Newfield Founder Joe Foster Passes Away

Newfield Founder Joe Foster Passes Away
Foster started Newfield in 1989 with a team of 26 employees and $9 million of equity capital.

Ovintiv Inc. has confirmed that Joe B. Foster, the founder and former chairman, president and CEO of Newfield Exploration Co., has passed away.

“We are sad to report that Joe B. Foster, the founder and former chairman, president and chief executive officer of Newfield Exploration Company, died Saturday, May, 9, 2020, at his home in Houston, Texas,” the company said in an email to Rigzone.

“Joe died of an apparent heart attack and his death was not COVID-19-related. Services will be for immediate family only [and] a celebration of his life may be held at a later date.”

Foster started Newfield in 1989 with a team of 26 employees and $9 million of equity capital provided by himself, employees, a group of Houston investors and the University of Texas Endowment funds. By the time he retired from Newfield in 2000, he had grown the company into a thriving multi-billion-dollar business.

Before Newfield, Foster was the chairman of Tenneco Oil Co. and executive vice president and director of its parent, Tenneco Inc., where he spent 31 years of a highly successful career.

“Joe not only shaped the culture at the two companies he led, but the careers of more than just a few talented, hardworking industry professionals,” Ovintiv said.

To contact the author, email bertie.taylor@rigzone.com.



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