Newfield Exploration Completes Gulf of Mexico Asset Sales; Shares Inch Lower

By Staff,

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Newfield Exploration Company ( NFX ) announced signing an agreement to sell its remaining assets in the Gulf of Mexico to W&T Offshore, Inc.

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.

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.

NFX shares are down 0.1% to $34.25 in late trade.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: NFX

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