HOUSTON, Feb. 11 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today reported fourth quarter and full-year 2007 financial and
operating results. Newfield will be hosting a conference call at 8:30 a.m.
(CST) on February 12. To participate in the call, dial 719-325-4819 or
listen through the website at http://www.newfield.com.
Fourth Quarter 2007
For the fourth quarter of 2007, Newfield reported net income of $313
million, or $2.38 per diluted share (all per share amounts are on a diluted
basis). The results include income from discontinued operations of $338
million, or $2.57 per share, substantially all of which relates to a gain
of $341 million associated with the sale of the Company's U.K. North Sea
business for $511 million.
Loss from continuing operations for the fourth quarter of 2007 includes
unrealized commodity derivative expense of $151 million ($98 million
after-tax), or $0.75 per share, and $17 million ($11 million after-tax), or
$0.08 per share, of additional compensation expense under the Company's
incentive compensation plan as a result of the sale of the compensation
expense under the U.K. North Sea business. Without the effects of these
items, income from continuing operations would have been $84 million, or
$0.64 per share.
Revenues in the fourth quarter of 2007 were $398 million. Net cash
provided by operating activities before changes in operating assets and
liabilities was $258 million. See "Explanation and Reconciliation of
Non-GAAP Financial Measures" found after the financial statements in this
release.
Newfield's production in the fourth quarter of 2007 was 50.3 Bcfe.
Capital expenditures in the fourth quarter of 2007 were $577 million.
Full Year 2007
For 2007, Newfield reported net income of $450 million, or $3.44 per
share, including income from discontinued operations of $278 million, or
$2.12 per share, which includes the gain on sale of the U.K. North Sea
business.
Income from continuing operations for 2007 includes unrealized
commodity derivative expense of $365 million ($237 million after-tax), or
$1.82 per share, and $17 million of additional compensation expense as
noted above. Without the effects of these items, income from continuing
operations would have been $420 million, or $3.22 per share.
Revenues for 2007 were $1.8 billion. Net cash provided by operating
activities before changes in operating assets and liabilities was $1.3
billion. See "Explanation and Reconciliation of Non-GAAP Financial
Measures" found after the financial statements in this release.
Highlights
> 2007 Asset Sales Re-shape Portfolio - Asset sales generated
$1.8 billion in proceeds for 396 Bcfe of proved reserves. Proceeds were
used to reduce debt and fund capital expenditures. The Company had
approximately $370 million of cash and short-term investments at
year-end 2007. Debt was reduced by $125 million to $1.05 billion.
> Proved Reserves Increase 10% to 2.5 Tcfe at Year-End 2007 - Newfield
added 660 Bcfe through the drillbit and 221 Bcfe through acquisitions.
Reserve Life Index increased to 13 years. (See table in this release.)
> More than 70% of Total Year-End 2007 Reserves in "Resource Plays" - The
Mid-Continent and Rocky Mountain divisions now account for more than
70% of proved reserves. Significant increase reflects success of
growing Woodford Shale Play, 2007 Rocky Mountain acquisition and
ongoing development of giant Monument Butte oil field in northeast
Utah.
> Mid-Continent Division Reaches New Highs - Net production from the
Mid-Continent division recently hit a new high of 228 MMcfe/d. The
division posted 30% production growth in 2007 and has a 3-year compound
annual growth rate of 25%. Proved reserves are more than 1 Tcfe.
> Woodford Shale Production Reaches 175 MMcfe/d - Newfield's gross
operated Woodford Shale production is now 175 MMcfe/d. The Company
exited 2006 producing 85 MMcfe/d and 2007 at 165 MMcfe/d. The Company
expects to exit 2008 at approximately 250 MMcfe/d, a 50% increase over
year-end 2007 levels. Extended lateral completions are demonstrating
improved capital efficiency. A complete Woodford Shale update can be
found in today's edition of the Company's @NFX publication on the
website at http://www.newfield.com.
> Ongoing Development of Giant Monument Butte Field - Newfield has now
drilled more than 50 wells on 20-acre spacing in its Monument Butte
Field, located in the Uinta Basin of the Rocky Mountains. Initial
production from the 20-acre wells is nearly triple the 2004 acquisition
planning model, with wells averaging as much as 160 BOPD. Estimated
ultimate recoveries of reserves are up 50% to approximately 70,000
barrels per well. The 20-acre infill program's success indicates the
potential to drill an additional 1,000-2,500 wells in the field. This
is in addition to the 500-1,000 locations remaining on 40-acre spacing.
Newfield has drilled 678 wells in the field since acquiring it in 2004.
o Continued Success on Ute Tribe Acreage - Newfield has now drilled
16 wells on the Ute Tribal acreage, adjacent to the north boundary
of the Monument Butte Field. A rig has been dedicated to drilling
wells on this acreage, which encompasses 47,000 gross acres.
o Signing of New Deep Gas Exploration Agreement - Newfield recently
signed an agreement with a third party to test deep gas targets
below the shallow oil producing zones in its Monument Butte Field.
Targets include the Wasatch, Mesa Verde, Blackhawk and Mancos
Shale. Drilling is planned for the first half of 2008. The
agreement allows for promoted exploratory drilling and progressive
earning in approximately 71,000 net acres in which Newfield will
retain a greater than 70% interest. Approximately 10,000 net acres
in the immediate vicinity of recent deep gas tests were excluded
from the agreement. Several Newfield operated wells are planned on
this acreage in 2008.
> Malaysia Oil Volumes to Triple in 2008 - The Abu Field offshore
Malaysia has ramped up to a planned production rate of 15,000 BOPD
gross. The production deck for the Puteri development has been set and
a pipeline will be installed late in the first quarter of 2008. First
oil sales of 6,000 - 8,000 BOPD gross are expected in April 2008. The
East Belumut and Chermingat Fields are expected to begin production in
the second quarter of 2008 and will ramp up to 15,000 BOPD gross.
> Increased Inventory in Deepwater Gulf of Mexico - Newfield placed high
bids on 18 blocks, of which 15 have been awarded to date, in a 2007
lease sale and now has an inventory of prospects that will support the
drilling of 4-5 wells a year for the next several years, including
2008. Newfield has two deepwater developments underway that will add
initial production volumes in 2008-09.
> Continued Success Under South Texas JV - Newfield recently drilled its
21st successful well under its joint venture with Exxon-Mobil in South
Texas. Production remains above 75 MMcfe/d gross. Newfield's interest
in this joint venture is approximately 50%. Newfield has an inventory
of 20 ready-to-drill prospects and is currently operating two drilling
rigs.
o Signed 58,000 acre JV South of Sarita Field - Newfield signed a
58,000 acre JV with a private company on prospective Frio acreage
south and east of the prolific Sarita Field. Drilling is planned
for early 2008.
2008 Capital Budget
Planned capital expenditures in 2008 are $1.6 billion. The budget
excludes potential acquisitions and approximately $113 million of
capitalized interest and overhead. A complete update can be found in the
news release headlined "Newfield Exploration Announces 2008 Capital
Program."
Proved Reserves and Capital Activity
Newfield's total reserves at year-end 2007 were 2.5 Tcfe, an increase
of 10% over year-end 2006 reserves. Newfield sold 396 Bcfe of proved
reserves during 2007. Net reserve additions from all sources were 869 Bcfe
with 221 Bcfe, of the total coming from purchases of properties.
Oil and Gas Reserves
MMBbls Bcf Bcfe
December 31, 2006 114 1,586 2,272
Extensions, discoveries and other
additions 12 583 660
Purchases of properties 10 163 221
Reserve additions 22 746 881
Sales of properties (13) (317) (396)
Revisions of previous estimates 1 (18) (12)
Production (10) (187) (249)
December 31, 2007 114 1,810 2,496
Capital Expenditures - Continuing Operations
2007
(in millions)
Domestic property acquisitions:
Unproved $186
Proved 476
Domestic exploration and development (1) 1,748
International exploration and development 241
Total costs incurred (2) $2,651
(1) Includes approximately $154 million of capital expenditures on
properties sold in the Gulf of Mexico.
(2) Includes $21 million of non cash asset retirement costs and $47
million of capitalized interest.
First Quarter 2008 Estimates
Natural Gas Production and Pricing - The Company's natural gas
production in the first quarter of 2008 is expected to be 36 - 40 Bcf (400
- 435 MMcf/d). Realized gas prices for the Company's Mid-Continent
properties, after basis differentials, transportation and handling charges,
typically average 75 - 85% of the Henry Hub Index. Based on current prices,
Newfield estimates that its realized price for natural gas production from
the deepwater Gulf of Mexico and onshore Gulf Coast, after basis
differentials, transportation and handling charges, will average $0.40 -
$0.60 per MMBtu less than the Henry Hub Index. Although Newfield's Rocky
Mountain production is primarily oil, the Company does produce
approximately 40 MMcfe/d of natural gas in this region. Newfield hedged the
basis differential associated with 50% of the expected production from the
proved producing fields acquired from Stone Energy in the second quarter of
2007. The basis hedges extend through 2012 at a weighted average hedged
differential of ($1.18) per Mcf. Hedging gains or losses will affect price
realizations.
Crude Oil Production and Pricing - The Company's oil production in the
first quarter of 2008, including international liftings, is expected to be
2.1 - 2.3 million barrels (23,000 - 25,200 BOPD). Newfield expects to
produce approximately 7,400 BOPD net from its Malaysian operations, and
1,400 BOPD net from China. The timing of liftings in Malaysia and China may
affect total reported production. The price the Company receives for Gulf
Coast production typically averages about $2 per barrel below the NYMEX
West Texas Intermediate (WTI) price. The price the Company receives for its
production in the Rocky Mountains averages about $13 - $15 per barrel below
WTI. Oil production from the Mid-Continent typically sells at a $1.00 -
$1.50 per barrel discount to WTI. Oil production from Malaysia typically
sells at Tapis, or about even with WTI. Oil production from China typically
sells at $10 - $12 per barrel less than WTI. Hedging gains or losses will
affect price realizations.
Lease Operating Expense and Production Taxes - LOE is expected to be
$58 - $65 million ($1.14 - $1.27 per Mcfe) in the first quarter of 2008.
Production taxes in the first quarter of 2008 are expected to be $36 - $40
million ($0.71- $0.78 per Mcfe). Production taxes on an Mcfe basis have
increased now that a significant portion of the Company's production is
onshore and subject to severance taxes. In addition, higher oil production
in Malaysia increases production taxes. Approximately 40% of the production
taxes are associated with Malaysian operations.
General and Administrative Expense - G&A expense for the first quarter
of 2008 is expected to be $33 - $36 million ($0.65 - $0.71 per Mcfe), net
of capitalized direct internal costs (expected to be $14 - $16 million).
G&A expense includes incentive compensation expense, which depends largely
on adjusted net income (as defined in the Company's incentive compensation
plan), which excludes unrealized gains and losses on commodity derivatives.
Interest Expense - The non-capitalized portion of the Company's
interest expense for the first quarter of 2008 is expected to be $17 - $19
million ($0.33 - $0.37 per Mcfe). As of February 11, 2008, Newfield had no
borrowings outstanding under its credit arrangements. The remainder of debt
consists of public debt that in the aggregate totals $1.05 billion in
principal amount. Capitalized interest for the first quarter of 2008 is
expected to be about $12 - $13 million.
Income Taxes - Including both current and deferred taxes, the Company
expects its consolidated income tax rate in the first quarter of 2008 to be
about 36 - 39%. About 70% of the tax provision is expected to be deferred.
The Company provides information regarding its outstanding hedging
positions in its annual and quarterly reports filed with the SEC and in its
electronic publication -- @NFX. This publication can be found on Newfield's
web page at http://www.newfield.com. Through the web page, you may elect to
receive @NFX through e-mail distribution.
Newfield Exploration Company is an independent crude oil and natural
gas exploration and production company. The Company relies on a proven
growth strategy of growing reserves through the drilling of a balanced
risk/reward portfolio and select acquisitions. Newfield's domestic areas of
operation include the U.S. onshore Gulf Coast, the Anadarko and Arkoma
Basins of the Mid-Continent, the Rocky Mountains and the Gulf of Mexico.
The Company has international operations in Malaysia and China.
**The statements set forth in this release regarding estimated or
anticipated first quarter 2008 results, the timing of drilling plans and
initial production from wells or fields and future regional production
volumes are forward looking and are based upon assumptions and anticipated
results that are subject to numerous uncertainties. Actual results may vary
significantly from those anticipated due to many factors including drilling
results, oil and gas prices, industry conditions, the prices of goods and
services, the availability of drilling rigs and other support services, the
availability of capital resources, the availability of refining capacity
for the crude oil Newfield produces from its Monument Butte Field in Utah
and labor conditions. In addition, the drilling of oil and gas wells and
the production of hydrocarbons are subject to governmental regulations and
operating risks.
For information, contact:
Investor Relations: Steve Campbell (281) 847-6081
Media Relations: Keith Schmidt (281) 674-2650
Email: info@newfield.com
PRODUCTION, PRICES AND COSTS(1) Three Months Ended Percentage
December 31, Increase
2007 2006 (Decrease)
Production (2):
United States:
Natural gas (Bcf) 37.9 55.2 (31%)
Oil and condensate (MBbls) 1,216 1,609 (24%)
Total (Bcfe) 45.2 64.9 (30%)
International:
Natural gas (Bcf) - - -
Oil and condensate (MBbls) 857 504 70%
Total (Bcfe) 5.1 3.0 70%
Total:
Natural gas (Bcf) 37.9 55.2 (31%)
Oil and condensate (MBbls) 2,073 2,113 (2%)
Total (Bcfe) 50.3 67.9 (26%)
Average Realized Prices (3):
United States:
Natural gas (per Mcf) $7.22 $7.08 2%
Oil and condensate (per Bbl) 49.94 45.01 11%
International:
Natural gas (per Mcf) $ - $ - -
Oil and condensate (per Bbl) 79.51 46.90 70%
Total:
Natural gas (per Mcf) $7.22 $7.08 2%
Oil and condensate (per Bbl) 62.15 45.46 37%
Natural gas equivalent (per Mcfe) 8.00 7.18 11%
Operating Costs (per Mcfe):
Lease Operating:
Recurring $0.91 $1.07 (15%)
Major expense (4) - 0.73 (100%)
Production and other taxes 0.75 0.27 178%
Depreciation, depletion and amortization 2.85 2.80 2%
General and administrative 0.94 0.45 109%
Total operating costs $5.45 $5.32 2%
(1) Includes production and operating results from Newfield's U.K. North
Sea business, which for financial reporting purposes has been
presented as discontinued operations in accordance with GAAP.
(2) Represents volumes sold regardless of when produced.
(3) Average realized prices include the effects of hedging contracts,
including hedging contracts that are not designated for hedge
accounting. If the effects of hedging contracts that are not
designated for hedge accounting were excluded, the average realized
price for total gas would have been $6.11 and $5.92 per Mcf for the
fourth quarter of 2007 and 2006, respectively, and the total oil and
condensate average realized price would have been $79.78 and $46.37
per Bbl, respectively. Without the effects of any hedging contracts,
the average realized prices for the fourth quarter of 2007 and 2006
would have been $6.11 and $5.87 per Mcf, respectively, for gas and
$79.78 and $50.35 per Bbl, respectively, for oil.
(4) Includes a $50 million charge, or $0.73 per Mcfe, due to the timing of
expenditures related to hurricane repairs.
PRODUCTION, PRICES AND COSTS (1) Twelve Months Ended Percentage
December 31, Increase
2007 2006 (Decrease)
Production (2):
United States:
Natural gas (Bcf) 192.8 198.7 (3%)
Oil and condensate (MBbls) 6,501 6,218 5%
Total (Bcfe) 231.8 236.0 (2%)
International:
Natural gas (Bcf) 1.6 - 100%
Oil and condensate (MBbls) 2,259 1,097 106%
Total (Bcfe) 15.2 6.6 130%
Total:
Natural gas (Bcf) 194.4 198.7 (2%)
Oil and condensate (MBbls) 8,760 7,315 20%
Total (Bcfe) 247.0 242.6 2%
Average Realized Prices (3):
United States:
Natural gas (per Mcf) $7.62 $7.22 6%
Oil and condensate (per Bbl) 50.11 49.13 2%
International:
Natural gas (per Mcf) $4.96 $ - 100%
Oil and condensate (per Bbl) 69.21 56.58 22%
Total:
Natural gas (per Mcf) $7.60 $7.22 5%
Oil and condensate (per Bbl) 55.04 50.25 10%
Natural gas equivalent (per Mcfe) 7.93 7.43 7%
Operating Costs (per Mcfe):
Lease Operating:
Recurring $1.08 $1.07 1%
Major expense (4) 0.21 0.07 200%
Production and other taxes 0.41 0.25 64%
Depreciation, depletion and amortization 2.78 2.57 8%
General and administrative 0.65 0.51 27%
Ceiling test writedown - 0.03 (100%)
Other - (0.04) (100%)
Total operating costs $5.13 $4.46 15%
(1) Includes production and operating results from Newfield's U.K. North
Sea business, which for financial reporting purposes has been
presented as discontinued operations in accordance with GAAP.
(2) Represents volumes sold regardless of when produced.
(3) Average realized prices include the effects of hedging contracts,
including hedging contracts that are not designated for hedge
accounting. If the effects of hedging contracts that are not
designated for hedge accounting were excluded, the average realized
price for total gas would have been $6.32 and $6.47 per Mcf for 2007
and 2006, respectively, and the total oil and condensate average
realized price would have been $63.35 and $52.18 per Bbl,
respectively. Without the effects of any hedging contracts, the
average realized prices for 2007 and 2006 would have been $6.32 and
$6.42 per Mcf, respectively, for gas and $64.12 and $59.13 per Bbl,
respectively, for oil.
(4) The year 2007 includes a $52 million charge, or $0.21 per Mcfe, of
hurricane related repair expenses. The year 2006 includes a
$17 million charge, or $0.07 per Mcfe, of actual hurricane related
repair expenses in excess of the proceeds from the settlement of all
of Newfield's insurance claims.
CONSOLIDATED STATEMENT OF INCOME For the For the
(Unaudited, in millions, Three Months Ended Twelve Months Ended
except per share data) December 31, December 31,
2007 2006 2007 2006
Oil and gas revenues $398 $427 $1,783 $1,673
Operating expenses:
Lease operating 46 121 314 276
Production and other taxes 38 18 101 61
Depreciation, depletion
and amortization 143 190 682 624
General and administrative 47 29 155 118
Ceiling test writedown - - - 6
Other - - - (11)
Total operating expenses 274 358 1,252 1,074
Income from operations 124 69 531 599
Other income (expenses):
Interest expense (22) (22) (102) (87)
Capitalized interest 12 11 47 44
Commodity derivative income
(expense) (145) 90 (188) 389
Other 4 3 6 11
(151) 82 (237) 357
Income (loss) from continuing
operations before income taxes (27) 151 294 956
Income tax provision (benefit) (2) 51 122 346
Income (loss) from continuing
operations (25) 100 172 610
Income (loss) from discontinued
operations, net of tax 338 (18) 278 (19)
Net income $313 $82 $450 $591
Earnings per share:
Basic --
Income (loss) from continuing
operations $(0.20) $0.79 $1.35 $4.82
Income (loss) from discontinued
operations, net of tax 2.63 (0.14) 2.17 (0.15)
$2.43 $0.65 $3.52 $4.67
Diluted --
Income (loss) from continuing
operations $(0.19) $0.77 $1.32 $4.73
Income (loss) from discontinued
operations, net of tax 2.57 (0.13) 2.12 (0.15)
$2.38 $0.64 $3.44 $4.58
Weighted average number of shares
outstanding for basic earnings
per share 128 127 128 127
Weighted average number of shares
outstanding for diluted earnings
per share 131 130 131 129
CONDENSED CONSOLIDATED BALANCE SHEET December 31, December 31,
(Unaudited, in millions) 2007 2006
ASSETS
Current assets:
Cash and cash equivalents $250 $80
Short-term investments 120 10
Other current assets 557 756
Assets of discontinued operations - 5
Total current assets 927 851
Oil and gas properties, net (full cost method) 5,923 5,455
Other assets 136 129
Assets of discontinued operations - 200
Total assets $6,986 $6,635
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $929 $972
Short-term debt - 124
Liabilities of discontinued operations - 27
Total current liabilities 929 1,123
Other liabilities 18 28
Derivative liabilities 248 179
Long-term debt 1,050 1,048
Asset retirement obligation 56 225
Deferred taxes 1,104 963
Liabilities of discontinued operations - 7
Total long-term liabilities 2,476 2,450
Commitments and contingencies - -
STOCKHOLDERS' EQUITY
Common stock 1 1
Additional paid-in capital 1,278 1,198
Treasury stock (32) (30)
Accumulated other comprehensive income (loss) (3) 6
Retained earnings 2,337 1,887
Total stockholders' equity 3,581 3,062
Total liabilities and stockholders' equity $6,986 $6,635
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the
(Unaudited, in millions) Twelve Months Ended
December 31,
2007 2006
Cash flows from operating activities:
Net income $450 $591
Adjustments to reconcile net income to net cash
provided by operating activities:
(Income) loss from discontinued operations,
net of tax (278) 19
Depreciation, depletion and amortization 82 624
Deferred taxes 30 316
Stock-based compensation 23 18
Ceiling test writedown - 6
Early redemption premium - 8
Commodity derivative (income) expense
Total (gains) losses 188 (389)
Realized gains 180 135
1,275 1,328
Changes in operating assets and liabilities (109) 64
Net cash provided by continuing activities 1,166 1,392
Net cash used in discontinued activities (12) (8)
Net cash provided by operating activities 1,154 1,384
Cash flows from investing activities:
Additions to oil and gas properties and other (1,943) (1,580)
Acquisition of oil and gas properties (658) -
Proceeds from sales of oil and gas properties 1,344 7
Insurance recoveries - 45
Proceeds from sale of UK subsidiaries,
net of cash 491 -
Purchases of short-term investments (271) (714)
Redemption of short-term investments 172 690
Net cash used in continuing activities (865) (1,552)
Net cash used in discontinued activities (41) (110)
Net cash used in investing activities (906) (1,662)
Cash flows from financing activities:
Net proceeds under credit arrangements - -
Repayment of senior notes (125) -
Proceeds from issuance of senior subordinated
notes - 550
Repayment of senior subordinated notes - (250)
Payments to discontinued operations (38) (143)
Proceeds from issuances of common stock 32 15
Stock-based compensation excess tax benefit 14 5
Purchases of treasury stock - (3)
Net cash provided by (used in) continuing
activities (117) 174
Net cash provided by discontinued activities 38 143
Net cash provided by (used in) financing
activities (79) 317
Effect of exchange rate changes on cash and cash
equivalents 1 2
Increase in cash and cash equivalents 170 41
Cash and cash equivalents from continuing
operations, beginning of period 52 38
Cash and cash equivalents from discontinued
operations, beginning of period 28 1
-
Cash and cash equivalents, end of period $250 $80
Explanation and Reconciliation of Non-GAAP Financial Measures
Earnings stated without the effects of certain items is a non-GAAP
financial measure. Earnings without the effects of these items are
presented because they affect the comparability of operating results from
period to period. In addition, earnings without the effects of these items
are more comparable to earnings estimates provided by securities analysts.
A reconciliation of income from continuing operations for the fourth
quarter of 2007 stated without the effects of listed items to net income is
shown below:
(in millions)
Net income $313
Unrealized commodity derivative expense(1) 151
G&A expense under incentive compensation plan
related to the sale of U.K. North Sea business 17
Income tax adjustment for above items (59)
Income from discontinued operations (338)
Income from continuing operations stated without the effects
of the above items $84
(1) The components of "Commodity derivative income (expense)" as included
in Newfield's Consolidated Statement of Income for fourth quarter of
2007 are as follows:
(in millions)
Unrealized loss due to changes in fair market value $(151)
Realized gain on settlement 6
Total commodity derivative expense $(145)
A reconciliation of income from continuing operations for 2007 stated
without the effects of listed items to net income is shown below:
(in millions)
Net income $450
Unrealized commodity derivative expense (1) 365
G&A expense under incentive compensation plan
related to the sale of U.K. North Sea business 17
Income tax adjustment for above items (134)
Income from discontinued operations (278)
Income from continuing operations stated without the effects
of the above items $420
(1) The components of "Commodity derivative income (expense)" as included
in Newfield's Consolidated Statement of Income for 2007 are as
follows:
(in millions)
Unrealized loss due to changes in fair market value $(365)
Realized gain on settlement 177
Total commodity derivative expense $(188)
Net cash provided by operating activities before changes in operating
assets and liabilities is presented because of its acceptance as an
indicator of an oil and gas exploration and production company's ability to
internally fund exploration and development activities and to service or
incur additional debt. This measure should not be considered as an
alternative to net cash provided by operating activities as defined by
GAAP. A reconciliation of net cash provided by operating activities before
changes in operating assets and liabilities to net cash provided by
operating activities is shown below:
4Q07
(in millions)
Net cash provided by operating activities $223
Net change in operating assets and liabilities 35
Net cash provided by operating activities
before changes in operating assets and liabilities $258
2007
(in millions)
Net cash provided by operating activities $1,154
Net change in operating assets and liabilities 109
Net cash used in discontinued operations 12
Net cash provided by operating activities
before changes in operating assets and liabilities $1,275
SOURCE Newfield Exploration Company
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Related links:
http://www.newfield.com
CONTACT:
investors, Steve Campbell, +1-281-847-6081,
or media, Keith Schmidt, +1-281-674-2650, info@newfield.com, both
of Newfield Exploration Company
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