewswire/ -- Newfield Exploration Company
is scheduled to present at the following events. A live webcast of the presentations and the accompanying slides will be made available through Newfield's website at http://www.newfield.com.
HOUSTON, Oct. 3, 2011 /PRNewswire/ -- Newfield Exploration Company
is scheduled to present at the following event. A live webcast of the presentation and the accompanying slides will be made available through Newfield's website at http://www.newfield.com.
Johnson Rice Energy Conference 10:45 a.m. (Central), October 5, 2011
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, Appalachia and the Gulf of Mexico. The Company has international operations in Malaysia and China.
For information, contact: Investor Relations: Danny Aguirre (281) 210-5203 Media Relations: Keith Schmidt (281) 210-5202 Email: info@newfield.com
HOUSTON, Sept. 30, 2011 /PRNewswire/ -- Newfield Exploration Company
will host its third quarter 2011 earnings conference call at 8:00 a.m. (CDT), Thursday, October 20, 2011. Earnings results will be released prior to the call. To participate in the conference call, please dial (719) 325-4921 about 10 minutes prior to the scheduled start time [...]
HOUSTON, Sept. 27, 2011 /PRNewswire/ -- Newfield Exploration Company
today announced that it has priced its public offering of $750 million of 5 3/4% Senior Notes due 2022. The notes were issued at 99.956% of par to yield 5.75%. The Company expects to close the offering on September 30, 2011 and intends to use the net proceeds from the offering to [...]
HOUSTON, April 20, 2011 /PRNewswire/ -- Newfield Exploration Company
today reported its unaudited first quarter 2011 financial and operating results. Newfield will be hosting a conference call at 8:30 a.m. CT on April 21, 2011. To participate in the call, dial 719-325-4804 or listen through the investor relations section of our website at [...]
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