Newfield Q4 Production 50.3 Bcfe, Full Year Revenues $1.8 Billion

For the fourth quarter of 2007, Newfield Exploration Company reported net income of $313 million, or $2.38 per diluted share (all per share amounts are on a diluted basis). The results include income from discontinued operations of $338 million, or $2.57 per share, substantially all of which relates to a gain of $341 million associated with the sale of the Company's U.K. North Sea business for $511 million.

Loss from continuing operations for the fourth quarter of 2007 includes unrealized commodity derivative expense of $151 million ($98 million after-tax), or $0.75 per share, and $17 million ($11 million after-tax), or $0.08 per share, of additional compensation expense under the Company's incentive compensation plan as a result of the sale of the compensation expense under the U.K. North Sea business. Without the effects of these items, income from continuing operations would have been $84 million, or $0.64 per share.

Revenues in the fourth quarter of 2007 were $398 million. Net cash provided by operating activities before changes in operating assets and liabilities was $258 million.

For 2007, Newfield reported net income of $450 million, or $3.44 per share, including income from discontinued operations of $278 million, or $2.12 per share, which includes the gain on sale of the U.K. North Sea business.

Income from continuing operations for 2007 includes unrealized commodity derivative expense of $365 million ($237 million after-tax), or $1.82 per share, and $17 million of additional compensation expense as noted above. Without the effects of these items, income from continuing operations would have been $420 million, or $3.22 per share.

Revenues for 2007 were $1.8 billion. Net cash provided by operating activities before changes in operating assets and liabilities was $1.3 billion.

Planned capital expenditures in 2008 are $1.6 billion. The budget excludes potential acquisitions and approximately $113 million of capitalized interest and overhead. A complete update can be found in the news release headlined "Newfield Exploration Announces 2008 Capital Program."

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