Exploration & Production | Bankruptcy / Restructure Update | Capital Markets
Newfield Consolidating Operations, Closing Two Regional Offices
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Newfield Exploration Company has announced plans to combine its Onshore Gulf Coast and Rocky Mountain business units into one operating region, located in The Woodlands, Texas.
The reorganization of these regional operating units will better align Newfield's workforce with near-term drilling and asset management plans and create future cost efficiencies. As part of this restructuring, Newfield plans to close its offices in Denver, Colorado, and North Houston (Greenspoint area). Newfield will continue to manage its growing operations in the Mid-Continent from its regional office in Tulsa, Oklahoma.
Lee K. Boothby, Newfield Chairman, President and CEO said: "We are aggressively pushing for cost efficiencies in our operations and working to improve our margins in today's lower oil price…
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