S&P: Newfield unchanged

Standard & Poor's said its ratings and outlook on Newfield Exploration Co. (BB+/stable) are unaffected by Newfield's announcement that it will sell its shallow-water Gulf of Mexico assets to McMoRan Exploration Co. for $1.1 billion.

The agency said that the sale includes an undivided interest in the Treasure Island and Treasure Bay ultradeepwater plays, in which Newfield will keep 10%-25% working interests, adding that it expects the sale to close in July.

The sale continues Newfield's transformation from a pure-play offshore Gulf operator to one with a more balanced asset portfolio, S&P said, noting that it expects Newfield to use proceeds from the sale to fund its $575 million acquisition of Stone Energy Corp.'s Rocky Mountain assets, to repay debt and to help fund remaining 2007 capital expenditures.

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