In a fluctuating market, it’s nice to have control over your company’s cash flow. This can be difficult at times. Fortunately, with Scale Funding and oilfield factoring, we provide you a same-day advance on your Newfield Exploration Company invoices, and invoices to your other customers. This gives you control over your cash flow, giving you the confidence to focus your energy on other aspects of operating your business.
Our clients benefit from oilfield factoring in more ways than just cash flow. Take a look at how partnering with Scale Funding benefits your company:
Newfield Exploration is an energy company that bases its operations in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). Its main focus is on domestic unconventional resource plays that are liquid rich. In fact, an estimated 98 percent of its proved reserves are located onshore in the continental United States. The company also has oil developments in offshore China.
The company’s primary areas of operation within the U.S. are located within Utah’s Uinta Basin, the Arkoma and Anadarko basins in Oklahoma, and the Williston Basin in North Dakota. In addition, it also has offshore oil-producing assets in China. However, the company’s major plays have always been the Anadarko Basin SCOOP and STACK.
As a result, Newfield Exploration has carved a reputation as one of the top players within the oil and natural gas industry in America. Since its formation in 1988, the company has also cultivated an unshakable culture of excellence, innovation and environmental safety.
Today, the company has become a massive enterprise. It generates annual revenue of about $1.47 billion and employs about 1,000 people. It also has assets worth approximately $4.3 billion and a production capacity of 140,000 barrels of oil equivalent per day. The company is headquartered in The Woodlands, Texas.
Newfield Exploration was founded in 1988 by a former Tenneco executive named Joe B. Foster along with 26 other individuals he hand picked. The central purpose for this new enterprise was to focus on the exploration, development and production of crude oil and natural gas in the shallow waters of the Gulf of Mexico.
Between 1988 and 1989, the company was capitalized with a $9 million fund raised by Charles Duncan Jr. and endowment funds from the University of Texas. During this period, the company also developed its founding business principles, which have been key for its overall business strategies and success.
By 1990, Newfield Exploration was able to acquire its first production facility. This was located on Eugene Island in the Gulf of Mexico. The company successfully implemented measures that significantly increased production here. These included a number of workover programs aimed at increasing efficiency at the facility. As a result, the company was able to increase production at Eugene Island from 200,000 cubic feet per day to more than 20 million cubic feet per day by the end of the first year.
Newfield Exploration’s streak of success has continued throughout the years. It became a public company in 1993 after an IPO of 3.125 million shares were sold. The company also continued expanding through a series of acquisitions. These included the 1999 purchase of Gulf Australia Resources Limited, which had assets in the Timor Sea in northern Australia.
The company also acquired assets in South Texas, the Anadarko Basin in Oklahoma, the Rocky Mountains and the South China Sea. By 2007, the company had begun selling off some of its assets in the North Sea, South Texas, Malaysia and the Gulf of Mexico. As a result, it was able to further its operations within the very liquid-rich STACK formation of the Anadarko Basin.
By the end of 2015, it was estimated that Newfield Exploration had about 513 million barrels of oil equivalent in proved reserves. This consisted of 37 percent of oil reserves, 44 percent of natural gas and 19 percent of natural gas liquids. Most of its production is based in the United States, while at least one percent of its volume comes from its holdings in China.
The company has various assets that are the focus of its exploration, development and production activity. First and foremost is the Anadarko Basin, which is located in Oklahoma. The company entered this region in 2001, and it has since grown to become the largest producing area in its portfolio. It owns more than 350,000 acres in SCOOP and STACK plays in the Anadarko Basin. This region also represents 53 percent of the company’s proved reserves.
Newfield Exploration also owns an estimated 147,000 acres within the Arkoma Basin. This is a significant area for the production of dry gas. It also represents 12 percent of the company’s proved reserves. This proportion represents 16,000 barrels of oil equivalent per day.
The company holds at least 217,000 acres in the Uinta Basin in the Rockies, which represents 13 percent of its proved reserves. Its operations in the Uinta Basin are divided into two areas, namely the Greater Monument Butte Unit (GMBU) and the Central Basin. This area also represents 15,000 barrels of oil equivalent per day.
In the Williston Basin, the company holds 85,000 acres and represents 10 percent of its total proved reserves. It also makes up about 16,000 barrels of oil equivalent per day. Lastly, the company also has active plays in the South China Sea. These represent two percent of its proved reserves and 5,000 barrels of oil equivalent per day.
Newfield Exploration Company bases its business model on the ability to focus on organic opportunities for growth. This includes carrying out strategic acquisitions as well as hiring and retaining quality employees.
Furthermore, its sales are protected by legislation from disruptive and manipulative practices under the Commodity Exchange Act. This ensures that its revenues are not affected by artificial price fluctuations throughout the global energy market.
As a result of these strategies, Newfield Exploration Company has been able to build one if the most successful independent energy enterprises in America today.
4 Waterway Square Place
The Woodlands, Texas 77380