Newfield Exploration Co. (NYSE: NFX) said Sept. 27 that the previously announced transactions to sell its producing oil and natural gas properties and undeveloped acreage in Texas had closed. Combined proceeds from the sales were about $380 million.
The transactions included Newfield's unconventional assets in the Eagle Ford Shale and its conventional natural gas assets in South and West Texas. Current net daily production from the combined assets was about 12,700 barrels of oil equivalent per day, 35% oil. The Eagle Ford package was sold to Protege Energy III LLC. Newfield’s conventional gas assets in South Texas were sold to an undisclosed party.
On Sept. 27, Newfield reaffirmed its previous third-quarter 2016 production guidance, saying the sales will likely not materially affect third-quarter production. The full-year 2016 production expectations will be revised to reflect the sales.
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