About Newfield Exploration Company

Newfield Exploration explores for new fields of oil and natural gas reserves but is happy with old reserves too. The independent oil and gas exploration and production company drills in the Mid-Continent (Anadarko and Arkoma Basins), the Rockies (Uinta and Williston Basins), the Gulf of Mexico (mostly in the shallow waters off the Louisiana coast), and the Gulf Coast region of Texas. The company seeks to hedge its exploration and production bets by exploiting assets outside of the US, primarily in China and Malaysia. In 2011 Newfield Exploration reported proved reserves of 3.9 trillion cu. ft. of natural gas equivalent (60% of which was natural gas). 

Geographic Reach

Newfield Exploration has oil and gas assets in the US (Mid-Continent, the Rocky Mountains and onshore Gulf Coast), China, and Malaysia. US operations accounted for 57% of the company's revenues in 2012.

Sales and Marketing

Sales of oil and gas products to Royal Dutch Shell, Tesoro, and Big West Oil accounted for 14%, 14%, and 10%, respectively, of Newfield Exploration's 2012 revenues.

Financial Performance

The company's revenues increased by 4% in 2012 thanks to higher oil production (up 24% ) and slightly higher prices. This increase was partially offset by lower gas prices and volumes. Increased NGL production (up 30%) was more than offset by a 30% decline in NGL prices.

The company reported $118.4 million of net income in 2012 (320% down on 2011) due to higher operating expenses, including an increase in ceiling test (reserves valuation reassessment in light of lower prices) impairment expenses.

Except for the global recession-related revenue slump in 2009, the company has seen an upward trend in revenues from 2008 to 2012.


In the US, Newfield Exploration has steadily shifted its exploration and production focus from the Gulf Coast and Gulf of Mexico to the Mid-Continent and Rocky Mountain regions. In particular, it is targeting unconventional oil shale plays, where due to recent improvements in drilling technology it can access a higher return on investment. It is also developing its international assets, including its holdings in the Pearl field in the offshore China.

In 2013 the company announced a major natural gas discovery on the Block SK 310 Production Sharing Contract (PSC) area, located 50 miles offshore Sarawak (Malaysia). Newfield Exploration, which operates Block SK 310 with a 30% interest, estimated that the discovery had gas reserves of 1.5 – 3 trillion cu. ft. That year the company also announced that it was evaluating strategic alternatives for the company's international businesses.

To raise cash to pay down debt, in 2014 Newfield Exploration sold its assets in the Granite Wash play in western Oklahoma and the Texas Panhandle to privately owned Templar Energy for $588 million. In 2012 it sold its remaining Gulf of Mexico assets (78 federal offshore lease blocks on 432,700 gross acres) to W&T Offshore for $228 million.

In 2011 Newfield Exploration bought oil and gas assets in Utah's Uinta Basin from Harvest Natural Resources for $215 million.


Wellington Management Company owns 11% of the company.

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Newfield Exploration Company

4 Waterway Square Pl #100
The Woodlands, TX 77380-2764
Phone: 1 (281) 210-5100
Fax: 1 (281) 405-4242


  • Employer Type: Public
  • Stock Symbol: NFX
  • Stock Exchange: NYSE
  • Chairman, President, and CEO: Lee K. Boothby
  • SVP Operations: John H. Jasek
  • EVP and COO: Gary D. Packer

Major Office Locations

  • The Woodlands, TX

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