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Newfield Focusing on Anadarko Basin for 2016; IDs Budget, Plans
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Newfield Exploration Company provided its 2016 capital budget and production expectations.
Highlights: 2016 capital investment plan set at $625 - $675 million, down more than 50% year-over-year- Approximately 80% of 2016 investments allocated to Anadarko Basin Anadarko Basin production expected to grow more than 20% over 2015 levels 2016 domestic production expected to be relatively flat year-over-year Commencing a process to sell additional non-strategic assets in 2016
Lee K. Boothby, Newfield Chairman, President and CEO, said: "More than a year ago, we discussed a 'lower for longer' scenario for crude oil prices. Although our hedge position in 2016-17 helps provide improved cash flows, the realities of today's macro-economic environment require us to significantly reduce our…
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