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Newfield Exploration Co. signed an agreement to sell its remaining assets in the GoM to W&T Offshore Inc. Including this agreement and dispositions closed in late 2011 and early 2012, total asset sales culminating in the company's exit from the GoM generated approximately $300 million.
"This is another positive step along our path of better aligning our people and capital investments on our plays of the future," said Lee K. Boothby, chairman, president and CEO. "Our focus is on driving strong oil and liquids growth and increasing cash flow from our core assets onshore U.S. and in Southeast Asia."
The most recent agreement includes the planned disposition of interests in the company's remaining 12 fields. The effective date of the transaction is July 1, and it is expected to close in October 2012.