Newfield Exploration signs agreement to sell Granite Wash assets for $588M Newfield Exploration announced the signing of a $588M purchase and sale agreement for its Granite Wash assets to Oklahoma City-based Templar Energy. The sale will have an effective date of July 1 and is expected to close in Q3. Newfield's assets in the Granite Wash include approximately 42K net acres and current net daily production is nearly 65 MMcfe/d, of which approximately 60% is natural gas. Proved net reserves at year-end 2013 were approximately 38 MMBOE. Newfield intends to use the proceeds from this sale to call its 7 1/8% Senior Subordinated Notes due in 2018.
Newfield Exploration raises FY14 production to 46.5-48.5 MMBoe from 44-48 MMBoe Newfield expects that its planned 2014 domestic capital investments will total about $1.7B from $1.6B. The additional investments specifically relate to improved drilling performance across the company and the addition of new acreage in the Anadarko Basin. Due to continued operational efficiencies, Newfield expects to drill up to 15 additional gross wells across its focus areas in 2014. Newfield's net production from continuing operations in the second quarter of 2014 was 12.1 MMBOE from 10.7 – 11.3 MMBOE. Liquids comprised approximately 55% of second quarter production volumes. Net liftings from discontinued operations totaled less than 0.1 MMBOE. Domestic production in the second quarter increased 12% over the first quarter of 2014 and 21% over the comparable quarter of 2013. Domestic liquids production in the second quarter of 2014 increased 13% over the first quarter of 2014 and 40% over the comparable quarter of 2013.