Newfield completes $380 million sale

By Mike D. Smith

Newfield Exploration Co. has completed its $380 million sale of oil and gas properties and undeveloped land in Texas.

The independent energy company based in The Woodlands said Tuesday that its Eagle Ford Shale holdings will go to Protégé Energy III, LLC. An undisclosed recipient bought the company’s South Texas natural gas assets, according to a company statement issued Tuesday.

Combined, the holdings produce 12,700 barrels of oil and oil equivalent per day. That total is roughly 35 percent oil. The company will revise its fiscal year production forecast when third-quarter financial results are released in November.

Newfield continues to explore other regions of the U.S. including the Midwest and Rocky Mountains, and maintains offshore oil holdings in China.