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Newfield Exploration Completes Offering of $250 Million of 8 3/8% Senior Subordinated Notes

HOUSTON, Aug. 8 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced that it has completed its public offering of 8 3/8% senior subordinated notes due 2012 in connection with its previously announced acquisition of EEX Corporation. The issue was upsized from $225 million to $250 million and priced with a yield to maturity of 8.50%. The offering will close on August 13, 2002. Newfield will use the net proceeds of the notes to repay debt of EEX Corporation that will become due at the closing of the acquisition. The net proceeds will be held in escrow pending closing of the acquisition, which is expected to occur in late September 2002.

The offering was made under the Company's existing shelf registration statement, filed with the Securities and Exchange Commission (SEC) in 2001 covering the issuance from time to time of up to $575 million of various securities. UBS Warburg, J.P. Morgan, Wachovia Securities, BNY Capital Markets, Inc., Credit Lyonnais Securities and Fleet Securities, Inc. were the underwriters of the offering.

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 in the Gulf of Mexico, along the U.S. Onshore Gulf Coast, in the Anadarko and Permian Basins, offshore Australia and in China's Bohai Bay. Newfield balances its drilling program with acquisitions in select areas in the U.S. and overseas.

     For information, contact:
     Steve Campbell
     (281) 847-6081
     info@newfld.com

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SOURCE Newfield Exploration Company
Photo: NewsCom: http: //www.newscom.com/cgi-bin/prnh/20010122/NFXLOGO-b AP Archive: http://photoarchive.ap.org PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Web site: http: //www.newfld.com
Company News On-Call: http: //www.prnewswire.com/comp/117962.html
CONTACT: Steve Campbell of Newfield Exploration Company, +1-281-847-6081, or info@newfld.com
CAPTION: NFXLOGO-b NEWFIELD EXPLORATION LOGO Newfield Exploration Company. (PRNewsFoto)[AG] HOUSTON, TX USA 01/22/2001

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