HOUSTON – Newfield Exploration Co. said it expects to sell non-core assets worth $335 million early this year to focus on oil-rich properties and is looking at options for its Gulf of Mexico fields.
The company sold $400 million worth of assets last year, the independent oil and gas producer said in a statement.
“We are re-allocating our people and using proceeds from recent asset sales to drive strong oil growth. For 2012, we will direct substantially our entire budget to oil and liquids-rich opportunities,” CEO Lee Boothby said.
The company expects production of oil and liquids to grow more than 20 percent this year and account for half of its total production by second half of the year.
In 2011, Newfield grew its oil and liquids production more than 20 percent, it said.
Newfield is not planning to drill any additional exploratory wells in the Gulf of Mexico. Production at its Gulf of Mexico deepwater division fell 16 percent for the three months ended September, according to a regulatory filing.
Shares of the company were up 1 percent at $38.63 on the New York Stock Exchange on Monday.