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Newfield Exploration Company, Company Intelligence Report - Product Image

Newfield Exploration Company, Company Intelligence Report

  • ID: 2051240
  • August 2014
  • 172 pages
  • GlobalData

Newfield Exploration Company, Company Intelligence Report

Summary

Newfield Exploration Company (Newfield) is an independent Exploration and Production (E&P) company, engaged in the acquisition, exploration and development of oil and natural gas in the US and southeast Asia. Its E&P activities are mainly focused on unconventional plays in the US. Newfield also operates in the onshore Gulf Coast. In the US, its operations are primarily focused in three areas: the Mid-continent area, the Rocky Mountains, and the onshore Gulf Coast. Its operations in the Mid-continent are mainly focused in the Cana-Woodford, SCOOP, STACK and Granite Wash plays, in the Anadarko Basin, and the Arkoma-Woodford Shale, in the Arkoma Basin. Its operations in the Rocky Mountains include its E&P activities in the Uinta and Williston basins. Newfield’s onshore operations in the Gulf Coast are mainly focused in the Maverick Basin. Newfield also has operations in China, which mainly consist of oil development projects, which Newfield plans to divest by 2014.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value READ MORE >

1.1 List of Tables
1.2 List of Figures
2 Newfield Exploration Company, Company Overview
3 Newfield Exploration Company, Key Highlights
3.1 Divestment of International Businesses to Improve Liquidity and Financial Flexibility
3.2 Concentrated Development of Domestic Unconventional Portfolio to Drive Production Growth
3.2.1 Improving Operational Efficiencies and Initial Production Rates
3.3 Increased Focus on Liquids-Rich Assets to Drive Production Growth and Profitability
4 Newfield Exploration Company, SWOT Analysis
4.1 Strengths
4.1.1 Steady Drilling Success, Healthy Reserve Replacement Ratio and Long Reserve Life
4.1.2 Focused Asset Portfolio with Considerable Acreage in Liquids-Rich Unconventional Resource Plays
4.1.3 Growing Liquids Reserves Base and Production Volumes
4.2 Weaknesses
4.2.1 Weakening Cash Flows and Liquidity Position
4.2.2 Limited Geographical Presence - Divestment of Assets Could Impact Production
4.3 Opportunities
4.3.1 Further Development of Unconventional Plays Provide Opportunities for Growth
4.3.2 Rapid Growth in the US Shale Market
4.4 Threats
4.4.1 Volatile Commodity Prices may Affect Performance
4.4.2 Risks Associated with Unconventional Extraction of Oil and Gas
5 Newfield Exploration Company, Goals and Strategies
5.1 Growing Upstream Portfolio and Balanced Growth Approach
5.2 Concentrate on Domestic Core Assets with Focus on Liquids-Rich Plays
5.3 Ameliorate Balance Sheet and Financial Stability
5.4 Improve Operational Efficiencies
6 Acreage
7 Newfield Exploration Company, Exploration and Development Overview
7.1 The US
7.1.1 Rocky Mountains
7.1.2 Mid-continent
7.1.3 Onshore Texas
8 Capital Expenditure
8.1 Costs Incurred
9 Newfield Exploration Company, Production Overview
9.1 Production Profile
9.2 Assets Portfolio
9.2.1 Rocky Mountains
9.2.2 Mid-continent
9.2.3 Onshore Gulf Coast
10 Newfield Exploration Company, Forecast Production and Financial Statements
10.1 Income Statement (2011-2018)
10.2 Balance Sheet, 2011-2018
10.3 Cash Flow Statement, 2011-2018
11 Newfield Exploration Company, Valuation
11.1 Net Asset Value Methodology
12 Newfield Exploration Company, Peer Comparison
12.1 Share Price Performance
12.2 Operational and Financial Performance
12.3 Key Financial and Operational Ratio
13 Newfield Exploration Company, Production and Reserves Trends
13.1 Total Oil and Gas, Reserves and Production
13.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013
13.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013
13.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2009-2013
13.2 Crude Oil/Liquids Production and Reserve
13.2.1 Crude Oil/Liquids Production and Reserve Trend, 2009-2013
13.2.2 Crude Oil Production and Reserves By Country/Region, 2009-2013
13.2.3 Crude Oil/Liquids Reserve Changes, 2009-2013
13.3 Natural Gas Production and Reserve
13.3.1 Natural Gas Production and Reserve Trend, 2009-2013
13.3.2 Natural Gas Production and Reserves, By Country/Region, 2009-2013
13.3.3 Natural Gas Reserve Changes, 2009-2013
13.4 Total Crude Oil and Natural Gas Reserves Life Index
13.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013
13.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013
14 Newfield Exploration Company, E&P Costs Trends
14.1 Allocation of the Upstream Capital Expenditure
14.1.1 Upstream Capital Expenditure, 2009-2013
14.1.2 Acquisition Costs By Country/Region, 2009-2013
14.1.3 Exploration and Development Costs, By Country/Region, 2009-2013
14.2 Oil and Gas Cost Per boe, US$/boe
14.2.1 Oil and Gas Cost Per boe, US$/boe, 2009-2013
14.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013
15 Newfield Exploration Company, Reserve Replacement Ratio
15.1 Oil and Gas Production Replacement Ratio
15.1.1 Oil and Gas Production Replacement Ratio, 2009-2013
15.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013
16 Newfield Exploration Company, Results of Oil & Gas Operations Trend
16.1 Oil and Gas Revenue and Expenses
16.1.1 Oil and Gas Revenue and Expenses, 2009-2013
16.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013
16.2 Oil and Gas Revenue and Expenses, Per boe
16.2.1 Oil and Gas Revenue and Expenses, By boe, 2009-2013
16.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013
16.3 Oil and Gas Performance Metrics
17 Newfield Exploration Company, Land Holdings and Well Data
17.1 Developed and Undeveloped Acreage
17.1.1 Gross and Net Developed and Undeveloped Acreage, 2009-2013
17.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2009-2013
17.2 Well Statistics
17.2.1 Producible Oil and Gas Well, 2009-2013
17.2.2 Producible Oil and Gas Well, By Country/Region, 2009-2013
17.2.3 Exploration and Development Wells Drilled, 2009-2013
17.2.4 Exploration and Development Wells Drilled, By Country/Region, 2009-2013
18 Appendix
18.1 Abbreviations
18.2 Sources
18.3 Research Methodology
18.3.1 Coverage
18.3.2 Secondary Research
18.3.3 Primary Research
18.4 Disclaimer

1.1 List of Tables
Table 1: Newfield Exploration Company, Initial Production Rate (boed), 2013
Table 2: Newfield Exploration Company, Initial Production Rate (boed), 2014 YTD
Table 3: Newfield Exploration Company, Total Proved Reserves, Reserve Additions, Reserve Replacement Ratio and Reserve Life Index, 2009-2013
Table 4: Newfield Exploration Company, Costs Incurred (US$ bil), 2009-2013
Table 5: Newfield Exploration Company, Reserve Replacement Ratio (%) and Finding and Development Cost (US$/boe), 2010-2013
Table 6: Newfield Exploration Company, Total Oil and Gas Production Forecast, 2011-2018
Table 7: Newfield Exploration Company, Historical and Forecast Production, 2011-2018
Table 8: GlobalData, Price Forecasts, 2014-2018
Table 9: Newfield Exploration Company, Income Statement (US$ mil), 2011-2018
Table 10: Newfield Exploration Company, Balance Sheet (US$ mil), 2011-2018
Table 11: Newfield Exploration Company, Cash Flow Statement (US$ mil), 2011-2018
Table 12: Newfield, Net Asset Value, 2013
Table 13: Newfield Exploration Company, Peer Group Comparison, Operational and Financial Performance, 2013
Table 14: Newfield Exploration Company, Peer Group Comparison, Total Reserves and Production (mmboe), 2013
Table 15: Newfield Exploration Company and Peer Group, Financial and Operational Ratios, 2013
Table 16: Newfield Exploration Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Table 17: Newfield Exploration Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013
Table 18: Newfield Exploration Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013
Table 19: Newfield Exploration Company, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Table 20: Newfield Exploration Company, Crude Oil Reserve Changes, mmbbl, 2009-2013
Table 21: Newfield Exploration Company, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Table 22: Newfield Exploration Company, Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013
Table 23: Newfield Exploration Company, Natural Gas Reserve Changes, bcf, 2009-2013
Table 24: Newfield Exploration Company, Oil and Gas Reserves Life Index, Years, 2009-2013
Table 25: Newfield Exploration Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013
Table 26: Newfield Exploration Company, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Table 27: Newfield Exploration Company, Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013
Table 28: Newfield Exploration Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Table 29: Newfield Exploration Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013
Table 30: Newfield Exploration Company, Oil and Gas Production Replacement Ratio, %, 2009-2013
Table 31: Newfield Exploration Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013
Table 32: Newfield Exploration Company, Revenue and Expenses, US$ mil, 2009-2013
Table 33: Newfield Exploration Company, Revenue and Expenses, By Country/Region, US$ mil, 2009-2013
Table 34: Newfield Exploration Company, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Table 35: Newfield Exploration Company, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013
Table 36: Newfield Exploration Company, Oil and Gas Performance Metrics, 2009-2013
Table 37: Newfield Exploration Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Table 38: Newfield Exploration Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2009-2013
Table 39: Newfield Exploration Company, Producible Oil and Gas Wells, 2009-2013
Table 40: Newfield Exploration Company, Producible Oil and Gas Wells, By Country/Region, 2009-2013
Table 41: Newfield Exploration Company, Exploratory and Developed Wells, 2009-2013
Table 42: Newfield Exploration Company, Exploratory and Developed Wells, By Country/Region, 2009-2013

1.2 List of Figures
Figure 1: Newfield Exploration Company, Operational Map, 2014
Figure 2: Newfield Exploration Company, Financial and Operational Overview, 2010-2013
Figure 3: Newfield Exploration Company, Share Price Movement, August 2013 to July 2014
Figure 4: Newfield Exploration Company, Capital-Expenditure-to-Cash-Flow-from-Operations Ratio (X), 2009-2013
Figure 5: Newfield Exploration Company, Capital Expenditure, Cash Flow from Operations and Net Debt (US$ bil), 2009-2013
Figure 6: Newfield Exploration Company, Reserves by Area (%), 2013
Figure 7: Newfield Exploration Company, Liquids Composition in Total Production (%), 2009-2013
Figure 8: Newfield Exploration Company, Exploration Drilling Success Ratio (%), 2009-2013
Figure 9: Newfield Exploration Company, Total Proved Reserves, Reserve Additions and Reserve Replacement Ratio, 2009-2013
Figure 10: Newfield Exploration Company and Peer Group, Net Developed and Undeveloped Acreage (Million), 2010-2013
Figure 11: Newfield Exploration Company, Reserve Mix and Production Mix (%), 2009-2013
Figure 12: Newfield Exploration Company and Peer Group, Net-Debt-to-Equity Ratio (%), 2009-2013
Figure 13: Newfield Exploration Company, US, Demand and Supply Gap of Natural Gas and Liquids, 2013
Figure 14: Newfield Exploration Company, Net Developed and Undeveloped Acres, 2010-2013
Figure 15: Newfield Exploration Company and Peers, Total Net Acreage (million), 2013
Figure 16: Newfield Exploration Company and Peers, Acreage (million), 2010-2013
Figure 17: Newfield Exploration Company, Net Wells (Exploratory and Development), 2009-2013
Figure 18: Newfield Exploration Company, Net Wells (Productive and Dry), 2009-2013
Figure 19: Newfield Exploration Company, Net Exploratory Wells (Productive and Dry), 2009-2013
Figure 20: Newfield Exploration Company, Net-to-Gross-Wells Ratio (%), 2009-2013
Figure 21: Newfield Exploration Company, Domestic Proved Reserves by Region (%), 2013
Figure 22: Newfield Exploration Company, Proved Reserves, by Area (%), 2013
Figure 23: Newfield Exploration Company, Uinta Basin, Operational Overview Map, 2014
Figure 24: Newfield Exploration Company, Williston Basin, Operational Overview Map, 2014
Figure 25: Newfield Exploration Company, Mid-continent, Operational Overview Map, 2014
Figure 26: Newfield Exploration Company, Anadarko Basin, Operational Overview Map, 2014
Figure 27: Newfield Exploration Company, Capital Expenditure (US$ bil), 2009-2013
Figure 28: Newfield Exploration Company, Budgeted Capital Expenditure by Area (%), 2014
Figure 29: Newfield Exploration Company, Costs Incurred (US$ mil), 2009-2013
Figure 30: Newfield Exploration Company, Reserve Replacement Ratio (%) and Finding and Development Cost (US$/boe), 2010-2013
Figure 31: Newfield Exploration Company, Total Oil and Gas Production (mmboe), 2011-2018
Figure 32: Newfield Exploration Company, Production Mix (%), 2011-2018
Figure 33: Newfield Exploration Company, Production Assets, 2013
Figure 34: Newfield Exploration Company and Peers, Relative Share Price Performance Index, August 2013 to July 2014
Figure 35: Newfield Exploration Company, Financial Parameters (US$/boe), 2010-2013
Figure 36: Newfield Exploration Company and Peer Group, Financial Parameters (US$/boe), 2013
Figure 37: Newfield Exploration Company and Peer Group, Findings and Development Cost and Reserve Replacement Comparison, 2013
Figure 38: Newfield Exploration Company and Peer Group, Total Reserves and Production (mmboe), 2013
Figure 39: Newfield Exploration Company and Peer Group, Reserve Life Index (Years), 2013
Figure 40: Newfield Exploration Company and Peer Group, Valuation Ratios, 2013
Figure 41: Newfield Exploration Company, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013
Figure 42: Newfield Exploration Company, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013
Figure 43: Newfield Exploration Company, Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013
Figure 44: Newfield Exploration Company, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013
Figure 45: Newfield Exploration Company, Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013
Figure 46: Newfield Exploration Company, Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013
Figure 47: Newfield Exploration Company, Oil Production, By Country/Region, mmbbl, 2009-2013
Figure 48: Newfield Exploration Company, Crude Oil Reserve Changes, mmbbl, 2013
Figure 49: Newfield Exploration Company, Natural Gas Production and Reserves Metrics, bcf, 2009-2013
Figure 50: Newfield Exploration Company, Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013
Figure 51: Newfield Exploration Company, Gas Production, By Country/Region, bcf, 2009-2013
Figure 52: Newfield Exploration Company, Natural Gas Reserve Changes, bcf, 2013
Figure 53: Newfield Exploration Company, Oil and Gas Reserves Life Index, Years, 2009-2013
Figure 54: Newfield Exploration Company, Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 55: Newfield Exploration Company, Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 56: Newfield Exploration Company, Oil Reserve Life Index, By Country/Region, Years, 2009-2013
Figure 57: Newfield Exploration Company, Upstream Capital Expenditure, US$ mil, 2009-2013
Figure 58: Newfield Exploration Company, Proved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 59: Newfield Exploration Company, Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013
Figure 60: Newfield Exploration Company, Development Costs, By Country/Region, US$ mil, 2009-2013
Figure 61: Newfield Exploration Company, Exploration Costs, By Country/Region, US$ mil, 2009-2013
Figure 62: Newfield Exploration Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013
Figure 63: Newfield Exploration Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 64: Newfield Exploration Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 65: Newfield Exploration Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013
Figure 66: Newfield Exploration Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013
Figure 67: Newfield Exploration Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 68: Newfield Exploration Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 69: Newfield Exploration Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 70: Newfield Exploration Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 71: Newfield Exploration Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013
Figure 72: Newfield Exploration Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013
Figure 73: Newfield Exploration Company, Revenue and Expenses, US$ mil, 2009-2013
Figure 74: Newfield Exploration Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 75: Newfield Exploration Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 76: Newfield Exploration Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 77: Newfield Exploration Company, Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013
Figure 78: Newfield Exploration Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 79: Newfield Exploration Company, Production Costs, By Country/Region, US$ mil, 2009-2013
Figure 80: Newfield Exploration Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013
Figure 81: Newfield Exploration Company, Oil and Gas Revenue and Expenses, US$/boe, 2009-2013
Figure 82: Newfield Exploration Company, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013
Figure 83: Newfield Exploration Company, Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013
Figure 84: Newfield Exploration Company, Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013
Figure 85: Newfield Exploration Company, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 86: Newfield Exploration Company, Total DD&A per boe, By Country/Region, US$/boe, 2009-2013
Figure 87: Newfield Exploration Company, Total Revenue per boe, By Country/Region, US$/boe, 2009-2013
Figure 88: Newfield Exploration Company, Oil and Gas Performance Metrics, 2009-2013
Figure 89: Newfield Exploration Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2009-2013
Figure 90: Newfield Exploration Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 91: Newfield Exploration Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2009-2013
Figure 92: Newfield Exploration Company, Total Gross Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 93: Newfield Exploration Company, Total Net Developed Acreage, By Country/Region, Acres, 2009-2013
Figure 94: Newfield Exploration Company, Producible Oil and Gas Wells, 2009-2013
Figure 95: Newfield Exploration Company, Gross Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 96: Newfield Exploration Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 97: Newfield Exploration Company, Gross Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 98: Newfield Exploration Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2009-2013
Figure 99: Newfield Exploration Company, Net Productive Gas Wells, By Country/Region, Number, 2009-2013
Figure 100: Newfield Exploration Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2009-2013
Figure 101: Newfield Exploration Company, Net Productive Oil Wells, By Country/Region, Number, 2009-2013
Figure 102: Newfield Exploration Company, Exploratory and Developed Wells, 2009-2013

Diversified Asset Portfolio to Map Future Production Growth

Newfield’s producing and upcoming assets portfolio is diversified both geographically as well as by type, providing the investor an exposure into various oil and gas plays. The company’s oil and gas assets are diversified across onshore and offshore, domestic (the US) and international, and conventional and unconventional resource plays.

The company’s primary focus areas can be grouped into five divisions which include the mid-continent, the Rocky Mountains, the GoM, onshore Texas and the international division. The company’s unconventional resource plays are primarily located in the mid-continent and the Rocky Mountains divisions. The Woodford shale, situated in the mid-continent division, is dry gas shale with the thickness ranging from 100 to 200 feet. The company’s production in 2010 from this shale was around 169MMcfe/d. The other important unconventional play located in the mid-continent division is the granite wash. The company owns a net acreage of 48,000 acres in this play and the net production from this play in 2010 was 86MMcfe/d. The Greater Monument Butte area is the major asset of the company in the Rocky Mountains division. The company owns a net acreage of 183,000 acres and has around 1,200 producing wells in this area. Another important unconventional area of the company in the Rocky Mountains division is the Williston basin, with a net production of around 7,000boe/d in 2010. The other unconventional resources of the company include its interest in the Eagle Ford and Marcellus shale plays.

The conventional plays of the company are primarily located in the onshore Texas, GoM and international divisions. In the onshore Texas division, the company owns a net acreage of 195,000 acres. The company’s conventional production from this division in 2010 was 125MMcfe/d. The company’s deepwater assets are located in its GoM division. As of December 2010, the company owns interest in 84 deepwater leases in this division, with a net production of 95MMcfe/d. Furthermore, the company plans to commence production from two leases in this division in 2011, thereby increasing the division’s production by 8%. The international division of the company includes assets in countries such as Malaysia and China. The company’s production from the assets in the international division during 2010 was 19,000bo/d. Newfield also expects the production from this division to increase in the coming years, with the development of Pearl discovery in the Pearl River Mouth Basin of China expecting initial production in 2013.

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