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Newfield Announces $125 Million Offering of Cumulative Quarterly Income Convertible Preferred Securities

HOUSTON, Aug. 2 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) announced today that its subsidiary, Newfield Financial Trust I, intends to publicly offer 2,500,000 Cumulative Quarterly Income Convertible Preferred Securities (QUIPS) (liquidation preference $50 per QUIPS). The QUIPS will be convertible into common stock of Newfield. The offering is expected to be made later this month.

Newfield Financial Trust I will use the proceeds from this offering to purchase Junior Subordinated Convertible Debentures due 2029 from Newfield. Newfield will use the proceeds from the sale of the debentures to repay outstanding indebtedness primarily incurred to fund acquisitions and drilling activities and to pay a portion of the purchase price of its pending Gulf of Mexico acquisition.

Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette, Merrill Lynch & Co. and Dain Rauscher Wessels will be the managing underwriters for the offering. Copies of the preliminary prospectus relating to these securities may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004 or by accessing the website of the Securities and Exchange Commission at www.sec.gov. Any offering shall be made only by means of a final prospectus. This press release shall not constitute an offer to sell nor shall there be any sale of these securities in any state in which such offer, solicitation or sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Newfield common stock is listed on the New York Stock Exchange under the symbol NFX.

Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico and has operating activities onshore in the Gulf Coast and offshore Australia and China.

For more information contact:

James P. Ulm, II

281-847-6000
SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com http://www.sec.gov
CONTACT: James P. Ulm, II of Newfield Exploration Company, 281-847-6000

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