Newfield Exploration
200px | |
Public company | |
Traded as | NYSE: NFX S&P 500 Component |
Industry | Petroleum industry |
Founded | 1988 |
Founder | Joe B. Foster |
Headquarters | Houston, Texas |
Key people
|
Lee K. Boothby, Chairman, President, & CEO Gary D. Packer Executive Vice President & COO Terry W. Rathert, Executive Vice President & CFO Susan G. Riggs, Treasurer[1] |
Products | petroleum, natural gas, natural gas liquids |
Production output
|
162 thousand barrels of oil equivalent (990,000 GJ) per day [2] |
Revenue | US$1.557 billion (2015) [2] |
-US$3.362 billion (2015) [2] | |
-US$3.362 billion (2015) [2] | |
Total assets | US$4.768 billion (2015) [2] |
Total equity | US$1.379 billion (2015) [2] |
Number of employees
|
1,111 (2015) [2] |
Website | www |
Newfield Exploration Company is a petroleum, natural gas, and natural gas liquids exploration and production company headquartered in Houston, Texas.
Contents
Current operations
As of December 31, 2015, the company had 509 million barrels of oil equivalent (3.11×109 GJ) of estimated proved reserves, of which 499 million barrels of oil equivalent (3.05×109 GJ) was in the United States, including 269 million barrels of oil equivalent (1.65×109 GJ) in the Anadarko Basin.[2]
In the fourth quarter of 2015, total production was 162 thousand barrels of oil equivalent (990,000 GJ) per day, of which 64% was oil/natural gas liquids and 35% was natural gas. Of this production, 75 thousand barrels of oil equivalent (460,000 GJ) came from the Anadarko Basin.[2]
United States
Approximately 98% of the company's proved reserves and approximately 90% of its daily production are in the United States.[2]
The company's proeprties in the United States invlude the following:
- Anadarko Basin - approximately 50% of proved reserves and production; 315,000 net acres in SCOOP and STACK plays; 75 thousand barrels of oil equivalent (460,000 GJ) per day of production[2]
- Arkoma Basin - 13% of proved reserves; 146,000 net acres; 16 thousand barrels of oil equivalent (98,000 GJ) per day of production[2]
- Uinta Basin - 16% of proved reserves; 215,000 net acres; 20 thousand barrels of oil equivalent (120,000 GJ) per day of production[2]
- Williston Basin - 10% of proved reserves; 85,000 net acres; 20 thousand barrels of oil equivalent (120,000 GJ) per day of production[2]
- Eagle Ford - 4% of proved reserves; 35,000 net acres; 10 thousand barrels of oil equivalent (61,000 GJ) per day of production[2]
Asia
After establishing operations in 2004, Newfield operates numerous shallow water oil developments and exploration with developments in the South China Sea and Bohai Bay, China. [3]
As of December 31, 2015, the company had 10 million barrels of oil equivalent (61,000,000 GJ) of estimated proved reserves in China, representing 2% of total proved reserves.[2]
History
Newfield Exploration was founded in 1988 by former chairman of Tenneco Oil Company, Joe B. Foster.[4]
Through investments by Charles Duncan, Jr., the University of Texas at Austin endowment funds and the founding employees, the company was capitalized with $9 million.[4]
In 1990, Newfield purchased its first production property in Eugene Island Block 172 in the Gulf of Mexico. Through various workover programs in an attempt to increase efficiency, production of Eugene Island 172 increased from 0.2 million cubic feet per day (5,700 m3/d) to over 20 million cubic feet per day (570,000 m3/d) by the end of the year. Even to this day, Eugene Island 172 continues to produce.[4]
In November 1993, Newfield became a public company via an initial public offering of 3.125 million shares of common stock. [5]
In 1999, the company acquired Gulf Australia Resources Limited, which had assets in the Timor Sea, offshore from northern Australia.[6]
In 2000, the company acquired assets in south Texas for $142 million.[7]
In 2001, Newfield acquired Lariat Petroleum in a $333 million transaction, establishing a new focus area in the Anadarko Basin of Oklahoma.[8]
In 2002, the company acquired EEX Corporation and its asset base in South Texas in a $640 million transaction.[9]
In 2004, Newfield began operations in the Rocky Mountains with the acquisition of Inland Resources.[10]
In 2005, Newfield explored the South China Sea in a partnership with CNOOC.[11]
In 2007, Newfield announced the $575 million acquisition of exploration and development areas in the Rocky Mountains from Stone Energy.[12]
In 2007, the company sold its assets in the North Sea for $486.4 million.[13]
In 2009, along with Hess, the company leased land in Pennsylvania in the Marcellus Formation, but the company pulled out of those leases in 2013.[14]
In 2012, the company sold its remaining assets in the Gulf of Mexico to W&T Offshore.[15]
In 2014, the company sold its assets in Malaysia to SapuraKencana Petroleum Berhad for $896 million.[16] The sale resulted in a gain of $388 million.[2]
Controversies
Environmental record
In early 2012, Newfield discovered potential violations of the Clean Water Act relating to possible unpermitted discharges of fill materials into certain wetlands and drainages in the Uinta Basin. In 2015, the company resolved these issues with the Environmental Protection Agency and paid a fine of $175,000.[17]
References
- ↑ Newfield Exploration: Management
- ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 2.13 2.14 2.15 2.16 Newfield Exploration Company 2015 Form 10-K
- ↑ Newfield: International
- ↑ 4.0 4.1 4.2 Newfield Exploration: History
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