Newfield Exploration To Sell Assets In Texas For $390 Mln

(RTTNews) - Newfield Exploration Co. (NFX) Wednesday said it signed two separate purchase and sale agreements to divest its assets in Texas for combined net after tax proceeds of nearly $390 million. The transaction is expected to close in the third quarter of 2016.

Newfield Chairman & CEO Lee Boothby said, "Since 2009, we have generated about $3 billion in proceeds from asset sales as we transitioned to an oil company with a premium asset portfolio in onshore resource plays. Proceeds from the sale of our Texas assets will replenish our cash balance and position us for the timely acceleration of our STACK development in the future."

The transactions include Newfield's unconventional assets in the Eagle Ford Shale and its conventional natural gas assets in south and west Texas.

BMO Capital Markets and Scotia Waterous acted as financial advisors for these transactions.