EXHIBIT 99.1


                           NEWFIELD PROVIDES UPDATE ON
                             TREASURE ISLAND PROJECT


FOR IMMEDIATE RELEASE

HOUSTON -- (JUNE 2, 2003) - NEWFIELD EXPLORATION COMPANY (NYSE:NFX) has received
notice from BP Exploration & Production Inc. of its intent to drill an initial
well to test the Treasure Island exploration concept, as provided for and
subject to the terms and conditions of the joint exploration agreement between
BP and Newfield (as successor to EEX Corp.)

         The agreement between Newfield and BP provides that if BP does not
commence drilling of the initial well by January 1, 2004, then the agreement
will terminate and the interests in the 20 leases assigned to BP under the
agreement will be reassigned to Newfield for nominal consideration. BP and
Newfield are conducting further technical work to refine plans for the area.

         Treasure Island refers to a concept developed to explore for oil and
gas in ultra-deep horizons below a salt weld typically found at 18,000', but
sometimes as deep as 22,200', in the Shelf of the Gulf of Mexico. The Treasure
Island area covers horizons below specified depths in 116 lease blocks located
offshore Louisiana.

         Statements in this release regarding the anticipated drilling of an
initial well and other planned work are forward looking. Actual results may vary
significantly from those anticipated and are principally at the discretion of
BP. There is no production and there are no proved reserves currently associated
with Treasure Island and no wells have yet been drilled to test the exploration
concept. As a result, ultimate commercialization of any one or more of the
currently identified prospects may never be realized because the prospects are
never tested, because oil or gas is not discovered or, if discovered, because
the costs of development may make commercialization uneconomic.

         Newfield Exploration is an independent crude oil and natural gas
exploration and production company. The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit opportunities.
Newfield's areas of operation include the Gulf of Mexico, the onshore U.S. Gulf
Coast, the Anadarko Basin and offshore northwest Australia.

Newfield Exploration Company                           For information, contact:
363 N. Sam Houston Parkway East, Ste. 2020                        Steve Campbell
Houston, TX 77060                                                 (281) 847-6081
www.newfld.com                                                   info@newfld.com


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