THE WOODLANDS, Texas, Sept. 22, 2014 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today closed on the sale of its Granite Wash assets. As previously announced, the purchase price was $588 million (after-tax proceeds were approximately $582 million). Proceeds will be used to call Newfield's 7(1/8) % Senior Subordinated Notes due 2018.
As a result of the sale, Newfield adjusted its 2014 production guidance and provided an estimate for its Granite Wash volumes in 2014-16. Full-year net production from Granite Wash in 2014-16 would have been approximately 4 MMBOE, 3.1 MMBOE and 2.7 MMBOE, respectively. Over the three-year period, production from the Granite Wash would have been approximately two-thirds natural gas. Adjusted for the sale's closing date, 2014's net production impact is expected to be approximately 1 MMBOE.
Newfield Exploration (NFX)
Newfield Exploration (NFX)
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Newfield Exploration (NFX)
Newfield Exploration (NFX): An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 Tab.
My Fair Value Estimate adjusted to $53.20, compared to First Call's Price Target of $49.61.
Sale of their China assets should be big catalyst for this one. I think there is a good chance the deal is announced in Q4.
My Fair Value Estimate adjusted to $53.20, compared to First Call's Price Target of $49.61.
Sale of their China assets should be big catalyst for this one. I think there is a good chance the deal is announced in Q4.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group