HOUSTON, Jan. 31 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced that David A. Trice has been elected to the additional position of Chief Executive Officer of the Company effective February 1, 2000. Trice succeeds Joe B. Foster who resigned as Chief Executive Officer of the Company on January 31, 2000. Foster will remain as Newfield's Chairman of the Board of Directors and will be involved with the Company in a non-executive role.
Trice, currently President and Chief Operating Officer of Newfield, was named to succeed Foster as Chief Executive Officer in November 1999. Foster resigned the position of Chief Executive Officer of Newfield two weeks ahead of the planned date of February 15, 2000 to accept an interim assignment as Chairman of the Board, President and Chief Executive Officer of Baker Hughes Incorporated (BHI - NYSE, PCX, EBS). A separate news release detailing the management changes at Baker Hughes was released earlier today. Foster has served on the Board of Directors of Baker Hughes since 1990.
Trice, 51, has been Newfield's President and Chief Operating Officer since May 1999. Prior to that time, he served as Vice President - Finance and International from May 1997-May 1999. Trice is one of the 23 original founders of Newfield.
Foster, 65, founded Newfield in 1989 after serving as Executive Vice President of Tenneco Inc. and Chairman of Tenneco Oil. Foster is immediate past Chairman of the National Petroleum Council. In addition to serving on the Boards of Newfield and Baker Hughes, Foster is also a Director of the New Jersey Resources Corporation and McDermott International, Inc.
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 primarily in the Gulf of Mexico with operations along the U.S. Gulf Coast and offshore Australia. Newfield balances its drilling program with select acquisitions in core operating 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
SOURCE Newfield Exploration Company
Web site: http: //www.newfld.com
CONTACT: Steve Campbell of Newfield Exploration Company, 281-847-6081