One-Page Deal Sheet
McMoRan Exploration Co. Purchases Newfield Exploration Co. Gulf of Mexico Property
Mcmoran Exploration Co. Newfield Exploration Co.
Announced Date
September 01,2007
Effective Date
July 01,2007
Close Date
August 06,2007
Transaction Type
Property
Enterprise Value (EV)($MM)
1100
Location
Country
United States
State
Texas
Transaction Details: Subscribe to see
Newfield Exploration Company today announced the signing of a purchase and sale agreement to sell all of its producing properties in the shallow water Gulf of Mexico to McMoRan Exploration Co. for a total cash consideration of $1.1 billion and the assumption of liabilities associated with future abandonment of wells and platforms. The sale is expected to close in July 2007, subject to customary closing conditions.
"Today's announcement is a significant step in our on-going plan to create a longer-lived reserve base with sustainable and predictable production growth," said David A. Trice…
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