HOUSTON, Sept. 12 /PRNewswire-FirstCall/ -- Newfield Exploration Company
(NYSE: NFX) today provided updated information following Hurricane Katrina.
The Company continues to assess damage to its platforms and facilities and is
awaiting additional information from outside operated facilities, pipelines
and onshore gathering and production infrastructure.
Newfield began shutting in production in preparation for Hurricane Katrina
on August 27. Since that time, approximately 2.6 billion cubic feet
equivalent (Bcfe) net has been deferred. Newfield has restored 90% of its
operated production in the Gulf of Mexico and has approximately 60 MMcfe/d
shut-in at this time.
Based on the assessments to date, total deferred production for 2005 will
likely be 7 - 9 Bcfe. Newfield now expects that its total production for 2005
will be approximately 258 - 260 Bcfe.
The increase in commodity prices as a result of Hurricane Katrina will
likely offset the negative impact on 2005 revenues, earnings and cash flow
from the deferral of production. Newfield carries business interruption
insurance on a portion of the affected properties. Business interruption
insurance proceeds, if any, would further offset the affect of deferred
production on operating results in 2006.
Newfield Exploration Company is an independent crude oil and natural gas
exploration and production company. The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit opportunities.
Newfield's areas of operation include the Gulf of Mexico, the U.S. onshore
Gulf Coast, the Anadarko and Arkoma Basins of the Mid-Continent and the Uinta
Basin of the Rocky Mountains. The Company has development projects underway
offshore Malaysia, in the U.K. North Sea and in Bohai Bay, China.
Newfield Exploration Company For information, contact:
363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell
Houston, TX 77060 (281) 847-6081
http://www.newfld.com info@newfld.com
SOURCE Newfield Exploration Company
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Related links:
http://www.newfld.com
CONTACT:
Steve Campbell of Newfield Exploration
Company, +1-281-847-6081, or info@newfld.com
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