EXHIBIT 99.2
NEWFIELD PROVIDES EARLY GUIDANCE FOR 2004 PRODUCTION VOLUMES**
FOR IMMEDIATE RELEASE
HOUSTON - (OCTOBER 30, 2003) - In today's third quarter 2003 financial
and operating results conference call, NEWFIELD EXPLORATION COMPANY (NYSE:NFX)
disclosed the following regarding 2004 production estimates:
David A. Trice, Newfield President and CEO, said "Our production this
year has been strong and we will once again make our target in 2003. We think
that the consistency of our performance and track record sets us apart from our
peers and competitors. We are in the planning process for 2004 at this time and
will publish specific 2004 guidance in February 2004. Our current outlook calls
for 2-5% organic growth in 2004. With some significant wells coming on line in
the fourth quarter of 2003, and increased drilling activity in our onshore
areas, we expect our gas production to exit 2003 at about 525 million cubic feet
per day and oil production to end the year at about 16,000 barrels of oil per
day, reflecting the sale of Australia."
Trice also stated that year-to-date 2003, Newfield has replaced its
production with the addition of new reserves in all domestic focus areas.
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 and Arkoma Basins and select international ventures.
**All of the above information regarding production is forward looking and is
based upon assumptions and anticipated results that are subject to numerous
uncertainties. Actual results may vary significantly from those anticipated due
to many factors, including drilling results, oil and gas prices, industry
conditions, the prices of goods and services, the availability of drilling rigs
and other support services, the availability of capital resources, labor
conditions and other factors set forth in our Annual Report on Form 10-K for the
year ended December 31, 2002. In addition, the drilling of oil and gas wells and
the production of hydrocarbons are subject to governmental regulations and
operating risks.
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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