Newfield Exploration completes sale of Texas assets

US-based petroleum and natural gas company Newfield Exploration has completed the sale of its oil and gas assets and undeveloped acreage in Texas for approximately $380m.

The transaction includes unconventional properties in the Eagle Ford Shale and its conventional natural gas assets located in southern and western regions of Texas.

At present, the two production plants jointly produce around 12,700 barrels of oil equivalent per day, 35% of which is oil.

The Eagle Ford package was sold to Protégé Energy III.

Newfield’s has not disclosed the name of the purchaser who acquired its conventional natural gas assets in Southern Texas.

Newfield reiterated this year’s third quarter production guidance as the company anticipates that the sale will not have any materialistic impact on its third quarter production.

The company also plans to modify its production expectations for this year with the sale of these assets, and also release its third quarter financial and operating results on 1 November.

Newfield Exploration is headquartered in the Woodlands, Texas, and focuses on the exploration, development and production of crude oil, natural gas and natural gas liquids.

Nearly 98% of the company’s proved reserves are located in the Anadarko and Arkoma basins of Oklahoma, the Williston Basin of North Dakota, the Uinta Basin of Utah and the Maverick and Gulf Coast basins of Texas. It also has oil developments located within offshore China.