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Newfield Exploration To Pursue Strategic Alternatives For International Assets

Newfield Exploration Company (NFX: Quote) 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

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