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Newfield Exploration closes sale of Granite Wash assets


Published Sep 23, 2014
Newfield Exploration Company

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.

Tags: Newfield Exploration Company




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