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Wednesday, February 13, 2013

Newfield Exploration to focus on US assets, sees big Q4 loss, (NYSE: NFX)

Newfield Exploration Co will seek strategic alternatives for its international assets to focus on its U.S. assets, and the oil and gas producer said it expects to post a big fourth-quarter loss as it wrote down the value of natural gas assets.Newfield on Wednesday said it posted a $1.5 billion writedown for the quarter ended Dec. 31 primarily due to low natural gas prices and the sale of some assets.The Woodlands, Texas-based Newfield expects to report a net loss of about $1.2 billion or $8.80 per share for the December quarter.Newfield's international assets - primarily in Malaysia and China - contributed nearly 30 percent to the total revenue for 2011. Those segments contributed 40 percent for the quarter ended Sept. 30.

Newfield Exploration Company (Newfield) is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. Shares of NFX traded higher by 1.22% or $0.36/share to $29.79. In the past year, the shares have traded as low as $23.56 and as high as $42.47. On average, 1770240 shares of NFX exchange hands on a given day and today's volume is recorded at 859757.