Newfield to Examine Alternatives for International Properties
Newfield Exploration Co., the U.S. oil producer with properties from Utah to Malaysia, will evaluate strategic alternatives for its international assets as it focuses on business in North America.
Newfield’s international holdings include offshore oil and natural gas properties in Malaysia and China, The Woodlands, Texas-based company said in a statement today.
In October, Newfield’s shares plunged after the company said international production may drop 25 percent in 2013. Net output is affected by the terms of production-sharing contracts with partners on some projects, the company said at the time.
Also today, Newfield said it had a $1.5 billion non-cash writedown related to the value of domestic proved reserves and a $550 million non-cash charge for deferred income taxes. Newfield expects to report a net loss of about $1.2 billion, or $8.80 a share, for 2012, Steve Campbell, a company spokesman, said in a telephone interview.
Newfield plans to issue its fourth-quarter earnings statement after the market closes on Feb. 19, followed by a conference call with analysts and investors on Feb. 20.
Today’s statement was issued after the close of regular U.S. trading. Newfield shares rose 4.1 percent to $31 at 6:41 p.m. in New York.
Newfield hired Goldman Sachs Group Inc. to help examine possibilities for its international assets.
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