Thursday, February 14, 2013

Newfield Exploration Provides Update

Newfield Exploration Company today announced that its Board of Directors has approved a three-year plan and outlined the Company's production growth outlook and planned capital investment ranges for 2013-15. Informational slides related to planned capital investments, production by geographic area and expected costs and expenses have been posted to the Company's website at www.newfield.com.

North Dakota excerpt...

Activity levels in the Williston basin will increase, with a planned investment of $230 million in 2013. A fourth operated rig will begin work in early March. The Company's drilling program has transitioned to development with super-extended laterals (more than 7,500') being drilled from common pad locations. In development mode, Newfield is realizing lower completed well costs and improved returns. Newfield expects to drill approximately 45 wells in the Bakken and Three Forks formations in 2013. Net production from the Williston basin in 2013 is expected to grow approximately 15% year-over-year.

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