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Newfield Exploration Closes Sale of Granite Wash Assets

Source: www.gulfoilandgas.com 9/22/2014, Location: North America

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Newfield Exploration Company closed on the sale of its Granite Wash assets. As previously announced, the purchase price was $588 million (after-tax proceeds were approximately $582 million). Proceeds will be used to call Newfield's 71/8 % Senior Subordinated Notes due 2018.

As a result of the sale, Newfield adjusted its 2014 production guidance and provided an estimate for its Granite Wash volumes in 2014-16. Full-year net production from Granite Wash in 2014-16 would have been approximately 4 MMBOE, 3.1 MMBOE and 2.7 MMBOE, respectively. Over the three-year period, production from the Granite Wash would have been approximately two-thirds natural gas. Adjusted for the sale's closing date, 2014's net production impact is expected to be approximately 1 MMBOE

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