Newfield Exploration Announces Intent to Pursue Strategic Alternatives for its International Assets; Provides 2012 Year-End

Newfield Exploration Announces Intent to Pursue Strategic Alternatives for its
         International Assets; Provides 2012 Year-End Business Update

- Fourth Quarter 2012 Production Exceeds Guidance, Company Produces 50 million
BOE in 2012

- Company to Recognize a $1.5 Billion Non-Cash Charge Related to a Domestic
Full Cost Ceiling Test Writedown in Fourth Quarter of 2012 and a Non-Cash Tax
Charge to Repatriate Accumulated International Profits

- Proved Reserves at Year-End 2012 were Approximately 566 million BOE and 48%

PR Newswire

THE WOODLANDS, Texas, Feb. 13, 2013

THE WOODLANDS, Texas, Feb. 13, 2013 /PRNewswire/ --Newfield Exploration
Company (NYSE: NFX) today announced that its Board of Directors has authorized
the evaluation of strategic alternatives for the Company's international
assets, which consist of offshore oil and natural gas developments in Malaysia
and China, and has provided significant updates on year-end results.

"The decision to pursue alternatives for Newfield's international assets
follows a comprehensive review of the Company's strategy, asset base and
future direction with our Board of Directors," said Lee K. Boothby, Newfield
Chairman, President and CEO. "This action reflects the confidence we have in
our domestic portfolio and the substantial opportunities we see across our
liquids-rich domestic resource areas, which include the Uinta basin, the Cana
Woodford, the Williston basin and the Eagle Ford. Our Company has evolved and
adapted through the successful execution of a number of important transitions
and we believe that now is the right time to become a North American-focused

"During 2012, we completed our transformation to an oil-focused company by
growing our liquids volumes and as a result, about 55% of our 2013 volumes are
expected to come from liquids production. We are allocating substantially all
of our capital to liquids-related projects, while we focus on improving our
future returns and profitability. Over the last four years, we have delivered
a CAGR of more than 20% in domestic liquids production. We are confident in
Newfield's ability to execute at every level of the Company and to continue
delivering exceptional domestic liquids growth into the future."

Newfield has engaged Goldman, Sachs & Co. as its advisor to lead the process
related to exploring strategic opportunities for its international assets.

Fourth Quarter and Full-Year 2012:

Newfield produced 50 million BOE in 2012, including 11.9 million BOE in the
fourth quarter of 2012. Full-year production exceeded the Company's most
recent guidance by approximately 0.5 million BOE.

Newfield incurred a $1.5 billion non-cash full cost ceiling test writedown
associated with the carrying value of Newfield's domestic proved reserves. The
non-cash writedown relates primarily to low natural gas prices and the sale of
non-strategic assets.

During the fourth quarter of 2012, Newfield also incurred a non-cash charge
for deferred income taxes of approximately $550 million. The charge was
primarily related to the Company's focus on U.S. operations and its
repatriation of accumulated profits from its international subsidiaries. In
December 2012, the Company used repatriated cash to reduce borrowings under
its revolving credit facility.

Newfield's actions related to its international assets and year-end proved
reserves will impact financial results for the fourth quarter of 2012. The
Company expects to report a net loss of approximately $1.2 billion or $8.80
per share.

Year-End 2012 Proved and Probable Reserves:

Proved reserves at year-end 2012 were 566 million BOE, down 13% from 652
million BOE at year-end 2011. The decrease relates primarily to low natural
gas prices, the sale of non-strategic assets in 2012 and produced volumes.
This decrease was partially offset by the addition of 86 million BOE of
reserves through the Company's active drilling programs. Reserves were
determined using SEC pricing of $2.76 per MMBtu of natural gas and $94.84 per
Bbl of oil.

Approximately 90% of Newfield's proved reserves are now located in domestic
resource plays and 48% of proved reserves are oil and liquids. Proved
developed producing reserves now represent 45% of total proved reserves.
Price-related revisions totaled 616 Bcfe and were due to low natural gas
prices. The present value of the Company's proved reserves at year-end
(discounted at 10%) was $5.9 billion ($4.4 billion after-tax).

Probable reserves at year-end 2012 were 283 million BOE, or 34% lower than
year-end 2011. Liquids increased to 66% of probable reserves. Price-related
revisions to natural gas probable reserves totaled approximately 1,200 Bcfe.

Detailed tables on year-end proved reserves and capital investments are below.

Proved Reserves:

                            Year Ended December 31,
                            2012        2011   2010
Proved Reserves:
    Beginning of year       652      619      603
    Reserve additions       86       151      113
    Reserve revisions       (91)     (48)     (48)
    Sales                   (30)     (20)     (1)
    Production              (51)     (50)     (48)
    End of year             566      652      619
Proved Developed Reserves:
    Beginning of year       355      361      318
    End of year             298      355      361

2012 Capital Expenditures:

                                      (in millions)
Domestic property acquisitions:
      Unproved                        $    64
      Proved                               3
Domestic exploration and development       1,588
International costs incurred               258
      Total costs incurred*           $    1,913

* Total costs incurred include $191 million of capitalized interest and
  overhead and $9 million of asset retirement obligations.

Fourth Quarter / Full Year 2012 Conference Call:

As previously announced, Newfield will report its fourth quarter and full year
2012 financial and operating results after market close on February 19 and
will host a conference call with analysts and investors at 8:30 a.m., February
20, 2013.

Newfield Exploration Company is an independent energy company engaged in the
exploration, development and production of crude oil, natural gas and natural
gas liquids. We are focused on North American resource plays of scale. Our
principal domestic areas of operation include the Mid-Continent, the Rocky
Mountains and onshore Texas. Internationally, we have oil and natural gas
developments offshore Malaysia and China.

**This release contains forward-looking information. All information other
than historical facts included in this release, such as information regarding
international strategic plans,estimated or anticipated production growth and
planned capital expenditures, is forward-looking information. Although
Newfield believes that these expectations are reasonable, this information is
based upon assumptions and anticipated results that are subject to numerous
uncertainties and risks. Actual results may vary significantly from those
anticipated due to many factors, including drilling results, oil and gas
prices, industry conditions, the prices of goods and services, the
availability of drilling rigs and other support services, the availability of
refining capacity for the crude oil Newfield produces in the Uinta basin, the
availability and cost of capital resources, new regulations or changes in tax
legislation, labor conditions and severe weather conditions (such as
hurricanes). In addition, the drilling of oil and natural gas wells and the
production of hydrocarbons are subject to numerous governmental regulations
and operating risks. Other factors that could impact forward-looking
statements are described in "Risk Factors" in Newfield's 2011 Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and other subsequent public filings
with the Securities and Exchange Commission, which can be found at Unpredictable or unknown factors not discussed in this press
release could also have material adverse effects on forward-looking
statements. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof. Unless
legally required, Newfield undertakes no obligation to publicly update or
revise any forward-looking statements.

For additional information, please contact Newfield's Investor Relations
Phone: 281-210-5201

SOURCE Newfield Exploration Company

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