Newfield Exploration Announces Production Guidance and Capital Investment Plans for 2013-15

  Newfield Exploration Announces Production Guidance and Capital Investment
                              Plans for 2013-15

-- Domestic Liquids Production Expected to Grow More Than 35% in 2013; and
More Than Doubles from 2012-15

-- Liquids to Comprise Approximately Two-Thirds of Total Company Production by

-- Company Plans to Invest $1.7 - $1.9 billion in 2013, Substantially All
Liquids Focused

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 approved a
three-year plan and outlined the Company's production growth outlook and
planned capital investment ranges for 2013-15. Informational slides related to
planned capital investments, production by geographic area and expected costs
and expenses have been posted to the Company's website at

"We are excited about our significant domestic production growth forecast,"
said Lee K. Boothby, Newfield Chairman, President and CEO. "Since 2009, we
have transformed our asset base toward liquids, improved our organizational
focus and aligned our people around value creation in our domestic resource
plays. We are now realizing the tangible benefits of these efforts, as we
transition to development drilling in our key onshore plays. Today's outlook
spotlights the strength of our portfolio and, given the greater certainty in
outcomes from our drilling programs, confidence in our ability to execute in
2013 and beyond to deliver these results for the benefit of our stockholders."

For 2013, the Company plans to invest $1.7 – $1.9 billion (excludes
capitalized interest and overhead), with the entire budget substantially
allocated to liquids plays. Total company production is expected to range from
44 – 47 million BOE. This compares to 2012 production, adjusted for asset
sales, of approximately 47 million BOE. Adjusted for asset sales in 2012,
Newfield expects that its 2013 domestic liquids production will increase more
than 35%. Natural gas volumes are expected to decline about 14% from 2012
levels due to a continued lack of investment and natural field declines.

The Company's four domestic oil resource plays will receive a capital
allocation of $1.4 – $1.5 billion. These areas include the Cana Woodford,
Uinta basin, Williston basin and the Eagle Ford. In its international
operations, the Company plans to invest $300 – $400 million. A significant
component of this investment includes the ongoing development of the Pearl oil
field, offshore China. First oil sales from the Pearl development are expected
in early 2014.

Boothby continued, "We believe that our 2013 investments will result in
substantial gains in Newfield's liquids production growth and significant
increases in our cash flow into 2014-15. Over the last several years, we have
been disciplined in our levels of capital investment by funding our liquids
growth plan with existing cash flows and the sale of non-strategic assets, and
we will continue to do so going forward."

2013 Investment Highlights:

  oApproximately $360 million will be invested in the Cana Woodford. Newfield
    has fast-tracked more than 45,000 acres into development and an additional
    100,000 acres continue to be assessed. The Company expects to run up to
    six operated rigs in the play throughout the year. Net production from the
    Cana is expected to grow more than 200% in 2013.
  oActive drilling in vertical and horizontal plays in the Uinta basin and
    the development of the Greater Monument Butte (GMBU) waterflood calls for
    the investment of approximately $380 million. In early 2013, the Company
    will spud the first of four multi-well pads in the Central basin to test
    the Uteland Butte with super-extended laterals (approximately 9,800').
    Horizontal drilling is underway in the Wasatch and Uteland Butte
    formations, with an active campaign planned for both vertical and
    horizontal wells. More than 200 wells are planned for the ongoing GMBU
    development and water injection levels will increase by approximately 30%.
    Uinta basin oil production is expected to grow approximately 10% in 2013
    and 20% in 2014. Refinery agreements are in place to match this expected
    growth trajectory.
  oApproximately $275 million is planned for investment in the Eagle Ford.
    The development program includes the drilling of about 35 wells. Drilling
    efficiencies in the region now allow for a 7,500' lateral well to be
    drilled in about 10 days. Development drilling in 2013 will focus on an
    approximate 25,000-acre footprint in the West Asherton and Fashing fields.
    Net production from the region in 2013 is expected to increase
    approximately 75% over 2012 levels.
  oActivity levels in the Williston basin will increase, with a planned
    investment of $230 million in 2013. A fourth operated rig will begin work
    in early March. The Company's drilling program has transitioned to
    development with super-extended laterals (more than 7,500') being drilled
    from common pad locations. In development mode, Newfield is realizing
    lower completed well costs and improved returns. Newfield expects to drill
    approximately 45 wells in the Bakken and Three Forks formations in 2013.
    Net production from the Williston basin in 2013 is expected to grow
    approximately 15% year-over-year.
  oThe Company also today announced that it will pursue strategic
    alternatives for its international assets. Newfield will continue to make
    investments to maintain the significant value in these assets. The 2013
    investments will focus primarily on ongoing oil developments and are
    expected to range from $300 – $400 million. Approximately $150 million of
    the total is related to the Pearl development located offshore China, with
    first production scheduled for early 2014 as infrastructure is completed.
    International liftings in 2013 are expected to decline 25-30% compared to
    2012 annual liftings. The decrease relates to natural field declines,
    limited investments toward new exploration and exploitation opportunities
    and changes in the economic sharing of production under the Company's
    production sharing agreements.

"Over the next three years, we expect to see continued strong growth in our
domestic resource plays," said Boothby. "In fact, we expect to more than
double our 2012 liquids volumes by 2015, which highlights the value of our
robust inventory."

Newfield expects to update its total company prospect inventory and economic
expectations by play on February 19, 2013 in conjunction with its earnings
release for the fourth quarter and full year 2012. Additional slides related
to inventory will be posted to the website at that time.

Production Guidance and Cost and Expense Expectations:

The table below details the Company's growth forecast for 2013-15.
                          2012*        2013e           2014e        2015e
Domestic Production:
 Oil (MMBO)              11.1         13.5 - 14.5     16.8 -       20.6 -
                                                       19.0         25.3
 NGLs (MMBbls)           2.3          4.2 - 4.7       7.2 - 8.0    6.9 - 8.5
 Natural Gas (BCF)       140          115 - 125       114 - 132    112 - 136
Domestic Total (MMBOE)    36.8         37.0 - 40.0     43.0 -       46.0 -
                                                       49.0         57.0
 YoY Domestic Liquids    27%          39%             38%          20%
 YoY Domestic Gas Growth (7%)         (14%)           1%           --
 YoY Domestic Total      3%           5%              18%          12%
International Production:
 Oil (MMBO)              9.9          7.2
 Natural Gas (BCF)       1.2          0.0
International Total       10.1          7.2**
Total Production (MMBOE): 46.9         44.2 - 47.2
* Excludes production from assets sold
** Approximately 60% of full-year 2013 international production is expected in
the first half of 2013

The following table details the Company's expected ranges for 2013 costs and
                              Domestic          International    Total
Operating Expenses:
 Recurring LOE (per BOE)     $5.50 - $6.15     $15.40 - $17.00  $7.05 - $7.80
 Major Expense (per BOE)     $1.65 - $1.80     $2.00 - $2.20    $1.70 - $1.90
 Transportation (per BOE)    $2.50 - $2.80     ---              $2.05 - $2.30
Total LOE (per BOE)            $9.65 - $10.75  $17.40 - $19.20  $10.80 -
Production & Other Taxes (per $2.35 - $2.60     $32.50 - $35.75  $7.00 - $7.80
DD&A Expense (per BOE):       $16.50 - $17.25   $30.00 - $31.50  $18.50 -
General & Administration                                         $5.00 - $5.50
(G&A), net (per BOE):
Capitalized Internal Costs                                       ($3.00 -
(per BOE):                                                       $3.30)
Interest Expense (per BOE):                                      $4.25 - $4.65
Capitalized Interest (per                                        ($1.10 -
BOE):                                                            $1.20)

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 developments located
offshore Malaysia and China.

**This release contains forward-looking information. All information other
than historical facts included in this release, such as information regarding
estimated or anticipated drilling plans 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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