NEWFIELD EXPLORATION COMPANY (NYSE:NFX) Files An 8-K Other Events
Item 9.01 of this Current Report, including the exhibit attached hereto as Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 9.01 of this Current Report shall not be incorporated by reference into any registration statement or other document to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.
NEWFIELD EXPLORATION CO /DE/ Exhibit
EX-99.1 2 d611903dex991.htm EX-99.1 EX-99.1 Encana & Newfield to Create N. America’s Premier Resource Co. Combination of Encana and Newfield Creates unique North American Company Delivers a PREMIER multi-basin portfolio of scale and sustainability Generates free cash flow TODAY at current prices Creates $250 million in SYNERGIES translating into lower costs and HIGHER RETURNS Returns cash to stockholders IMMEDIATELY through a dividend and share repurchase program Exhibit 99.1 Newfield’s Year-End Operations Update NFX Year-end Update 4Q18 net domestic production expected to be at high-end of previous guidance (185-200 MBOEPD) Anadarko Basin liquids production for 4Q18 expected to be above the high-end of guidance (80-86 MBBL/D) Crude oil production from Anadarko Basin expected to be above mid-point of guidance (42-44 MBO/D) and in excess of beginning of year guidance (42 MBO/D) Anadarko Basin outperformance a result of better-than-expected infill well performance from most recent infill tests YE2018 proved reserves increased by over 100 MMBOE (or ~15%) year-over-year to more than 780 MMBOE (~99% domestic)1 driven by Anadarko Basin performance (now ~70% of total proved reserves) Estimated to have replaced approximately 240% of full-year 2018 production volumes Anticipated proved reserve life index will be approximately 11 years Full-year 2018 capital investment in-line with prior guidance ($1.4 billion) 1Crude oil and natural gas prices used to calculate reserves were $65.57 per barrel and $3.10 per MMBtu,…
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About NEWFIELD EXPLORATION COMPANY (NYSE:NFX)
Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). The Company’s operations are focused primarily on large scale, onshore liquids-rich resource plays in the United States. Its segments are the United States and China. Its principal areas of operation are the Anadarko and Arkoma Basins of Oklahoma, the Williston Basin of North Dakota, the Uinta Basin of Utah and the Maverick, and Gulf Coast basins of Texas. In addition, it has oil developments offshore China. Its proved reserves of over 510 million barrels of oil equivalents (MMBOE) consist of over 310 MMBOE proved developed producing, 20 MMBOE proved developed non-producing and 180 MMBOE proved undeveloped reserves. Its proved liquids reserves are over 290 million barrels. Over 71% of its proved liquid reserves are crude oil or condensate. Its proved natural gas reserves are over 1,305 billion cubic feet (Bcf).