Date: Sun, 16 Nov 1997 18:06:06 GMT Server: NeoWebScript/2.2 Apache/1.2.1 Connection: close Content-Type: text/html 3-Year Summary Highlights


Financial and Operating Highlights

Profile
Newfield Exploration Company (NYSE-NFX) explores, develops and acquires oil and natural gas properties in the Gulf of Mexico. At December 31, 1995, 78% of the Company's proved reserves were natural gas and 78% were proved developed.

Strategy
Newfield plans to continue to expand its reserve base and increase cash flow through the exploration and development of existing properties and the acquisition of properties with drilling upside. The Company emphasizes:

From inception through December 31, 1995, Newfield has added a total of 396.3 billion cubic feet of natural gas equivalent (Bcfe) of proved reserves. Exploratory and development activities have resulted in the addition of 233.9 Bcfe of net proved reserves. The Company's acquisition of interests in 82 leases in fields offshore Louisiana and Texas, have contributed 162.4 Bcfe of net reserves. Newfield's proved reserve replacement as a percent of production was 221% in 1995.


3 Year Summary

Year Ended December 31,
1995
1994
1993
(in thousands, except per share information)
Financial Summary
Revenues $ 94,598 $ 69,728 $ 60,178
Income before income taxes $ 25,006 $ 22,548 $ 21,781
Income tax provision $ 8,742 $ 8,108 $ 7,753
Net income $ 16,264 $ 14,440 $ 14,028
Earnings per common share $ 0.90 $ 0.80 $ 0.98
Weighted average number of common shares 18,097 17,955 14,347
Cash Flow
Cash flow from operations before changes in assets and liabilities $ 75,613 $ 57,535 $ 48,024
Balance Sheet
Working capital $ 11,235 $ 10,987 $ 70,268
Long-term debt and capital lease obligations $ 25,152 $ 555 $ 446
Stockholder's equity $193,571 $169,491 $152,845
Operating Summary
Estimated Oil and Gas Reserves
Net proved reserves:
Oil (MBbls) 9,633 8,610 6,414
Natural gas (MMcf) 203,580 153,967 102,261
Gas equivalents (MMcfe) 261,378 205,627 140,745
Oil and Gas Operations
Production:
Oil (MBbls) 2,071 1,394 901
Natural gas (MMcf) 33,719 24,267 22,540
Gas equivalents (MMcfe) 46,145 32,631 27,946
Average realized prices:
Oil (per Bbl) $ 17.23 $ 15.73 $ 16.92
Natural gas (per Mcf) $ 1.75 $ 1.97 $ 1.99



Growth in Proved Reserves
(Bcfe)


Production Growth
(MMcfe/d)


Revenues and Net Income Growth
($MM)