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Article: NEWFIELD MOVES DECISIVELY INTO DEEPWATER GULF WITH ITS PURCHASE OF EEX
- Article from:
- Hart's Petroleum Finance Week
- Article date:
- June 3, 2002
CopyrightCopyright Phillips Business Information, LLC Jun 3, 2002. Provided by ProQuest LLC. (Hide copyright information)
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Thirteen years ago, Newfield Exploration Co. (NYSE: NFX) was formed as an offshore producer with a Gulf of Mexico focus. The Houston upstream independent returned to its roots last week with a vengeance as it agreed to acquire EEX Corp. (NYSE: EEX) and extend its reach into the Gulf's deepwater acreage for the first time.
Wall Street oil analysts generally were enthusiastic about the prospect of Newfield's strong balance sheet meeting EEX's portfolio of prospects. "They've loaded up with some big, raw material - and I love it!" declared Robert L. Christensen Jr. of First Albany Securities Corp. in New York. "Basically, EEX ventured into the deepwater before any other independent in ...