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Newfield Exploration

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Newfield Exploration is an independent company engaged in the exploration and production of crude oil and natural gas, including the use of horizontal drilling and fracking. Its operations in the United States include the Mid-Continent region of Oklahoma and northern Texas, along the Rocky Mountains, southern and coastal Texas, the Gulf of Mexico, and recently in Pennsylvania along the Appalachia Mountains. The company is headquartered in Houston, Texas.

Newfield also operates internationally through numerous sites offshore of Malaysia and China. By the end of 2009, total proved reserves were 3.6 trillion cubic feet equivalent with approximately 85% of those reserves being located onshore of the U.S. Newfield's present base is estimated to be about 70% natural gas.[1][2]

History

Newfield Exploration was founded in 1988 by former chairman of Tenneco Oil Company, Joe B. Foster.[3] During 1990, Newfield purchased its first production property in Eugene Island Block 172 in the Gulf of Mexico. Throughout the rest of the decade, Newfield's focus of the Gulf of Mexico would begin to expand into southern Louisiana and the Texas coast.[4]

Early into 2001, Newfield acquired Lariat Petroleum, and established a new focus area in the Anadarko Basin of Oklahoma. An additional acquisition the following year was finalized in November when EEX Corporation was procured. The expansion significantly increased Newfield's asset base in South Texas. In 2004, Newfield began new operations in the Rocky Mountains upon acquisition of Inland Resources. In addition, they began establishing international operations along the Malaysian coast before adding various offshore locations along the Chinese coast by 2005. During 2006, Newfield focused on the Monument Butte area of Utah, and the Mountain Front Wash and Woodford Shale of Oklahoma. Newfield announced the $578 million acquisition of exploration and development areas in the Rocky Mountains in 2007. In 2009, Newfield entered a new area of operation when it leased property in Pennsylvania in order to survey areas of the Marcellus Shale.[4][5]

Current & future operating areas

United States

Newfield’s domestic areas of operations include regions of Oklahoma and northern Texas known as the Mid-Continent, the Rocky Mountains, southern and coastal Texas, the Gulf of Mexico, and Pennsylvania. Focusing primarily on the Anadarko and Arkoma Basins, Newfield owned a working interest in roughly 2,300 gross producing wells in that area.[6][7]

Newfield owned a similar working interest in the Rocky Mountain division with more than 2,400 gross producing wells with 70% of their assets being oil. Focus has transitioned primarily to the potential in the Uinta, Williston, and Southern Alberta Basins. The Monument Butte oil field, located in the Uinta Basin, is Newfield's largest in the Rockies.[8][9]

In Texas, Newfield presently owns interest in roughly 1000 gross producing wells reaching over 375,000 acres gross. Most of these wells are located in the Maverick Basin with specific focus on the Eagle Ford and Pearsall Shales.[10]

During 2009, Newfield and Hess Corporation signed a joint agreement in covering about 35,000 net acres, primarily in Susquehanna and Wayne Counties, Pennsylvania, in order to explore the Marcellus Shale.[11] Beginning in mid-2010, Newfield expects to drill 6–10 assessment wells on the acreage, in order to ascertain the commercial quantities of gas and evaluate core data.[12][13]

Articles and Resources

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References

  1. NFX Profile | Newfield Exploration Company Co Stock - Yahoo! Finance. Finance.yahoo.com. Retrieved on October 14, 2011.
  2. Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. Newfield.com. Retrieved on October 14, 2011.
  3. Newfield Exploration Company - Company History. Fundinguniverse.com. Retrieved on October 14, 2011.
  4. 4.0 4.1 Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. Newfield.com. Retrieved on October 14, 2011.
  5. Newfield Exploration Company: Information from. Answers.com. Retrieved on October 14, 2011.
  6. Form 10-K. SEC. Retrieved on February 3, 2009.
  7. Woodford Shale - Woodford Shale Map - Woodford Gas Field. Oilshalegas.com. Retrieved on October 14, 2011.
  8. Newfield Exploration Focus Areas - Rocky Mountains. Newfield.com. Retrieved on October 14, 2011.
  9. Perin, Monica (August 22, 2004). "Newfield puts together oil play to expand into Rockies market". 
  10. http://www.newfield.com/onshore_overview.aspx
  11. Oil & Gas Financial Journal. Ogfj.com. Retrieved on October 14, 2011.
  12. Newfield Reports Fourth Quarter and Full-Year 2009 Financial and. Bloomberg. Retrieved on October 14, 2011.
  13. Template error: argument title is required. 

Wikipedia also has an article on Newfield Exploration. This article may use content from the Wikipedia article under the terms of the GFDL.