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Newfield Board Approves Stock Repurchase Program

HOUSTON, May 4 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced that its Board of Directors authorized the expenditure of up to $50 million to repurchase shares of the Company's common stock. On a diluted basis, the Company has approximately 45 million shares of common stock outstanding. The Company anticipates that it will fund the repurchases through cash flow from operations and borrowings under its revolving credit facility. The repurchases may be effected from time to time in accordance with applicable securities laws, through solicited or unsolicited transactions in the market or in privately negotiated transactions. No limit was placed on the duration of the repurchase program. Subject to applicable securities laws, such purchases will be at times and in amounts as the Company deems appropriate.

Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company has a solid asset base of producing properties and exploration and development drilling opportunities and operations primarily in the Gulf of Mexico, the Anadarko Basin of Oklahoma, along the U.S. Gulf Coast and offshore Australia. Newfield balances its drilling program with acquisitions in select areas in the U.S. and overseas.

     Newfield Exploration Company                    For information contact:
     363 N. Sam Houston Parkway East, Ste. 2020      Steve Campbell
     Houston, TX 77060                               (281) 847-6081
     www.newfld.com                                  sccampbell@newfld.com

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SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com
Company News On-Call: http: //www.prnewswire.com/comp/117962.html or fax, 800-758-5804, ext. 117962
CONTACT: Steve Campbell of Newfield Exploration Company, 281-847-6081, or sccampbell@newfld.com

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