Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Newfield's China Business for Sale; $900 Million in Revenue
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In its latest investor presentation, Newfield Exploration Co. detailed new developments in regard to its China business.
"In February 2013, we announced our decision to sell our international businesses in China and Malaysia. The decision to sell our international businesses followed a comprehensive review of the Company's strategy in which we decided to focus on our liquids-rich domestic resource areas. During the second quarter of 2013, our international businesses met the criteria to be classified as held-for-sale and reported as discontinued operations.
"In August of 2013, during the installation of the LF-7 topside facilities by a third-party contractor, a hydraulic jacking system malfunctioned and the installation was suspended. The installation of the facility has been delayed and…
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