NFX » Topics » Inventories

These excerpts taken from the NFX 10-K filed Feb 27, 2009.
Inventories
 
Inventories primarily consist of tubular goods and well equipment held for use in our oil and gas operations and oil produced in our operations offshore Malaysia and China but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia and China is produced into FPSOs and sold periodically as barge quantities are accumulated. The product inventory consisted of approximately 293,000 barrels and 480,000 barrels of crude oil valued at cost of $9 million and $17 million at December 31, 2008 and 2007, respectively. Cost for purposes of the carrying value of oil inventory is the sum of production costs and depreciation, depletion and amortization expense.
 
Inventories


 



Inventories primarily consist of tubular goods and well
equipment held for use in our oil and gas operations and oil
produced in our operations offshore Malaysia and China but not
sold. Inventories are carried at the lower of cost or market.
Crude oil from our operations offshore Malaysia and China is
produced into FPSOs and sold periodically as barge quantities
are accumulated. The product inventory consisted of
approximately 293,000 barrels and 480,000 barrels of
crude oil valued at cost of $9 million and $17 million
at December 31, 2008 and 2007, respectively. Cost for
purposes of the carrying value of oil inventory is the sum of
production costs and depreciation, depletion and amortization
expense.


 




These excerpts taken from the NFX 10-K filed Feb 29, 2008.
Inventories
 
Inventories consist primarily of tubular goods and well equipment held for use in our oil and gas operations and oil produced in our operations offshore Malaysia and China but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia and China is produced into FPSOs and sold periodically as barge quantities are accumulated. The product inventory consisted of approximately 480,000 barrels and 176,000 barrels of crude oil valued at cost of $17 million and $5 million at December 31, 2007 and 2006, respectively. Cost for purposes of the carrying value of oil inventory is the sum of production costs and depreciation, depletion and amortization expense.
 
Inventories


 



Inventories consist primarily of tubular goods and well
equipment held for use in our oil and gas operations and oil
produced in our operations offshore Malaysia and China but not
sold. Inventories are carried at the lower of cost or market.
Crude oil from our operations offshore Malaysia and China is
produced into FPSOs and sold periodically as barge quantities
are accumulated. The product inventory consisted of
approximately 480,000 barrels and 176,000 barrels of
crude oil valued at cost of $17 million and $5 million
at December 31, 2007 and 2006, respectively. Cost for
purposes of the carrying value of oil inventory is the sum of
production costs and depreciation, depletion and amortization
expense.


 




These excerpts taken from the NFX 10-K filed Jan 15, 2008.
Inventories
 
Inventories consist primarily of tubular goods and well equipment held for use in our oil and gas operations and oil produced in our operations offshore Malaysia and China but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia and China is produced into


57


Table of Contents

 
NEWFIELD EXPLORATION COMPANY
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
floating production, storage and off-loading vessels and sold periodically as barge quantities are accumulated. The product inventory consisted of approximately 176,000 barrels and 36,000 barrels of crude oil valued at cost of $5 million and $0.7 million at December 31, 2006 and 2005, respectively. Cost for purposes of the carrying value of oil inventory is the sum of production costs and depreciation, depletion and amortization expense.
 
Inventories


 



Inventories consist primarily of tubular goods and well
equipment held for use in our oil and gas operations and oil
produced in our operations offshore Malaysia and China but not
sold. Inventories are carried at the lower of cost or market.
Crude oil from our operations offshore Malaysia and China is
produced into





57





Table of Contents





 




NEWFIELD
EXPLORATION COMPANY




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)


 



floating production, storage and off-loading vessels and sold
periodically as barge quantities are accumulated. The product
inventory consisted of approximately 176,000 barrels and
36,000 barrels of crude oil valued at cost of
$5 million and $0.7 million at December 31, 2006
and 2005, respectively. Cost for purposes of the carrying value
of oil inventory is the sum of production costs and
depreciation, depletion and amortization expense.


 




This excerpt taken from the NFX 10-K filed Mar 1, 2007.
Inventories
 
Inventories consist primarily of tubular goods and well equipment held for use in our oil and gas operations and oil produced in our operations offshore Malaysia and China but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia and China is produced into


57


Table of Contents

 
NEWFIELD EXPLORATION COMPANY
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

floating production, storage and off-loading vessels and sold periodically as barge quantities are accumulated. The product inventory consisted of approximately 176,000 barrels and 36,000 barrels of crude oil valued at cost of $5 million and $0.7 million at December 31, 2006 and 2005, respectively. Cost for purposes of the carrying value of oil inventory is the sum of production costs and depreciation, depletion and amortization expense.
 
This excerpt taken from the NFX 10-K filed Feb 28, 2007.
Inventories
 
Inventories consist primarily of tubular goods and well equipment held for use in our oil and gas operations and oil produced but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia is produced into a floating production, storage and off-loading vessel and sold periodically as a barge quantity is accumulated. The product inventory consisted of approximately 36,000 barrels and 49,000 barrels of crude oil at December 31, 2005 and 2004, respectively. Cost for purposes of the carrying value of oil inventory is a combination of production costs and depreciation, depletion and amortization expense.
 
This excerpt taken from the NFX 10-K filed Mar 3, 2006.
Inventories
 
Inventories consist primarily of tubular goods and well equipment held for use in our oil and gas operations and oil produced but not sold. Inventories are carried at the lower of cost or market. Crude oil from our operations offshore Malaysia is produced into a floating production, storage and off-loading vessel and sold periodically as a barge quantity is accumulated. The product inventory consisted of approximately 36,000 barrels and 49,000 barrels of crude oil at December 31, 2005 and 2004, respectively. Cost for purposes of the carrying value of oil inventory is a combination of production costs and depreciation, depletion and amortization expense.
 
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