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Newfield Exploration closes sale of Texas oil, gas assets for $380M

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Newfield Exploration closes sale of Texas oil, gas assets for $380M

NewfieldExploration Co. closed the sale of its producing oil and gasproperties and undeveloped acreage in Texas, receiving $380 million in combinedproceeds.

The company sold unconventional assets in the EagleFord Shale to Protégé Energy III LLC and conventional natural gas assets insouth and west Texas to an undisclosed entity. The assets have a combinedcurrent net daily production of about 12,700 barrels of oil equivalent per day,with oil making up 35%, according to a Sept. 27 news release.

The transaction is not expected to have a significantimpact on Newfield's third-quarter production, so the company made no changesto its production guidance for the quarter. However, Newfield's full-year 2016production expectations would be changed to reflect the sale, the release said.