Newfield Exploration

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Newfield Exploration Company
Public company
Traded as NYSENFX
S&P 500 Component
Industry Petroleum industry
Founded 1988
Founder Joe B. Foster
Headquarters Houston, Texas
Key people
Lee K. Boothby (Chairman President & CEO)
Gary D. Packer Executive Vice President & COO
Terry W. Rathert, Executive Vice President & CFO
Susan G. Riggs, Treasurer[1]
Products petroleum, natural gas, natural gas liquids
Production output
140 thousand barrels of oil equivalent (860,000 GJ) per day [2]
Revenue Decrease US$1.472 billion (2016) [2]
Increase -US$1.230 billion (2016) [2]
Increase -US$1.230 billion (2016) [2]
Total assets Decrease US$4.312 billion (2016) [2]
Total equity Decrease US$0.938 billion (2016) [2]
Number of employees
994 (2016) [2]
Website www.newfield.com

Newfield Exploration Company is a petroleum, natural gas, and natural gas liquids exploration and production company headquartered in Houston, Texas.

Current operations[edit]

As of December 31, 2015, the company had 513 million barrels of oil equivalent (3.14×109 GJ) of estimated proved reserves, of which over 99% was in the United States and 1% was in China.[2] The reserves were 37% petroleum, 19% natural gas liquids, and 44% natural gas.[2]

The company's properties are as follows:

History[edit]

Newfield Exploration was founded in 1988 by former chairman of Tenneco Oil Company, Joe B. Foster.[3]

Through investments by Charles Duncan, Jr., the University of Texas at Austin endowment funds and the founding employees, the company was capitalized with $9 million.[3]

In 1990, Newfield purchased its first production property in Eugene Island Block 172 in the Gulf of Mexico. Through various workover programs in an attempt to increase efficiency, production of Eugene Island 172 increased from 0.2 million cubic feet per day (5,700 m3/d) to over 20 million cubic feet per day (570,000 m3/d) by the end of the year. Even to this day, Eugene Island 172 continues to produce.[3]

In November 1993, Newfield became a public company via an initial public offering of 3.125 million shares of common stock.[4]

In 1999, the company acquired Gulf Australia Resources Limited, which had assets in the Timor Sea, offshore from northern Australia.[5]

In 2000, the company acquired assets in south Texas for $142 million.[6]

In 2001, Newfield acquired Lariat Petroleum in a $333 million transaction, establishing a new focus area in the Anadarko Basin of Oklahoma.[7]

In 2002, the company acquired EEX Corporation and its asset base in South Texas in a $640 million transaction.[8]

In 2004, Newfield began operations in the Rocky Mountains with the acquisition of Inland Resources.[9]

In 2005, Newfield explored the South China Sea in a partnership with CNOOC.[10][11]

In 2007, Newfield announced the $575 million acquisition of exploration and development areas in the Rocky Mountains from Stone Energy.[12]

In 2007, the company sold its assets in the North Sea for $486.4 million.[13]

In 2009, along with Hess, the company leased land in Pennsylvania in the Marcellus Formation, but the company pulled out of those leases in 2013.[14]

In 2012, the company sold its remaining assets in the Gulf of Mexico to W&T Offshore.[15]

In 2014, the company sold its assets in Malaysia to SapuraKencana Petroleum Berhad for $896 million.[16] The sale resulted in a gain of $388 million.[2]

In 2016, the company acquired 42,000 acres in the STACK formation of the Anadarko Basin from Chesapeake Energy for $470 million.[17]

In 2016, the company sold its assets in Texas for $390 million.[18]

Controversies[edit]

Environmental record[edit]

In early 2012, Newfield discovered potential violations of the Clean Water Act relating to possible unpermitted discharges of fill materials into certain wetlands and drainages in the Uinta Basin. In 2015, the company resolved these issues with the Environmental Protection Agency and paid a fine of $175,000.[19]

References[edit]

  1. ^ Newfield Exploration: Management
  2. ^ a b c d e f g h i j k l m n o Newfield Exploration Company 2016 Form 10-K
  3. ^ a b c Newfield Exploration: History
  4. ^ "Equity Issues Scheduled for This Week". New York Times. November 8, 1993. 
  5. ^ "Newfield Exploration acquires Australian company". Houston Business Journal. June 29, 1999. 
  6. ^ "Newfield Exploration to Invest in Texas Gas Fields". New York Times. February 8, 2000. 
  7. ^ "Newfield Closes Lariat Acquisition" (Press release). PRNewswire. January 23, 2001. 
  8. ^ "Newfield Exploration Company to Acquire EEX Corporation" (Press release). PRNewswire. May 29, 2002. 
  9. ^ "Newfield Exploration Completes Inland Resources Acquisition" (Press release). PRNewswire. August 27, 2005. 
  10. ^ "CNOOC, Newfield to Explore Oil Fields in S China Sea". Xinhua News Agency. December 14, 2005. 
  11. ^ Newfield: International
  12. ^ "Newfield Exploration to Acquire Rocky Mountain Assets". PRNewswire. May 14, 2007. 
  13. ^ "Newfield Exploration Closes on Sale of North Sea Business" (Press release). PRNewswire. October 5, 2007. 
  14. ^ "2 companies pull out of Pa. natural gas leases". Philly.com. July 17, 2013. 
  15. ^ "Newfield Announces Sale of its Remaining Gulf of Mexico Assets" (Press release). PRNewswire. September 18, 2012. 
  16. ^ Chee Yew Cheang (February 11, 2014). "SapuraKencana Completes Purchase of Newfield's Upstream Assets in Malaysia". Rigzone. 
  17. ^ "Newfield to acquire an additional 42,000 net acres in STACK" (Press release). PRNewswire. May 5, 2016. 
  18. ^ "Newfield signs agreements to sell its Texas assets for nearly $390 million" (Press release). PRNewswire. August 3, 2016. 
  19. ^ "Newfield Production agrees to resolve alleged wetlands violations at production sites in Uintah and Duchesne counties (Utah)". Environmental Protection Agency. February 2, 2015. 

External links[edit]