FONT-SIZE Plus   Neg

Newfield Exploration To Pursue Strategic Alternatives For International Assets

Newfield Exploration Company (NFX) has authorized the evaluation of strategic alternatives for the company's international assets, which consist of offshore oil and natural gas developments in Malaysia and China.

"The decision to pursue alternatives for Newfield's international assets follows a comprehensive review of the Company's strategy, asset base and future direction with our Board of Directors," said Lee Boothby, Newfield Chairman, President and CEO.

Newfield has engaged Goldman, Sachs & Co. as its advisor to lead the process related to exploring strategic opportunities for its international assets, which may include sale of the assets.

During the fourth quarter, Newfield incurred a non-cash charge for deferred income taxes of about $550 million, related to the company's focus on U.S. operations and its repatriation of accumulated profits from its international subsidiaries.

For the fourth quarter, the company expects to report a net loss of about $1.2 billion or $8.80 per share.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chipmaker Qualcomm is reportedly in talks with NXP Semiconductor NV (NXPI) for a possible acquisition, reports said. According to Bloomberg, negotiations are on with a probable price of $110 t $120 per NXP share. The deal would value NXP at around $34.7 billion. Regulators have confirmed the eleventh U.S. fatality linked to Takata Corp.'s defective air bag inflators. The National Highway Traffic Safety Administration or NHTSA said Thursday that a crash fatality in Riverside County, California, was tied to the rupture of a recalled Takata air bag inflator. Reynolds American Inc. (RAI) on Friday confirmed that British American Tobacco plc (BATS.L, BTI) has offered to buy the remaining 57.8 percent stake that it does not own in the US tobacco company for $47 billion. Reynolds said its board of directors will evaluate the offer, and respond accordingly to BAT, which currently owns 42.2 percent stake in Reynolds. The proposal represents an enterprise va
comments powered by Disqus
Follow RTT