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Newfield Exploration Closes On GOM Divestment

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October 8, 2012

Newfield Exploration Co. (NYSE: NFX) announced the closing on its previously announced sale of its assets in the Gulf of Mexico (GoM) to W&T Offshore Inc. 

Including this transaction, total year-to-date proceeds from non-strategic asset sales are approximately $565 million.

As a result of the sale of its GoM assets, Newfield removed approximately 4 Bcf from its 2012 production guidance range (296-304 Bcf). For the full-year 2012, Newfield now expects that its production will be approximately 298 Bcf. ...

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