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Tuesday, January 13, 2015

Newfield retains China assets after oil drop hits sale process, (NYSE: NFX)

Oil and gas producer Newfield Exploration Co said it would retain its assets in China, saying a slump in oil prices had created "headwinds" in the sale process.The company said in early 2013 that it planned to exit its international business."The recent and significant pull back in global oil prices created headwinds for our China sales process... Although our intent was to monetize the asset, it was not a sale at any price," said Chief Financial Officer Larry Massaro.Oil prices tumbled 5 percent to near six-year lows of $45.19 on Tuesday before recovering ground.

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 0.75% or $0.17/share to $22.90. In the past year, the shares have traded as low as $22.48 and as high as $45.43. On average, 4029520 shares of NFX exchange hands on a given day and today's volume is recorded at 3228549.