Newfield writes off $35M facility, pipelines in U.S. Gulf of Mexico - January 23, 2005

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2005

Vol. 10, No. 4

Week of January 23, 2005

Newfield writes off $35M facility, pipelines in U.S. Gulf of Mexico

Newfield Exploration said Jan. 19 that it will write off the full $35 million book value associated with the Enserch Garden Banks floating production facility and related pipelines and processing facility in the Gulf of Mexico.

As a result, the company said it will record an after-tax net charge in the fourth quarter of 2004 of $22.8 million, or 36 cents per share.

Newfield acquired a 60 percent interest in the Enserch Garden Banks facility in its late 2002 acquisition of independent EEX Corp. Since, the company “has undertaken to sell the EGB and related components and has determined that there is no market for this unique asset,” Newfield said.

—Ray Tyson

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