NFX
Posted: Wed Oct 23, 2013 7:00 pm
Newfield Exploration exits Malaysia in $898M deal
Newfield Exploration (NFX) agrees to sell all its assets in Malaysia to SapuraKencana Petroleum for $898M, part of its plan to divest international assets to concentrate on U.S. offshore plays.
The deal is subject to approval from Malaysian state-owned oil giant Petronas, with which NFX has production sharing agreements.
The emergence of the local player as the winner for the Malaysian interests may come as a surprise, since the likes of Exxon (XOM), Shell (RDS.A, RDS.B) and Talisman Energy (TLM) had been mentioned as possible buyers.
We are going to publish a profile on NFX soon. I like the company and I own it. This former Sweet 16 member has always looked undervalued to me. Sale of Malaysia should really help focus the market on NFX upside in Uinta Basin and in Oklahoma.
Newfield Exploration (NFX) agrees to sell all its assets in Malaysia to SapuraKencana Petroleum for $898M, part of its plan to divest international assets to concentrate on U.S. offshore plays.
The deal is subject to approval from Malaysian state-owned oil giant Petronas, with which NFX has production sharing agreements.
The emergence of the local player as the winner for the Malaysian interests may come as a surprise, since the likes of Exxon (XOM), Shell (RDS.A, RDS.B) and Talisman Energy (TLM) had been mentioned as possible buyers.
We are going to publish a profile on NFX soon. I like the company and I own it. This former Sweet 16 member has always looked undervalued to me. Sale of Malaysia should really help focus the market on NFX upside in Uinta Basin and in Oklahoma.