Profile: Newfield Exploration Co (NFX.N)
Newfield Exploration Company (Newfield), incorporated on December 5, 1988, is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. The Company’s principal areas of operation are oil and liquids-rich resource plays in the Mid-Continent, Rocky Mountains and onshore Gulf Coast regions of the United States. In addition, the Company has offshore oil developments in China. The Company operates through segments: the United States and China.
The Company is focused on onshore resource plays in the United States. Approximately 46% of the Company’s proved reserves are located in Mid-Continent region. The Company’s assets consist of more than 400,000 net acres in the Anadarko and Arkoma basins. The Company has about 300,000 net acres in the Anadarko Basin. As of December 31, 2014, the Company had drilled approximately 138 wells in the Anadarko Basin, with wells yielding high volumes of oil and natural gas liquids. The Company has dry gas production from the Arkoma Basin. The area represents approximately 18% of its total consolidated proved reserves. As of December 31, 2014, it had approximately 146,000 net acres in the Arkoma Basin.
As of December 31, 2014, approximately 43% of its proved reserves were located in the Rocky Mountains region. The Company is assessing and developing its Rocky Mountains region, which consists of more than 250,000 net acres in the Williston Basin of North Dakota and Montana, as well as the Uinta Basin of Utah. The Company has approximately 92,000 net acres in the Williston Basin, of , which approximately 40,000 acres are being developed in the Bakken and Three Forks plays of North Dakota. The Company is focused on development and it is drilling multi-well pads with lateral lengths as long as 10,000 feet. The Company has approximately 225,000 net acres in the Uinta Basin, and its operations are divided into two areas: the Greater Monument Butte Unit (GMBU) waterflood and an area to the north and adjacent to the GMBU that the Company refers to as the Central Basin. As of December 31, 2014, the Company had drilled a combination of 83 vertical and horizontal wells in the Central Basin to hold its acreage.
About 7% of the Company’s proved reserves are located in the onshore Gulf Coast region. The Company has approximately 25,000 net acres in development, which are located primarily in Dimmit and Atascosa counties in Texas. As of December 31, 2014, the Company’s conventional onshore plays in Texas produced approximately 5,700 Barrels of Oil Equivalent per Day (BOEPD), consisting of 200 BOPD of oil, 300 BOEPD of Natural gas liquids (NGLs) and 31 million cubic feet per day (MMcf/d) of natural gas. Approximately 23 million barrels of oil equivalent (MMBOE), or 4%, of the Company’s proved reserves are located in China. The Company’s Pearl facility, located in the South China Sea, is producing oil from three wells.
Newfield Exploration Co
4 Waterway Square Pl Ste 100
THE WOODLANDS TX 77380-2764