Spending Kept in Line for Newfield's First Quarter

For the first quarter of 2008, Newfield Exploration reported a net loss of $64 million, or $0.50 per diluted share (all per share amounts are on a diluted basis). The loss for the first quarter of 2008 includes a net unrealized loss on commodity derivatives of $281 million ($169 million after-tax), or $1.30 per share. In addition to the net unrealized loss on commodity derivatives, the Company also paid $15 million to reset a portion of its 2010 crude oil hedges. The after-tax effect of the reset was $9 million, or $0.07 per share.

Without the effects of these items, net income was $114 million, or $0.87 per diluted share.

Revenues in the first quarter of 2008 were $515 million. Net cash provided by operating activities before changes in operating assets and liabilities was $316 million. Capital expenditures in the first quarter of 2008 were $514 million, in line with the Company's first quarter budget.

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