Newfield Loses Main Pass 138 'A' Platform During Hurricane Katrina

Newfield Exploration Company announced initial findings of an aerial survey of its operations in the eastern Gulf of Mexico. The Company's "A" production platform at Main Pass 138 appears to have been lost in the storm. All other Newfield operated structures flown over appear to be intact. Prior to the shut-in for Hurricane Katrina, the facility was producing 1,500 barrels of oil per day (gross). Newfield operates the facility with a 92% working interest.

As of this morning, boats and helicopters are mobilizing to better access damages, identify any environmental impacts and begin the repair process.

In preparation for Hurricane Katrina, Newfield began shutting in production on August 27, and since that time approximately 1.1 Bcfe has been deferred. More than 250 employees and contractors were safely evacuated from the Gulf. Today, operations are being resumed from fields unaffected by the storm and where pipelines will permit the resumption of production. Newfield will have a more detailed assessment of storm related damages and total volumes deferred as information is available.