Newfield acquires Phillips' interests in 42 leases in 22 Gulf of Mexico fields

Newfield Exploration has announced it has signed a purchase and sale agreement with Phillips Petroleum Company to acquire interests in 42 leases in 22 Gulf of Mexico fields for approximately $ 22 mm.
Newfield expects to be named operator in six of the fields. The purchase price and the interests to be acquired will be subject to customary adjustments, including the possible exercise of preferential purchase rights by third parties.

The company explores, develops and acquires oil and gas properties principally in the Gulf of Mexico and has operating activities in the onshore Gulf Coast and offshore Australia and China.