3-Year Summary Highlights

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:

Reserve growth through exploratory drilling
Balanced capital program between exploration and acquisition of proved properties
Geographic focus in the Gulf of Mexico
Control of operations and costs
Use of 3-D seismic and other advanced technology
Equity ownership and other incentives to attract and retain highly competent employees

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)