Newfield Exploration Co
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Houston, Texas-based Newfield Exploration Co (NYSE:NFX) is an oil and gas exploration and production company. In October, 2009 the company announced a joint exploration agreement with Hess Corp to develop 140,000 gross acres of Marcellus shale primarily in Susquehanna and Wayne counties in northeastern Pennsylvania. Newfield was to operate the venture and receive a 50% working interest.
Newfield in the past has primarily operated in the Woodford shale located in Oklahoma and the mid-continental region of the U.S. where it has drilled over 300 horizontal wells. It has also been active in the Rocky Mountains.
A press release from the Northern Wayne Property Owners Alliance in January, 2010 noted that Newfield and Hess had selected two subcontractors who were to conduct environmentally friendly drilling on the land leased to the Newfield-Hess joint venture and covered by the Alliance in Wayne and Susquehanna counties:
- Atlas Copco was to drill the downhole leg of the horizontal wells using compressed air. That eliminates the need to use any water in this stage.
- Ecosphere Technologies had been hired to set up a closed loop system to manage and recycle the water used in fracing the wells.
News emerged in late-May, 2010 that Newfield was drilling a vertical test well, named Teeple 1-1 in Wayne County, PA's Manchester Township. The well site was located approximately 20 miles north of Honesdale off Route 191 (Hancock Hwy.) near the Legion Road intersection. This had been the first well drilled in partnership with Hess Corp. Three to five test wells were planned for 2010. Union Drilling had been subcontracted to drill the well. It was to be drilled to a depth of 8,300 feet.
According to a November, 2010 press account, Newfield acquired 50,000 acres in Bradford Co., PA from EOG Resources at a cost of approximately $8,100 per acre. Total cost of the deal was $405 million. It was set to close before the end of 2010. The company expected to have over 400 well locations on its newly acquired acreage. The purchase also more than doubled EOG's land position in the Marcellus fairway.
- Lee K. Boothby is Newfield's President and CEO.
- Gary Packer is Chief Operating Officer.
- Stephen C. Campbell is Vice President of Investor Relations.
- Keith Schmidt is a Newfield spokesman.
- Donny Torres is a Newfield Subsurface Manager in northeastern Pennsylvania.