Newfield Exploration

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Newfield Exploration Company
IndustryPetroleum industry
FateAcquired by Encana
Founded1988; 31 years ago (1988)
FounderJoe B. Foster
DefunctFebruary 13, 2019; 7 months ago (2019-02-13)
HeadquartersHouston, Texas, United States
Key people
Lee K. Boothby, Chairman, CEO & President
Gary D. Packer, COO
Lawrence S. Massaro, CFO
ProductsPetroleum
Natural gas
Natural gas liquids
Production output
152 thousand barrels of oil equivalent (930,000 GJ) per day (2017)
RevenueIncrease $1.767 billion (2017)
Increase $0.427 billion (2017)
Total assetsIncrease $4.961 billion (2017)
Total equityIncrease $1.408 billion (2017)
Number of employees
1,010 (2017)
Footnotes / references
[1]

Newfield Exploration Company was a petroleum, natural gas, and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas. In February 2019, the company was acquired by Encana.

As of December 31, 2017, the company had 680 million barrels of oil equivalent (4.2×109 GJ) of estimated proved reserves, of which over 99% was in the United States and 1% was in the South China Sea. The reserves were 37% petroleum, 19% natural gas liquids, and 44% natural gas.[1]

The company's properties were as follows:[1]

History[edit]

The company was founded in 1988 by the former chairman of Tenneco Oil Company, Joe B. Foster.

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.

In 1990, Newfield purchased its first production property, Eugene Island Block 172 in the Gulf of Mexico. 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.[2]

In November 1993, Newfield became a public company via an initial public offering of 3.125 million shares of common stock.[3]

In 1999, the company acquired Gulf Australia Resources Limited, which had assets in the Timor Sea, offshore from northern Australia.[4]

In 2000, the company acquired assets in south Texas for $142 million.[5]

In 2001, Newfield acquired Lariat Petroleum in a $333 million transaction, establishing a new focus area in the Anadarko Basin of Oklahoma.[6]

In 2002, the company acquired EEX Corporation and its asset base in South Texas in a $640 million transaction.[7]

In 2004, Newfield began operations in the Rocky Mountains with the acquisition of Inland Resources.[8]

In 2005, Newfield explored the South China Sea in a partnership with CNOOC.[9]

In 2007, Newfield announced the $575 million acquisition of exploration and development areas in the Rocky Mountains from Stone Energy.[10]

In 2007, the company sold its assets in the North Sea for $486.4 million.[11]

In 2009, along with Hess Corporation, the company leased land in Pennsylvania in the Marcellus Formation, but the company pulled out of those leases in 2013.[12]

In 2012, the company sold its remaining assets in the Gulf of Mexico to W&T Offshore.[13]

In 2014, the company sold its assets in Malaysia to SapuraKencana Petroleum Berhad for $896 million.[14]

In 2016, the company acquired 42,000 acres in the STACK formation of the Anadarko Basin from Chesapeake Energy for $470 million.[15]

In 2016, the company sold its assets in Texas for $390 million.[16]

In February 2019, the company was acquired by Encana.[17][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. ^ a b c "Newfield Exploration Company 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Poruban, Steven (February 22, 1999). "Newfield balances experience, technology for success in the Gulf of Mexico region". Oil & Gas Journal.
  3. ^ "Equity Issues Scheduled for This Week". The New York Times. November 8, 1993.
  4. ^ "Newfield Exploration acquires Australian company". American City Business Journals. June 29, 1999.
  5. ^ "Newfield Exploration to Invest in Texas Gas Fields". The New York Times. February 8, 2000.
  6. ^ "Acquisition of Lariat completed". The Oklahoman. January 25, 2001.
  7. ^ "Newfield Exploration buys out EEX Corp". American City Business Journals. May 30, 2002.
  8. ^ "Newfield buying Inland Resources, a private Denver oil company". Oil & Gas Journal. August 6, 2004.
  9. ^ "CNOOC, Newfield to Explore Oil Fields in S China Sea". Xinhua News Agency. December 14, 2005.
  10. ^ "Newfield Exploration to Acquire Rocky Mountain Assets". U.S. Securities and Exchange Commission. May 14, 2007.
  11. ^ "Newfield Exploration Closes on Sale of North Sea Business". Scandinavian Oil & Gas Magazine. October 8, 2007.
  12. ^ RUBINKAM, MICHAEL (July 15, 2013). "Gas drillers cancel lease with NE Pa. landowners". Delaware County Daily Times. Associated Press.
  13. ^ "Newfield Announces Sale of its Remaining Gulf of Mexico Assets" (Press release). PR Newswire. September 18, 2012.
  14. ^ "Newfield completes sale of Malaysian business". Oil & Gas Journal. February 11, 2014.
  15. ^ "Newfield to acquire an additional 42,000 net acres in STACK" (Press release). PR Newswire. May 5, 2016.
  16. ^ "Newfield signs agreements to sell its Texas assets for nearly $390 million" (Press release). PR Newswire. August 3, 2016.
  17. ^ "Encana completes acquisition of Newfield Exploration to create North America's premier resource company" (Press release). Globe Newswire. February 13, 2019.
  18. ^ Pulsinelli, Olivia (February 14, 2019). "Encana closes multibillion-dollar acquisition of Woodlands co". American City Business Journals.
  19. ^ "Newfield Production agrees to resolve alleged wetlands violations at production sites in Uintah and Duchesne counties (Utah)" (Press release). Environmental Protection Agency. February 2, 2015.