In the news release, Newfield (NYSE: NFX) Provides Operational Update and 2003 Production Guidance, issued earlier today by Newfield Exploration Company over PR Newswire, we are advised by the company that the first paragraph under the subheading "Hedging Update:" contained incorrect information. The corrected paragraph follows:
Newfield has been adding significant hedges on its 2003 and 2004 expected production. Since the Company's last hedging update on December 20, 2002, it has hedged an additional 21,700 MMMBtus of expected February - October 2003 natural gas production at no upfront cost. For the period February - March 2003, Newfield hedged 1,500 MMMBtus of production with collars having floors of $4.50 per MMBtu and ceilings of more than $6 per MMBtu. For April - October 2003, the Company hedged 16,100 MMMBtus of production with collars having a weighted average floor price of $4.41 per MMBtu and a weighted average ceiling price of $5.25 per MMBtu and hedged 4,100 MMMBtus of production with swaps at a weighted average price of $4.79 per MMBtu.
SOURCE Newfield Exploration Company