Date: Sun, 16 Nov 1997 18:07:36 GMT Server: NeoWebScript/2.2 Apache/1.2.1 Connection: close Content-Type: text/html
NEWFIELD ANNOUNCES COMMON STOCK SPLIT
FOR IMMEDIATE RELEASE
Houston Texas (December 3, 1996) - Newfield Exploration Company (NYSE-NFX)
today announced that its Board of Directors declared a two-for-one stock
plit of its outstanding common stock on December 1, 1996. The Board established
December 16, 1996 as the record date for the stock split and December 30,
1996 as the date for mailing certificates representing the additional shares
to be outstanding as a result of the split. As a result of the stock split,
each holder of outstanding Newfield common stock at the close of business
on the record date will be entitled to receive one additional share of Newfield
common stock for each share of Newfield common stock held of record by such
holder.
Additionally, Newfield said today that Warburg, Pincus Investors, L.P. (Warburg), informed the Company of its intent, subject to market conditions, to distribute approximately 1.2 million [pre-split] share of the common stock of Newfield to its limited partners within the next sixty days. The 1.2 million shares represent approximately 6 1/2 percent of Newfield's primary weighted averaged shares outstanding. Subsequent to the distribution of these shares, Warburg will continue to be Newfield's single largest stockholder, holding approximately 3.2 million common shares, or approximately 17 percent of Newfield's primary weighted average shares outstanding.
Warburg advised Newfield that it has no present intention to sell or distribute additional shares. E. M. Warburg, Pincus & Co., Inc.'s Managing Directors Howard H. Newman and Jeffrey A. Harris will remain on Newfield's Board of Directors subsequent to the distribution.
"Both the stock split and the distribution of the Warburg shares should improve the liquidity of Newfield stock," said Joe B. Foster, Chairman and Chief Executive Officer of newfield. "We will be pleased to welcome Newfield's new stockholders as a result of the distribtuion and are delighted that Warburg will continue to be actively represented on our Board.
Newfield explores, develops and acquires oil and gas properties principally in the Gulf of Mexico.
For more information contact:
James P. Ulm, II
(713) 847-6000
Newfield Exploration Company
363 N. Sam Houston Pkwy. E., Suite 2020
Houston, Texas 77060