Published: Thursday February 14, 2013 MYT 8:08:00 AM
Updated: Thursday February 14, 2013 MYT 10:42:13 AM
NEW YORK: Newfield Exploration Co said on Wednesday it will seek strategic alternatives for its international offshore oil and gas production assets in Malaysia and China to focus on its U.S. assets.
"This action reflects the confidence we have in our domestic portfolio and the substantial opportunities we see across our liquids-rich domestic resource areas," Chief Executive Lee Boothby said in a statement.
Newfield, based in The Woodlands, Texas, has engaged Goldman Sachs and Co to advise it to explore strategic opportunities for those assets.
Newfield's international assets - primarily offshore oil and natural gas developments in Malaysia and China - contributed nearly 30 percent to total revenue for 2011. The segments contributed 40 percent for the quarter ended Sept. 30.
The company had proved reserves of about 23 million barrels of oil and natural gas liquids in Malaysia and about 20 million barrels in China as of Dec. 31, 2011.
It has a stake in about 925,000 net acres offshore Malaysia and about 290,000 net acres offshore China
The oil and gas producer said on Wednesday it incurred a US$1.5 billion writedown, primarily due to low natural gas prices and the sale of some assets. It also took a a non-cash charge in the quarter ended Dec. 31 for deferred income taxes of about $550 million.
The Woodlands, Texas-based Newfield expects to report a net loss of about $1.2 billion or $8.80 per share for the December quarter. - Reuters
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