Newfield Exploration

Last updated

Newfield Exploration Company
Industry Petroleum industry
Founded1988;36 years ago (1988)
Founder Joe B. Foster
DefunctFebruary 13, 2019;5 years ago (2019-02-13)
FateAcquired by Encana
Headquarters Houston, Texas
Key people
Lee K. Boothby, Chairman, CEO & President
Gary D. Packer, COO
Lawrence S. Massaro, CFO
Products Petroleum
Natural gas
Natural gas liquids
Production output
152 thousand barrels of oil equivalent (930,000 GJ) per day (2017)
RevenueIncrease2.svg $1.767 billion (2017)
Increase2.svg $0.427 billion (2017)
Total assets Increase2.svg $4.961 billion (2017)
Total equity Increase2.svg $1.408 billion (2017)
Number of employees
1,010 (2017)
Footnotes /references
[1]

Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas. In February 2019, the company was acquired by Encana.

Contents

On December 31, 2017, the company had 680 million barrels of oil equivalent (4.2×109 GJ) of estimated proved reserves, of which over 99% was in the United States and 1% was in the South China Sea. The reserves were 37% petroleum, 19% natural gas liquids and 44% natural gas. [1]

The company's properties were as follows: [1]

History

The company was founded in 1988 by the former chairman of Tenneco Oil Company, Joe B. Foster. 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.

In 1990, Newfield purchased its first production property, Eugene Island Block 172 in the Gulf of Mexico. 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. [2]

In November 1993, Newfield became a public company via an initial public offering of 3.125 million shares of common stock. [3] In 1999, the company acquired Gulf Australia Resources Limited, which had assets in the Timor Sea, offshore from northern Australia. [4]

In 2000, the company acquired assets in south Texas for $142 million. [5] In 2001, it acquired Lariat Petroleum in a $333 million transaction, establishing a new focus area in the Anadarko Basin of Oklahoma. [6] In 2002, it acquired EEX Corporation and its asset base in South Texas in a $640 million transaction. [7]

In 2004, Newfield began operations in the Rocky Mountains with the acquisition of Inland Resources. [8]

In 2005, Newfield explored the South China Sea in a partnership with CNOOC. [9]

In 2007, Newfield announced the $575 million acquisition of exploration and development areas in the Rocky Mountains from Stone Energy. [10] In 2007, the company sold its assets in the North Sea for $486.4 million. [11]

In 2009, along with Hess Corporation, the company leased land in Pennsylvania in the Marcellus Formation, but the company pulled out of those leases in 2013. [12]

In 2012, the company sold its remaining assets in the Gulf of Mexico to W&T Offshore. [13] In 2014, it sold its assets in Malaysia to SapuraKencana Petroleum Berhad for $896 million. [14]

In 2016, the company acquired 42,000 acres in the STACK formation of the Anadarko Basin from Chesapeake Energy for $470 million [15] and sold its assets in Texas for $390 million. [16]

In February 2019, the company was acquired by Encana. [17]

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. [18]

Related Research Articles

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is an American petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.

<span class="mw-page-title-main">Occidental Petroleum</span> American oil company

Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile. It is incorporated under the Delaware General Corporation Law and headquartered in Houston. The company ranked 183rd on the 2021 Fortune 500 based on its 2020 revenues and 670th on the 2021 Forbes Global 2000.

'Coterra Energy is a company engaged in hydrocarbon exploration organized in Delaware and based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.

<span class="mw-page-title-main">Marathon Oil</span> American company engaged in hydrocarbon exploration headquartered in Houston, Texas

Marathon Oil Corporation is an American petroleum company that has existed since 1887. Marathon was founded in Lima, Ohio as the Ohio Oil Company. In 1899, the company was acquired by the Standard Oil Company. After the antitrust case against Jersey Standard in 1911 and subsequent breakup of its holdings, Ohio Oil once again became an independent company. In 1930, Ohio Oil acquired the Transcontinental Oil Company, which operated the "Marathon" brand of retail gasoline stations. Ohio Oil continued to use the Marathon brand, and in 1962, Ohio changed its name to the Marathon Oil Company.

<span class="mw-page-title-main">Anadarko Petroleum</span> American energy company

Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.

<span class="mw-page-title-main">EOG Resources</span> American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

<span class="mw-page-title-main">SandRidge Energy</span> American energy company

SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.

<span class="mw-page-title-main">Plains Exploration & Production</span> Defunct energy company in Houston, Texas

Plains Exploration & Production was a petroleum and natural gas exploration company based in Houston, Texas. In May 2013, it was acquired by Freeport-McMoRan.

<span class="mw-page-title-main">Canadian Natural Resources</span> Canadian hydrocarbon exploration company

Canadian Natural Resources Limited, or CNRL or Canadian Natural is a senior Canadian oil and natural gas company that operates primarily in the Western Canadian provinces of British Columbia, Alberta, Saskatchewan, and Manitoba, with offshore operations in the United Kingdom sector of the North Sea, and offshore Côte d'Ivoire and Gabon. The company, which is headquartered in Calgary, Alberta, has the largest undeveloped base in the Western Canadian Sedimentary Basin. It is the largest independent producer of natural gas in Western Canada and the largest producer of heavy crude oil in Canada.

Linn Energy, Inc. was a hydrocarbon exploration company based in Houston. In 2018, the company split into Roan Resources and Riviera Resources.

Vital Energy, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

Cimarex Energy Co. was a company engaged in hydrocarbon exploration, particularly shale oil and gas drilling. It was organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

<span class="mw-page-title-main">Whiting Petroleum</span> American Energy Production Company

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

Chord Energy Corporation is a company engaged in hydrocarbon exploration and hydraulic fracturing in the Williston Basin in North Dakota and Montana. It is organized in Delaware and headquartered in Houston, Texas, with an office in Williston, North Dakota. The company was formerly known as Oasis Petroleum.

<span class="mw-page-title-main">Diamondback Energy</span> U.S. energy company

Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

References

  1. 1 2 3 "Newfield Exploration Company 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Poruban, Steven (February 22, 1999). "Newfield balances experience, technology for success in the Gulf of Mexico region" . Oil & Gas Journal .
  3. ↑ "Equity Issues Scheduled for This Week" . The New York Times . November 8, 1993.
  4. ↑ "Newfield Exploration acquires Australian company". American City Business Journals . June 29, 1999.
  5. ↑ "Newfield Exploration to Invest in Texas Gas Fields" . The New York Times. February 8, 2000.
  6. ↑ "Acquisition of Lariat completed". The Oklahoman . January 25, 2001.
  7. ↑ "Newfield Exploration buys out EEX Corp". American City Business Journals. May 30, 2002.
  8. ↑ "Newfield buying Inland Resources, a private Denver oil company". Oil & Gas Journal. August 6, 2004.
  9. ↑ "CNOOC, Newfield to Explore Oil Fields in S China Sea". Xinhua News Agency . December 14, 2005.
  10. ↑ "Newfield Exploration to Acquire Rocky Mountain Assets". U.S. Securities and Exchange Commission. May 14, 2007.
  11. ↑ "Newfield Exploration Closes on Sale of North Sea Business". Scandinavian Oil & Gas Magazine. October 8, 2007.
  12. ↑ Rubinkam, Michael (July 15, 2013). "Gas drillers cancel lease with NE Pa. landowners". Delaware County Daily Times. Associated Press.
  13. ↑ "Newfield Announces Sale of its Remaining Gulf of Mexico Assets". PR Newswire (Press release). September 18, 2012.
  14. ↑ "Newfield completes sale of Malaysian business". Oil & Gas Journal. February 11, 2014.
  15. ↑ "Newfield to acquire an additional 42,000 net acres in STACK". PR Newswire (Press release). May 5, 2016.
  16. ↑ "Newfield signs agreements to sell its Texas assets for nearly $390 million". PR Newswire (Press release). August 3, 2016.
  17. ↑ "Encana completes acquisition of Newfield Exploration to create North America's premier resource company". Globe Newswire (Press release). February 13, 2019.
    - Pulsinelli, Olivia (February 14, 2019). "Encana closes multibillion-dollar acquisition of Woodlands co". American City Business Journals.
  18. ↑ "Newfield Production agrees to resolve alleged wetlands violations at production sites in Uintah and Duchesne counties (Utah)" (Press release). Environmental Protection Agency. February 2, 2015.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.