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TheStreet Open House

Newfield Exploration Issues Mid-Year Operational Update

Stocks in this article: NFX

Moberg Federal 29-32-2H A recent notable completion was the Moberg well (72% working interest), which had initial gross production of approximately 3,500 BOEPD and averaged 1,380 BOEPD over its first 30 days of production. The well was drilled on a two-well pad and had a lateral length of approximately 11,000'. The well was drilled and completed for approximately $10 million gross.

As drilling has transitioned into development from common pad locations, efficiency gains continue to be realized. Newfield recently drilled a SXL well with a lateral length of 11,500' in 20 days. This compares to a 2010 and 2011 average days-to-depth of 45 days and 35 days, respectively. Over the last two years, increased lateral lengths have helped to lower finding and development costs, increase recoveries of oil in place, improve returns and minimize the surface impact of operations.

"In the fourth quarter of 2011, we purposely slowed our activities in the Williston Basin to get a handle on well costs and improve upon our overall execution in the field," said Boothby. "Our team's execution in 2012 has been superb and we now have a high rate-of-return development inventory that will drive profitable oil growth over the next several years."

The Company is on pace to grow its oil production from the Williston Basin approximately 35% over 2011 levels. Newfield is running three operated rigs in the Williston Basin today where it has approximately 100,000 net acres and an inventory of more than 300 ready-to-drill locations in the Bakken and Three Forks formations. Additional resource potential exists in deeper benches within the basin and infill drilling and field studies are currently underway.

International Oil Developments

Production from Malaysia year-to-date has been above expectations and recently attained a new record of more than 73,000 BOEPD gross, or 30,400 BOEPD net. Full-year oil/liquids liftings are expected to increase more than 40% over 2011 levels.

The East Belumut/Chermingat complex achieved a recent production record of more than 43,000 BOPD (previous high was 40,000 BOPD, first quarter 2012) or 16,500 BOPD net. The increase in production is a result of recent successful development drilling and facility optimization.

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