Newfield Exploration Co. (NFX) said that it plans to voluntarily curtail about 2.5 Bcfe of its third quarter 2009 production in response to recent low natural gas prices. The curtailments will come primarily from the company's Mid-Continent division.
"Although approximately 75% of our expected third quarter 2009 natural gas production is hedged at nearly $8 per Mcf, we are electing to curtail a portion of our production today," said Lee Boothby, Newfield President and CEO.
The company still expects its full-year 2009 production to be in the upper half of its previous guidance range of 250-260 Bcfe.
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