Company Estimates 2008 Production Growth of 24%
HOUSTON, Sept. 25 /PRNewswire-FirstCall/ -- Newfield Exploration
Company (NYSE: NFX) today provided an update on its operations in the Gulf
of Mexico following the two recent hurricanes. The Company estimates that
the storms will result in deferred production of approximately 5 Bcfe net.
The deferrals arise from damage to two non-operated host facilities in
deepwater and the loss of one operated facility in shallow water. In
addition, production has been temporarily impacted by curtailments in South
Texas due to demand loss following the storms.
Total company production guidance for 2008 is now expected to be
234-238 Bcfe (previous range was 238-242 Bcfe). Revised production
estimates for 2008 compare to 2007 actual production of approximately 190
Bcfe (adjusted for asset sales and acquisitions), representing an increase
of approximately 24%.
Newfield's net production capacity in the Gulf of Mexico is
approximately 65 MMcfe/d from eight facilities. The Gulf of Mexico
represents about 8% of the Company's total daily production volumes.
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 an active drilling program and
select acquisitions. Newfield's domestic areas of operation include the
Anadarko and Arkoma Basins of the Mid-Continent, the Rocky Mountains,
onshore Texas and the Gulf of Mexico. The Company has international
operations in Malaysia and China.
**This release contains forward-looking information regarding expected
ranges of 2008 production. Although Newfield believes that these
expectations are reasonable, this information is based upon assumptions and
anticipated results that are subject to numerous uncertainties and risks.
Actual results may vary significantly from those anticipated due to many
factors, including 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, labor conditions and
severe weather 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
SOURCE Newfield Exploration Company
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Related links:
http://www.newfield.com
CONTACT:
investor relations, Steve Campbell,
+1-281-847-6081, or media relations, Keith Schmidt,
+1-281-674-2650, both of Newfield Exploration Company,
info@newfield.com
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