In the mid-1990's Newfield Exploration focused on the shallow waters of the Gulf of Mexico. But by 2004, 70% of its proven reserves were located onshore in the U.S. The newest onshore area of this independent crude oil and natural gas exploration and production company is in the Rocky Mountains.
Newfield has international operations located offshore Malaysia, the North Sea, China's Bohai Bay and offshore Brazil.
In the past year both production and reserves have grown. Production volumes increased 10%. Newfield added 725 Bcfe [billion cubic feet of natural gas equivalent] of proven reserves which is nearly three times 2004 production resulting in 70% of company reserves now located onshore. In 2004 Newfield invested $900 million in acquisitions with the largest transaction totaling $575 for Inland Resources in the Rocky Mountains area.
Looking to 2005, the company approved a large capital budget--$950 million.
About $280 million is earmarked for exploration across diverse drilling inventory with the total program including 500 wells.
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