Newfield, Hess Dissolve Pa. Gas Drilling Partnership

Law360, Philadelphia (July 16, 2013, 6:25 PM EDT) -- A Newfield Exploration Co. spokesman said Tuesday that the company had dissolved its nearly four-year-old joint venture with Hess Corp. aimed at Marcellus Shale gas development on 140,000 acres in northeast Pennsylvania as a continued moratorium by local regulators prevents any new wells from being drilled.

While a spokesman with the Texas-based Newfield said the company’s move to withdraw from the deal was a business decision based on the depressed price of natural gas and opportunities it had to develop oil holdings in other parts of...
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