Newfield Reports Third Quarter Results

For the third quarter of 2007, Newfield reported net income of $83 million, or $0.64 per diluted share (all per share amounts are on a diluted basis).

The results reflect the impact of commodity derivative expense of $26 million ($17 million after tax), or $0.12 per share, associated with unrealized changes in the fair market value of open derivative contracts that are not designated for hedge accounting. Without the effect of unrealized commodity derivative expense, net income for the quarter would have been $100 million, or $0.76 per share.

Revenues in the third quarter of 2007 were $424 million. Net cash provided by operating activities before changes in operating assets and liabilities was $288 million.

Newfield's production in the third quarter of 2007 was 61 Bcfe.