Newfield Climbs After Continental Touts Oklahoma: Dallas Mover
Newfield Exploration Co. (NFX), a petroleum producer focusing about a third of its spending on the mid- continental U.S., rose the most in more than three months after Continental Resources Inc. announced a shale-oil discovery in Oklahoma may yield more than a billion barrels.
Newfield, based in The Woodlands, Texas, climbed 6.1 percent to $32.62 at the close in New York, the most since June 29.
A shale-oil discovery in Oklahoma may add the equivalent of 1.8 billion barrels of crude to Continental’s reserves and is geologically similar to the Bakken region, the Oklahoma City- based company said in a slide presentation today. Newfield has about 135,000 net acres in the Cana Woodford project in Oklahoma, which is near Continental’s discovery, according to a September slide presentation.
Newfield plans to spend about $300 million in the Cana Woodford as its transitions into a company that focuses on oil and liquids production, according to the September presentation.
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