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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): MAY 13, 1997
NEWFIELD EXPLORATION COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-12534 72-1133047
(State or other jurisdiction (Commission file (I.R.S. employer
of incorporation or organization) number) identification number)
363 N. Sam Houston Parkway E.
Suite 2020
Houston, Texas 77060
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (281) 847-6000
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Item 5. Other Events
See the following press release announcing the acquisition of the assets
and subsidiaries of Huffco International, L.L.C. by Newfield Exploration
Company.
NEWFIELD ANNOUNCES INTERNATIONAL ACQUISITION & DRILLING PLANS
FOR IMMEDIATE RELEASE
Houston, TX (May 13, 1997) - Newfield Exploration Company (NYSE-NFX) announced
today a pending acquisition which will result in its participating in the
drilling of an exploratory well in the Bohai Bay, offshore the People's
Republic of China, during 1997.
The acquisition is of the assets and subsidiaries of Huffco International,
L.L.C. of Houston, Texas. Its subsidiary, Huffco China, LDC, owns a 35%
interest in a 415,000 acre production sharing contract known as Block 05/36
and located in 60 to 100 feet of water in the Bohai Bay. Kerr-McGee
Corporation of Oklahoma City is the operator and will commence drilling a well
to a depth of 14,100 feet in the third quarter, 1997.
In addition, Newfield will acquire certain rights and data relating to
offshore West Africa, a small technical staff, and an international data base.
David Trice, Chief Executive Officer of Huffco will join Newfield as a vice
president and will be president of Newfield International Inc. Ms. Terry
Huffington, principal owner of Huffco International, L.L.C., will be elected
a director of Newfield.
"This represents a good opportunity for early, relatively low cost drilling in
a very prolific oil producing basin on a license with several attractive
prospects," said Joe B. Foster, Chairman and CEO of Newfield. "It also brings
with it a nucleus of people with international experience and a history of
working together which will permit Newfield to gradually become more active
internationally."
Foster added, "While we are hopeful our entry into international exploration
will provide longer term growth for Newfield, we do not intend to slow down or
de-emphasize our Gulf Coast activity. We are working to acquire a number of
important opportunities in the Gulf of Mexico and continuing to seek
profitable onshore Louisiana properties. International exploration and
delineation, if required, will account for less than 10% of our capital
spending during 1997 and 1998."
"Finally, we are pleased to welcome both Terry Huffington and David Trice to
key positions at Newfield. Terry has grown up in the oil business, has two
degrees in geology and an MBA, plus excellent knowledge and contacts in the
international oil business. She will be a valuable addition to Newfield's
board. David Trice was one of the founders of Newfield and our chief
financial officer until leaving in 1991 to become Huffco's chief executive.
He is a known quantity. We will rely on his talents, not only to help us grow
an international arm, but to help us grow and shape the entire company."
Newfield will issue approximately 275,000 to 300,000 shares of its common
stock in the transaction, with the remainder of the consideration consisting
of a small amount of cash, the assumption of substantially all of Huffco
International's liabilities and the retention by Huffco International of
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certain rights to additional payments if Newfield is successful in its
exploratory efforts.
Newfield was founded in 1989. Its principal operations are in the Gulf of
Mexico. During 1996, it was the 18th leading operator of production and the
8th most active driller on the Gulf of Mexico outer continental shelf.
Newfield Exploration Company For more information contact:
363 N. Sam Houston Parkway East, Ste. 2020 James P. Ulm, II
Houston, TX 77060 (281) 847-6000
(www.newfld.com)
Supplemental Information
Terry Huffington
Ms. Terry Huffington is the founder, owner and Chairman of Huffco Group Inc.,
and affiliated companies. She founded Huffco Group in 1990, following the
sale of the Indonesian assets of Roy M. Huffington, Inc., of which she was a
Vice President and Director.
She has a B.S. in Geology from Stanford (1977), and M.A. in Geology from
University of Texas (1981), and an M.B.A. from Harvard (1987). She worked as
a geologist for Exxon and Chevron and also in corporate planning before
joining Roy M. Huffington, Inc. in 1987.
Ms. Huffington has been involved in all aspects of Huffco's worldwide
exploration activities. She is active in numerous Houston civic activities.
David A. Trice
David A. Trice has served as President, Chief Executive Officer and Director
of Huffco Group Inc. since late 1991, and has been responsible for directing
Huffco's worldwide exploration operations. From 1989 to 1991 he served as
Vice President, Chief Financial Officer, and Director of Newfield Exploration
Company. He had primary responsibility for raising equity capital, and
obtaining joint venture participants during Newfield's first three years and
was instrumental in its early success. From 1980 to 1989 he had served as an
officer of several different companies owned by Roy M. Huffington, Inc. and
from 1973 - 1980 as an attorney with an Atlanta law firm.
Trice holds a J.D. degree from Columbia University's School of Law (1973) and
a B.A. in Managerial Science from Duke University (1970). He has been a
Houston resident since 1980.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Form 8-K to be signed on its behalf by the
undersigned thereunto duly authorized.
NEWFIELD EXPLORATION COMPANY
Date: May 15, 1997 By: /s/ Terry W. Rathert
Terry W. Rathert
Vice President and
Chief Financial Officer
(Authorized Officer and Principal
Financial Officer)