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Newfield Exploration Closes Cumulative Quarterly Income Convertible Preferred Securities Issuance

HOUSTON, Aug. 16 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced that its subsidiary, Newfield Financial Trust I, closed the issuance of 2,875,000 of its 6.50% Cumulative Quarterly Income Convertible Preferred Securities (QUIPS) (liquidation preference $50 per QUIPS) for gross proceeds of $143,750,000 in a public offering, which included the underwriters' exercise of a 15% over-allotment option. Net proceeds after payment of the underwriting fees and estimated expenses will be approximately $139 million.

Goldman, Sachs & Co., Donaldson, Lufkin & Jenrette, Merrill Lynch & Co. and Dain Rauscher Wessels were the underwriters for the offering.

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

    Newfield Exploration Company              For more information contact:
    363 N. Sam Houston Pkwy. E., Ste. 2020    Investor Relations
    Houston, TX 77060                         (281) 847-6000
    (www.newfld.com)

SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com
CONTACT: Investor Relations of Newfield Exploration Company, 281-847-6000

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