Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 22, 2014

_____________________________

NEWFIELD EXPLORATION COMPANY

(Exact name of registrant as specified in its charter)

_____________________________

Delaware	1-12534	72-1133047
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

4 Waterway Square Place, Suite 100

The Woodlands, Texas 77380

(Address of principal executive offices)

Registrant’s telephone number, including area code: (281) 210-5100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

On September 22, 2014, Newfield Exploration Company (the “Company”) announced the closing of the sale of its Granite Wash assets. As previously announced, the purchase price was $588 million (after-tax proceeds were approximately $582 million). The proceeds will be used to call Newfield’s 71/8% Senior Subordinated Notes due 2018. A copy of the press release is furnished herewith as Exhibit 99.1.

The information in Item 7.01 of this Current Report, including the exhibit attached hereto as Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1	Press Release issued by Newfield Exploration Company on September 22, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NEWFIELD EXPLORATION COMPANY


Date: September 22, 2014	By:	/s/ John D. Marziotti
		John D. Marziotti
		General Counsel and Corporate Secretary

Exhibit Index

Exhibit No.		Description
99.1		Press Release issued by Newfield Exploration Company on September 22, 2014

Exhibit 99.1

NEWFIELD EXPLORATION CLOSES SALE OF GRANITE WASH ASSETS

FOR IMMEDIATE RELEASE

The Woodlands, TX – September 22, 2014 -- Newfield Exploration Company (NYSE: NFX) today closed on the sale of its Granite Wash assets. As previously announced, the purchase price was $588 million (after-tax proceeds were approximately $582 million). Proceeds will be used to call Newfield’s 71/8 % Senior Subordinated Notes due 2018.

As a result of the sale, Newfield adjusted its 2014 production guidance and provided an estimate for its Granite Wash volumes in 2014-16. Full-year net production from Granite Wash in 2014-16 would have been approximately 4 MMBOE, 3.1 MMBOE and 2.7 MMBOE, respectively. Over the three-year period, production from the Granite Wash would have been approximately two-thirds natural gas. Adjusted for the sale’s closing date, 2014’s net production impact is expected to be approximately 1 MMBOE.

The following table updates the Company’s 2014 production guidance, adjusted for the sale of the Granite Wash.

2014 Guidance	Production Range (MMBOE)
Previous Guidance	46.5 – 48.5
Impact of Granite Wash Sale	(1) – (1)
Current Guidance	45.5 – 47.5

Consistent with the Company’s annual planning and budgeting process, Newfield expects to update its three-year plan in February 2015.

Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. We are focused on North American resource plays and our principal areas of operation include the Mid-Continent, the Rocky Mountains and onshore Gulf Coast.

**This release contains forward-looking information. All information other than historical facts included in this release, such as information regarding estimated or anticipated drilling plans, planned capital expenditures, and estimated production, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including drilling results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services, the availability of refining capacity for the crude oil Newfield produces in the Uinta Basin, the availability and cost of capital resources, new regulations or changes in tax legislation, labor conditions and severe weather conditions. In addition, the drilling of oil and natural gas wells and the production of hydrocarbons are subject to numerous governmental regulations and operating risks. Other factors that could impact forward-looking statements are described in "Risk Factors" in Newfield's 2013 Annual Report on Form 10-K and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors, not discussed in this press release, could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.

For additional information, please contact Newfield’s Investor Relations department.

Phone: 281-210-5321

Email: info@newfield.com

Newfield Exp Com (NYSE:NFX)
Historical Stock Chart
From Apr 2024 to May 2024