Shadow and steps

History

2015

Our stock is up 20% over 2014 and for the second consecutive year, we are at the top of the list for E&P stocks in the S&P 500 Index. We are one of the best performers in all of energy. During a challenging year for the industry, we take proactive steps early on to ensure we maintain liquidity and preserve our balance sheet, and focus on holding our premier assets in the Anadarko Basin by drilling. A strong hedge portfolio and high-graded investments help to manage the collapse in commodity prices. We issue 34.5 million shares of our common stock and raise approximately $775 million in net proceeds—only the second time in a decade that we issued equity. Every focus area exceeds expectations with total production increasing approximately 23% over 2014.



2014

We are the second best performing E&P stock in the S&P 500 Index and one of the best overall E&P performers. After five years of transformation, we are now focused on liquids-rich unconventional plays onshore U.S. Our proved reserves increase 14% with 96% located onshore U.S. The Anadarko Basin is our foundational asset comprising nearly 30% of our total reserves. Production exceeds expectations across focus areas and margins are enhanced through investment high-grading and cost cutting. We sell $1.5 billion in assets and use the proceeds to fund capital expenditures and manage short-term debt. Offshore China, we bring the Pearl field online. We reduce our capital budget by 40%, issue $815 million in senior notes and replace existing higher cost debt. We upsize our credit facility by $400 million to $1.8 billion and extend its term by two years.      

 

2013

Newfield celebrates its 25th silver anniversary. NEWF-25YearEmblem_LightGrey

The Company accelerates domestic growth through the planned exit from its international businesses. Significant well cost reductions in core development plays help to drive efficiencies and deliver “top tier” performance. Newfield reaches an agreement to sell its Malaysian business for $898 million. The STACK play was unveiled and the Anadarko Basin was the Company’s fastest growing region.

2012

Investments in our oil and liquids-rich developments allow us to grow and differentiate ourselves from our peers. More than 50% of our production comes from liquids. This oil focus includes the Uinta Basin oil plays of Utah, the Williston Basin of North Dakota, the Eagle Ford Play of Texas and assessment of our new position in the Anadarko Basin of Oklahoma.

2011

A substantial portion of Newfield's $1.9 billion budget is oil-focused. The Company is growing its oil production and taking advantage of the price disparity between oil and natural gas. We expand our footprint in the oil-rich Uinta Basin to 280,000 acres. Additional plays are being assessed. Our corporate headquarters relocates to The Woodlands, Texas, in September.

2010

Our capital budget is $1.6 billion with more than 70% allocated to resource plays, primarily in the Rocky Mountains and the Mid-Continent. We acquire more than 300,000 net acres in the Maverick Basin prospective for the Eagle Ford development. Newfield continues to focus on its oil assets with year-end oil production more than 20% over 2009. Newfield is named to the prestigious S&P 500.

2009

We add more than 500,000 net acres in prospective resource plays and make a discovery in the Pearl River Mouth Basin of China. We enter the Marcellus Shale of Pennsylvania. Lee K. Boothby is named president and CEO, third in the history of Newfield. With a diversified portfolio positioned for future growth, the Company moves into its third decade of operation flexible and financially sound.

2008

Production volumes continue to climb from Oklahoma’s Arkoma Woodford Shale and Monument Butte. A new oil field begins production offshore Malaysia and four successful deepwater discoveries are drilled, along with nine successful wells in the Williston Basin. Nearly 90% of Newfield's reserves are located onshore U.S. A robust 24% YOY growth was led by stronger than forecast volumes from the Woodford Shale, Malaysia, the Rockies and the Gulf of Mexico.

2007

We announce the sale of our GOM Shelf assets for $1.1 billion and UK North Sea assets for ~$500 million. We also announce a $578 million acquisition of assets in the Williston Basin of North Dakota. These assets provide an entry into many of the Rockies' most attractive exploration and development areas.  We close out the year with ~41 MMBOE in production.

2006

Half our proved reserves are now located in longer-lived resource plays including Monument Butte in Utah, the Woodford Shale in Oklahoma and the Granite Wash in western Oklahoma and the Texas Panhandle. We drill more than 350 wells in the Mid-Continent and ~200 wells in Utah. At year-end, we are producing from four deepwater fields and preparing for production on our first operated development -- Wrigley. We commence production from two oil fields in China's Bohai Bay and prepare to bring the Grove Field in the U.K. North Sea and the Abu oil field in Malaysia on-line.

2005

We replace nearly 300% of 2004 production with new reserves which are more evenly distributed among our focus areas. We make several significant discoveries including Grove in the U.K. North Sea and Wrigley in the deepwater Gulf of Mexico. We initiate a  multi-year joint venture with a major oil company and gain access to 52,000 acres in South Texas where initial wells are successful. We drill nearly 200 wells in Monument Butte, and begin development of four fields offshore Malaysia and two fields in China's Bohai Bay. For the second time, Newfield wins the National Safety Award for Excellence.

2004

We acquire the Monument Butte Field in Utah from Inland Resources for $575 million and establish a new focus area in the Rocky Mountains. We also set-up operations offshore Malaysia where the portfolio includes current production of about 10,200 BOPD (gross), exploration and development opportunities in shallow water and high potential exploration prospects in deepwater. We replace nearly 300% of our production with new reserves. Forbes Magazine names Newfield as one of the “Best Managed Companies in America.”

2003

We announce a record $200 million exploration budget. We drill ~70 wells in South Texas and Louisiana—seven times as many as the previous year—and our first in the Oklahoma Arkoma Woodford Shale. In the deep shelf play of the Gulf of Mexico, we drill a significant discovery at West Cameron 73. We celebrate 15 years in business with nearly half our production coming from onshore fields, and end the year on a high note with production of 37 MMBOE—a 25 percent increase.

2002

We announce the purchase of EEX Corporation, which provides an asset base in South Texas and about 60 blocks in the GOM. Nearly half our production is now onshore. Excluding the acquisition, we added 181 Bcfe domestically, replacing 105% of domestic production. Including the acquisition, we replaced 255% of 2002 production with new reserve additions. In the GOM, we drilled four successful wells and posted finding costs of less than $1.50 per Mcfe. We also make our first discovery in Bohai Bay China.

2001

 A $333 million acquisition of Lariat Petroleum establishes a new focus area in the Anadarko Basin of Oklahoma. More than just properties, Newfield acquires a skilled team of employees with a track record of adding value. In the Gulf of Mexico, we make exciting discoveries at West Cameron 294 and Eugene Island 251. A year of extreme volatility in the energy sector, we manage the instability by hedging our oil and gas production, shifting spending levels and curtailing production in periods of weak pricing. A share buy back program also is initiated.

2000

The year was our best to date on virtually all metrics. Cash flow and production reached record levels. Newfield acquired three producing gas fields in South Texas for $139 million. This acquisition established the Company as a serious onshore player and represented our first step in asset diversification. Gulf of Mexico production increased 10% in 2000. David A. Trice is named the Company’s second president and CEO.

1999

Two significant acquisitions are completed in the GOM, adding more than 170,000 net acres and new prospects. GOM production reaches record levels. We acquire two producing oil fields offshore Australia - our first international production. Production climbs to ~19 MMBOE, an increase of 28%.

1998

We begin to diversify our asset base and extend our reach to onshore Texas and South Louisiana. We drill a significant discovery in the Broussard area near Lafayette. Newfield wins the prestigious National Safety Award for Excellence. Net production is up 20 percent continuing an uninterrupted string of production growth since 1990.

1997

Our footprint continues to spread as we begin operations along the Gulf Coast and enter China. A $143 million acquisition in the GOM, a successful wildcat and four delineation wells lead to growth.

1996

Newfield begins drilling activities offshore Louisiana at West Delta 152 and Ewing Bank 947 Fields. The drilling programs are successful and add significant new reserves. Production in these fields increase to more than 100 MMcfe/d.

1995

We drill four successful exploratory wells and two development wells.Our GOM production continues to expand following the installation of three platforms. Net production climbs nearly 20 percent to 17 BOEPD.

1994

Newfield drills five successful wells and installs a new platform and pipeline. Acquired in late 1993, Eugene Island 251/262 remains one of our most significant fields.

1993

Newfield completes its initial public offering of common stock and goes public on the New York Stock Exchange at a split-adjusted share price of $4.38 - trading under the ticker symbol "NFX." 

1992

Newfield has a history of adding value behind acquisitions. The acquisition of Eugene Island 181/182 results in a successful seven well drilling program and production tops 10 BOEPD.

1991

We make our first operated discovery at Ship Shoal 157. A six well drilling program increases production to 4,500 BOEPD. Multi-disciplinary teams use “state-of-the-art” technology to analyze new 3-D seismic data on our fields.

1990

Newfield purchases its first GOM property, Eugene Island 172. We participate in our first discovery, but after several dry holes, cash runs low. An infusion of $37 million from private capital institutions boosts spirits. Investors include Warburg, Pincus Investors, L.P., Yale, Duke and Dartmouth College.

1988 / 1989

Newfield is founded by Joe B. Foster, former Tenneco executive, and 26 handpicked individuals. The plan: focus on the shallow waters of the Gulf of Mexico. The Company is capitalized with $9 million by an investment group led by Charles Duncan, the University of Texas endowment funds and Newfield employees. The Founding Business Principles are established—becoming the foundation for the Company’s future business strategy and success.