NFX Closes Sale of Malaysia

[dan_s]

This is great news for NFX. I rate it a Strong Buy at today's price. See our recent profile under the Watch List Tab. - Dan

THE WOODLANDS, Texas, Feb. 11, 2014 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announces the closing of the previously announced sale of its business offshore Malaysia to SapuraKencana Petroleum Berhad, receiving total proceeds of approximately $898 million. The Share Purchase Agreement was originally executed with SapuraKencana on October 22, 2013, with an effective date of June 30, 2013. Proceeds from the sale will be used to reduce short-term borrowings under Newfield's credit facility and for general corporate purposes.

With the process ongoing to divest Newfield's international businesses, the Company is reporting its financial and operating results for its international businesses as "discontinued operations." The Company's first quarter 2014 financial statements will include its Malaysian properties under "discontinued operations" through February 10, 2014, the closing date of the transaction.

Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas.