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Newfield Sells Malaysian Assets To SapuraKencana For $898 Million

|Includes:APA, DVN, Newfield Exploration Co. (NFX)

Newfield Exploration has signed an agreement with SapuraKencana Petroleum to sell its Malaysian assets for $898 million.

Newfield, Devon and Apache hold oil and gas reserves that are among the lowest valued by investors in energy companies on the Standard & Poor's 500 index, according to data compiled by Bloomberg.

To unlock value, Newfield shifted its focus on North American liquids and planned to divest their offshore assets located in GoM (completed in Oct-2012), Malaysia (announced) and China.

Also, Devon has announced to hive off $4.8 billion US midstream assets into New Midstream Co.

Apache, has completed/announced sale of $7.2 billion of assets through a series of rapid transactions during Q3-2013. Approximately, $4.73 billion realized from the asset divestitures of GoM Shelf and Western Alberta, and $3.1 billion Egypt asset sale to Sinopec is underway.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: NFX, DVN, APA