ipaa april 20, 2004 oil & gas investment symposium

IPAAIPAA

April 20, 2004April 20, 2004

Oil & Gas Investment Oil & Gas Investment SymposiumSymposium

PERMIAN BASINPERMIAN BASINPERMIAN BASINPERMIAN BASIN

Domestic Focus AreasDomestic Focus Areas

““Focused Operations”Focused Operations”

T E X A S

O K L A H O M A

SOUTH TEXAS/ VAL VERDE BASINSOUTH TEXAS/ VAL VERDE BASINSOUTH TEXAS/ VAL VERDE BASINSOUTH TEXAS/ VAL VERDE BASIN

• Active in multiple playsActive in multiple plays• 300,000 gross lease acres300,000 gross lease acres• Plan 50-60 wells in 2004Plan 50-60 wells in 2004

• Active in multiple playsActive in multiple plays• 300,000 gross lease acres300,000 gross lease acres• Plan 50-60 wells in 2004Plan 50-60 wells in 2004

• Established 2001Established 2001• Primarily non-operatedPrimarily non-operated• Gas oriented playsGas oriented plays

• Established 2001Established 2001• Primarily non-operatedPrimarily non-operated• Gas oriented playsGas oriented plays

MID-CONTINENTMID-CONTINENT

• Long life reservesLong life reserves• ““Gas mining” initiativeGas mining” initiative• 600,000 gross lease acres600,000 gross lease acres• 1,700 producing wells1,700 producing wells• Plan 160 wells in 2004Plan 160 wells in 2004

• Long life reservesLong life reserves• ““Gas mining” initiativeGas mining” initiative• 600,000 gross lease acres600,000 gross lease acres• 1,700 producing wells1,700 producing wells• Plan 160 wells in 2004Plan 160 wells in 2004

SOUTHERN LOUISIANASOUTHERN LOUISIANASOUTHERN LOUISIANASOUTHERN LOUISIANA

• Impact exploration focusImpact exploration focus• 22,000 gross acres22,000 gross acres• 63,000 mineral acres63,000 mineral acres

• Impact exploration focusImpact exploration focus• 22,000 gross acres22,000 gross acres• 63,000 mineral acres63,000 mineral acres

L O U I S I A N A

GULF OF MEXICOGULF OF MEXICOGULF OF MEXICOGULF OF MEXICO

• 249 Shelf lease blocks249 Shelf lease blocks• 85 deepwater lease blocks85 deepwater lease blocks• 150 production platforms150 production platforms• Active in all major play typesActive in all major play types

•TraditionalTraditional•Deep shelfDeep shelf•Deep waterDeep water

• 249 Shelf lease blocks249 Shelf lease blocks• 85 deepwater lease blocks85 deepwater lease blocks• 150 production platforms150 production platforms• Active in all major play typesActive in all major play types

•TraditionalTraditional•Deep shelfDeep shelf•Deep waterDeep water

EAST TEXASEAST TEXASEAST TEXASEAST TEXAS

• Established late 2002Established late 2002• Active in 3 fieldsActive in 3 fields• 10-12 wells in 200410-12 wells in 2004• High working interestHigh working interest

• Established late 2002Established late 2002• Active in 3 fieldsActive in 3 fields• 10-12 wells in 200410-12 wells in 2004• High working interestHigh working interest

Balanced Asset BaseBalanced Asset Base

~ 630 MMcfe/d~ 630 MMcfe/d

RESERVES (12/31/03) PRODUCTION

Gulf of MexicoGulf of Mexico41%41%

OnshoreOnshoreGulf CoastGulf Coast

33%33%

Mid-Continent26%

1.32 Tcfe1.32 Tcfe

Gulf of MexicoGulf of Mexico50%50%

OnshoreOnshoreGulf CoastGulf Coast

35%35%

Mid-Continent15%

Balanced Portfolio - 2004Balanced Portfolio - 2004

100%

0%

33%

67%

20 40 >60

Potential (Gross BCFE)

Cha

nce

of S

ucce

ss

Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Stealth

Bohai Bay

Deepwater GOM

Treasure Island

# Wells

Net Unrisked Reserve Potential

(BCFE)

3 - 5

30 - 50 50 - 120

1 - 2 55 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8

Significant Development Programs

Glider - Deepwater GOMRigel - Deepwater GOMCFD 12-1 - Bohai Bay, China

100 - 250

90 - 15015 - 20

Spud 1 ?

North Sea 2 100 - 120

50 - 60

150 - 160150 - 160 100100Mid-Cont.

“Gas Mining”Mid-Cont.

“Gas Mining”

What is Gas Mining?What is Gas Mining?

Low risk, under-exploited “marginal” resourcesLow risk, under-exploited “marginal” resources

Typically lower rates and EUR’sTypically lower rates and EUR’s

Keys:Keys:– ScaleScale– RepeatabilityRepeatability– Innovation and cost controlInnovation and cost control

NFX is expanding its already sizeable positionNFX is expanding its already sizeable position

Hedging can protect / improve returns Hedging can protect / improve returns

Mid-Continent Drilling ProgramMid-Continent Drilling ProgramGas MiningGas Mining

T E X A S

O K L A H O M A

NFX OfficeTulsa

ARKOMABASIN

GOLDENTREND

ANADARKOSHELF

MOUNTAINFRONT

STILES RANCHSTILES RANCH•Recent acquisition Recent acquisition effortsefforts

•12 wells planned in 12 wells planned in 20042004

•3.0 MMCFE/D3.0 MMCFE/D•7,000 net lease acres7,000 net lease acres

•Recent acquisition Recent acquisition effortsefforts

•12 wells planned in 12 wells planned in 20042004

•3.0 MMCFE/D3.0 MMCFE/D•7,000 net lease acres7,000 net lease acres

•3 rig program3 rig program•35 wells planned in 200435 wells planned in 2004•11.0 MMCFE/D11.0 MMCFE/D•Added 24,000 acres in 2003Added 24,000 acres in 2003•38,000 net lease acres38,000 net lease acres

•3 rig program3 rig program•35 wells planned in 200435 wells planned in 2004•11.0 MMCFE/D11.0 MMCFE/D•Added 24,000 acres in 2003Added 24,000 acres in 2003•38,000 net lease acres38,000 net lease acres

GRANDGRAND

BIG 4BIG 4•12 wells planned in 200412 wells planned in 2004•10.0 MMCFE/D10.0 MMCFE/D•6,300 net lease acres6,300 net lease acres

•12 wells planned in 200412 wells planned in 2004•10.0 MMCFE/D10.0 MMCFE/D•6,300 net lease acres6,300 net lease acres

CROMWELLCROMWELL

•3 rig program3 rig program•66 wells planned in 200466 wells planned in 2004•10.5 MMCF/D10.5 MMCF/D•Added 24,000 acres in 2003Added 24,000 acres in 2003•40,000 net lease acres40,000 net lease acres

•3 rig program3 rig program•66 wells planned in 200466 wells planned in 2004•10.5 MMCF/D10.5 MMCF/D•Added 24,000 acres in 2003Added 24,000 acres in 2003•40,000 net lease acres40,000 net lease acres

GAS MINING FACTSGAS MINING FACTS Lower yield reserves/wellLower yield reserves/well High POSHigh POS Hedging ensures RORHedging ensures ROR Economies of scaleEconomies of scale Cost controlCost control

Newfield AcreageNewfield AcreagePNR AcreagePNR Acreage

L E G E N D

PUTNAM•Recent acquisition effortRecent acquisition effort•9 wells planned in 20049 wells planned in 2004•6.0 MMCFE/D6.0 MMCFE/D

•Recent acquisition effortRecent acquisition effort•9 wells planned in 20049 wells planned in 2004•6.0 MMCFE/D6.0 MMCFE/D



BUFFALO WALLOW


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss

Mid-Cont. “Gas Mining”

Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Bohai Bay

Deepwater GOM

Treasure Island

# Wells


(BCFE)

150 - 160 100

30 - 50 50 - 120

1 - 2 55 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8



100 - 250

90 - 15015 - 20

Spud 1 ?

North Sea 2 100 - 120

StealthStealth 3 - 53 - 5 50 - 60 50 - 60


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Traditional GOM

Deep Shelf

Stealth

Bohai Bay

Deepwater GOM

Treasure Island

# Wells


(BCFE)

150 - 160 100

3 - 5

1 - 2 55 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8



100 - 250

Spud 1 ?

North Sea 2 100 - 120

50 - 60

30 - 5030 - 50 50 - 12050 - 120

90 - 15090 - 15015 - 2015 - 20

Gulf Coast Dev.

Gulf Coast Dev.

Gulf Coast Expl.Gulf Coast Expl.

2004 Onshore Gulf Coast Activity2004 Onshore Gulf Coast Activity

Development

Exploration

Moose• Drilling• PTD: 23,500’ • NFX WI: 25%

Moose• Drilling• PTD: 23,500’ • NFX WI: 25%

Destino Deep• Deep Target Below Destino• 2H04 Spud• Evaluating Test Results

Destino Deep• Deep Target Below Destino• 2H04 Spud• Evaluating Test Results

Val Verde Basin• 4-7 Exploration Concepts• Packenham Drilling

— 60% NFX• Success Sets Up Devp.

Drilling• Significant Potential

Val Verde Basin• 4-7 Exploration Concepts• Packenham Drilling

— 60% NFX• Success Sets Up Devp.

Drilling• Significant Potential

Duval County / South Texas Wilcox

• Tres Des 3-D Survey• Loma Novia

Duval County / South Texas Wilcox

• Tres Des 3-D Survey• Loma Novia

Galveston Bay• Re-processing

3-D • 2 Wells 2H04

Galveston Bay• Re-processing

3-D • 2 Wells 2H04Wharton County

• Exploratory Ideas • 2H04 Drilling

Wharton County• Exploratory Ideas • 2H04 Drilling

Val Verde Basin• 22 Development Wells in

’03• 5-8 planned in ’04• 80,000 Lease Acres

Val Verde Basin• 22 Development Wells in

’03• 5-8 planned in ’04• 80,000 Lease Acres

Zapata County / Duval County

• Ongoing Exploration• 5-10 Wells in 2004

Zapata County / Duval County

• Ongoing Exploration• 5-10 Wells in 2004

East Texas• Active in 4 Fields• High WI –

operated• 10-12 wells in

2004• NFX WI: 90-100%

East Texas• Active in 4 Fields• High WI –

operated• 10-12 wells in

2004• NFX WI: 90-100%

La Reforma / La Rucia• Development Drilling• Recent Drilling

Successes • 2-Rig Program -

Ongoing

La Reforma / La Rucia• Development Drilling• Recent Drilling

Successes • 2-Rig Program -

Ongoing

West Caney Creek• Wharton County, TX• 12,000 Lease Acres• Production: 40 MMcfe/d• 5 Development Wells in

2004• Davis Locke – 2

Successful— 200’ Net Gas Pay

West Caney Creek• Wharton County, TX• 12,000 Lease Acres• Production: 40 MMcfe/d• 5 Development Wells in

2004• Davis Locke – 2

Successful— 200’ Net Gas Pay


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Stealth

Deepwater GOM

Treasure Island

# Wells


(BCFE)

150 - 160 100

3 - 5

30 - 50 50 - 120

Bohai BayBohai Bay 1 - 21 - 2 55 - 6555 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8



100 - 250

90 - 15015 - 20

Spud 1 ?

North Sea 2 100 - 120

50 - 60

Bohai Bay – China Block 05/36Bohai Bay – China Block 05/36

05/3604/36

CFD 12-1 FieldCFD 12-1 Field-10 wells with significant oil pay10 wells with significant oil pay-12-1-7 adds significant new reserves12-1-7 adds significant new reserves-Extends onto block 04/36Extends onto block 04/36

Development planning underwayDevelopment planning underway

NFX owns 35% interest, outside NFX owns 35% interest, outside operatedoperated

BZ 6-1

BZ 6-2

3-D seismic area3-D seismic area

Remaining Prospects Remaining Prospects

CFD 11-1

05/36

2.6 km

1.9 km

5.3 km

HZ-5

# 5

# 6CFD 11-6-1Successful

CFD 11-6-2Successful





CFD South #1Tested: 5,000 BOPD


Found major new sand

CFD South #4SuccessfulCFD South #2

Successful

CFD 12-1 Field

CHINA


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Gulf Coast Dev.

Gulf Coast Expl.

Stealth

Bohai Bay

Deepwater GOM

Treasure Island

# Wells


(BCFE)

150 - 160 100

3 - 5

30 - 50 50 - 120

1 - 2 55 - 65

3 - 4 125 - 150



90 - 15015 - 20

Spud 1 ?

North Sea 2 100 - 120

50 - 60

15 - 2015 - 20 100 - 150100 - 150Traditional GOMTraditional GOM

6 - 86 - 8 100 - 250100 - 250Deep ShelfDeep Shelf

Gulf of Mexico

M I S S I S S I P P I

2004 GOM Shelf Activity2004 GOM Shelf Activity

Development

Exploration

GB 208 # 1 ST 1• Aug. ‘03 Discovery • Tested 8 MM/D• First Prod: 4Q04• NFX WI: 50%

GB 208 # 1 ST 1• Aug. ‘03 Discovery • Tested 8 MM/D• First Prod: 4Q04• NFX WI: 50%

SS 354• Drill from

Platform • NFX WI: 50%

SS 354• Drill from

Platform • NFX WI: 50%

Brazos 504• Set Platform • First Prod: 4Q04 • NFX WI: 100%

Brazos 504• Set Platform • First Prod: 4Q04 • NFX WI: 100%

HI A 520 (2)• NFX WI: 41% HI A 520 (2)• NFX WI: 41%

HI A 353• NFX WI: 50% HI A 353• NFX WI: 50%

EI 364• Set Platform • First Prod: 3Q04• NFX WI: 50%

EI 364• Set Platform • First Prod: 3Q04• NFX WI: 50%

SP 11• Recent Discoveries (’02, ’03)• Mesa Verde Development Well• NFX WI: 33%

SP 11• Recent Discoveries (’02, ’03)• Mesa Verde Development Well• NFX WI: 33%

ST 148 (2)• TD: 16,350’• 20 MMcfe/d• NFX WI: 56%

ST 148 (2)• TD: 16,350’• 20 MMcfe/d• NFX WI: 56%

WC 96 (2)• Drilling # 1• PTD: 16,500’• NFX WI: 50%

WC 96 (2)• Drilling # 1• PTD: 16,500’• NFX WI: 50%

SS 160• PTD: 17,000’• NFX WI: 100%

SS 160• PTD: 17,000’• NFX WI: 100%

ST 158• PTD: 18,000’• NFX WI: 100%

ST 158• PTD: 18,000’• NFX WI: 100%

WD 21• Deep Objective • 2H04 Test• NFX Op

WD 21• Deep Objective • 2H04 Test• NFX Op

WC 22 / 23• 2 Recent Discoveries • NFX WI: 75%• First Prod: 4Q04

WC 22 / 23• 2 Recent Discoveries • NFX WI: 75%• First Prod: 4Q04

VR 58• PTD: 16,000’ • NFX WI: 100%

VR 58• PTD: 16,000’ • NFX WI: 100%

SS 284• NFX WI: 100% SS 284• NFX WI: 100%

WD 133• 2Q04 Spud• NFX WI: 75%

WD 133• 2Q04 Spud• NFX WI: 75%

ST 299• NFX WI: 75% ST 299• NFX WI: 75%

WD 102• ’03 Discovery • Set Platform• First Prod: 4Q04 • NFX WI: 100%

WD 102• ’03 Discovery • Set Platform• First Prod: 4Q04 • NFX WI: 100%

Gulf of Mexico


Lease Sale 190 SummaryLease Sale 190 SummaryMarch 17, 2004March 17, 2004

NFX Apparent High Bidder

NEWFIELD’S RESULTS:

Gross Bids -- $12.4MM

($9.2MM Net)High Bidder on 15 of 23 Blocks(5 Awarded to Date)

6 Traditional Shelf Prospects6 Deep Shelf Prospects3 Deepwater Blocks

NEWFIELD’S RESULTS:

Gross Bids -- $12.4MM

($9.2MM Net)High Bidder on 15 of 23 Blocks(5 Awarded to Date)

6 Traditional Shelf Prospects6 Deep Shelf Prospects3 Deepwater Blocks

FUN FACTS:

Sum of High Bids:

$368.8MMBlocks Offered: 4,324Blocks Receiving Bids: 557

Total # Bids: 829Average Bids / Block: 1.49# Companies Participating: 83

FUN FACTS:

Sum of High Bids:

$368.8MMBlocks Offered: 4,324Blocks Receiving Bids: 557

Total # Bids: 829Average Bids / Block: 1.49# Companies Participating: 83


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Stealth

Bohai Bay

Deepwater GOM

Treasure Island

# Wells


(BCFE)

150 - 160 100

3 - 5

30 - 50 50 - 120

1 - 2 55 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8



100 - 250

90 - 15015 - 20

Spud 1 ?

North SeaNorth Sea 2 2 100 - 120100 - 120

50 - 60

Windermere/ChiswickWindermere/Chiswick

CumbriaCumbriaCore AreaCore AreaCumbriaCumbria

Core AreaCore Area

U.K. SOUTHERN GAS BASINU.K. SOUTHERN GAS BASIN• New focus areaNew focus area• Acquired non-op interest in Windermere, Acquired non-op interest in Windermere,

ChiswickChiswick• Windermere production: 12 MMcfe/d (gross)Windermere production: 12 MMcfe/d (gross)• Chiswick undeveloped discoveryChiswick undeveloped discovery• Cumbria (49/4b) 2003 License AreaCumbria (49/4b) 2003 License Area• Working interest: WindermereWorking interest: Windermere 20%20%

Chiswick Chiswick 40%40%

U.K. SOUTHERN GAS BASINU.K. SOUTHERN GAS BASIN• New focus areaNew focus area• Acquired non-op interest in Windermere, Acquired non-op interest in Windermere,

ChiswickChiswick• Windermere production: 12 MMcfe/d (gross)Windermere production: 12 MMcfe/d (gross)• Chiswick undeveloped discoveryChiswick undeveloped discovery• Cumbria (49/4b) 2003 License AreaCumbria (49/4b) 2003 License Area• Working interest: WindermereWorking interest: Windermere 20%20%

Chiswick Chiswick 40%40%

Cumbria Core AreaCumbria Core Area

Chiswick 49/4aChiswick 49/4a2004 Appraisal Drilling2004 Appraisal Drilling

NFX WI: 40%NFX WI: 40%

Chiswick 49/4aChiswick 49/4a2004 Appraisal Drilling2004 Appraisal Drilling


Licence 49/4bLicence 49/4bCumbriaCumbria

Est. Spud: 2H04Est. Spud: 2H04NFX WI: 100%NFX WI: 100%

Licence 49/4bLicence 49/4bCumbriaCumbria

Est. Spud: 2H04Est. Spud: 2H04NFX WI: 100%NFX WI: 100%

Windermere 49/9bWindermere 49/9bProduction: 12 MM/d (gross)Production: 12 MM/d (gross)


Windermere 49/9bWindermere 49/9bProduction: 12 MM/d (gross)Production: 12 MM/d (gross)



100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Stealth

Bohai Bay

Treasure Island

# Wells


(BCFE)

150 - 160 100

3 - 5

30 - 50 50 - 120

1 - 2 55 - 65

15 - 20 100 - 150

Deepwater GOMDeepwater GOM 3 - 43 - 4 125 - 150125 - 150

6 - 8



100 - 250

90 - 15015 - 20

Spud 1 ?

North Sea 2 100 - 120

50 - 60

Gulf of Mexico


Deepwater GOM - Deepwater GOM - A New Focus AreaA New Focus Area

-

RIGEL• Under Development• First Prod: 1H05• NFX WI: 25%

RIGEL• Under Development• First Prod: 1H05• NFX WI: 25%

LLANO• On-line• ORRI• ~3 Bcfe Net Exposure

LLANO• On-line• ORRI• ~3 Bcfe Net Exposure

NELSON• 2003 Lease Sale• Est. Spud: 2Q04 • NFX WI: 50%

NELSON• 2003 Lease Sale• Est. Spud: 2Q04 • NFX WI: 50%

SLEEPER • 2003 Lease Sale• Est. Spud: 2H04 • NFX WI: 100%

SLEEPER • 2003 Lease Sale• Est. Spud: 2H04 • NFX WI: 100%

DEEPWATER PROJECTS

WORKING INTEREST

NET RESERVE POTENTIAL, BCFE 2003 2004 2005

Llano ORRI - - -Glider 25% 60 40 22 -

Nelson 50% 20 9 14 -Rigel 25% 25 7 8 4Sleeper 100% 40 8 10 27Dalmatian 37.50% 60 - 25 23

208 64 79 54

SUCCESS CASE CAPITAL (in MM$)

DVP.

EXPL.

~3

DALMATIAN• Est. Spud: 2004 • NFX WI: 37.5%

DALMATIAN• Est. Spud: 2004 • NFX WI: 37.5%

GLIDER• Joint Venture Development• Est. Spud: April 04• Tie Back an Existing Well• First Prod: 2H04• NFX WI: 25%

GLIDER• Joint Venture Development• Est. Spud: April 04• Tie Back an Existing Well• First Prod: 2H04• NFX WI: 25%

NFX Lease Sale 190 – Apparent High Bidder

La Femme• Est. Spud: 2H04 • NFX WI: 50%

La Femme• Est. Spud: 2H04 • NFX WI: 50%

WILDEBEAST GC 429

WILDEBEAST GC 429

WRIGLEY MC 506

WRIGLEY MC 506

JACOBS MC 73

JACOBS MC 73


100%

0%

33%

67%

20 40 >60


Cha

nce

of S

ucce

ss


Gulf Coast Dev.

Traditional GOM

Gulf Coast Expl.

Deep Shelf

Stealth

Bohai Bay

Deepwater GOM

# Wells


(BCFE)

150 - 160 100

3 - 5

30 - 50 50 - 120

1 - 2 55 - 65

15 - 20 100 - 150

3 - 4 125 - 150

6 - 8



100 - 250

90 - 15015 - 20

North Sea 2 100 - 120

50 - 60

Treasure IslandTreasure Island Spud 1Spud 1 ??

TREASURE PROSPECTTREASURE PROSPECT

10,000’

30,000’

Llano

Cretaceous Shelf Edge

NS

DEEPWATER FLEX TREND (Shelf Edge) SHELF

JasonST172 HickoryConger

Pleistocene

Pliocene

Miocene

Mid. Miocene

Low. Miocene

Paleogene

Mesozoic

20,000’

Salt

Salt

Basement Rock

TahitiThunderHorse

Treasure Prospect JB Mtn.

TypicalShelf

Gulf of Mexico


Moody

Moody

Treasure Bay

Treasure Bay Treasure

IslandTreasure Island

Ultra-Deep ExplorationUltra-Deep Exploration

Newfield Exposure:59 Blocks: 45% WI21 Blocks: 100% WI6 Blocks: 25 – 100 % WI

Newfield Exposure:59 Blocks: 45% WI21 Blocks: 100% WI6 Blocks: 25 – 100 % WI

JB MountainSMI 223

JB MountainSMI 223

Shark

Shark

TahitiGC

640/641

TahitiGC

640/641

Thunder Horse

MC 776/777

Thunder Horse

MC 776/777

BP BP BHP BHP BHP BHP

BHP BHP KMG KMG

BHP BHP XOM XOM

BHP BHP BHP BHP

Sale 190 – NFX Apparent High Bidder Sale 190 – Apparent High Bidder (Industry)

Track Record of GrowthTrack Record of Growth

1999 2000 2001 2002 2003 2004e 1998 1999 2000 2001 2002 2003

Production is 80% natural gas

113

140

Production (BCFE) Proved Reserves (BCFE)

225-235

513595

1,206

687

175 184936

Oil Gas

220.6*1,320

* Production from continuing operations

This presentation by Newfield Exploration Company includes forward-looking information. All This presentation by Newfield Exploration Company includes forward-looking information. All information other than historical facts included in this presentation, including information information other than historical facts included in this presentation, including information regarding estimated proved reserves, production targets, anticipated production rates, planned regarding estimated proved reserves, production targets, anticipated production rates, planned capital expenditures, the number of wells planned to be drilled in the future, the relative risks capital expenditures, the number of wells planned to be drilled in the future, the relative risks and potential of planned exploratory wells, the availability of capital resources to fund capital and potential of planned exploratory wells, the availability of capital resources to fund capital expenditures and business strategy and other plans and objectives for future operations, is expenditures and business strategy and other plans and objectives for future operations, is forward-looking information. Although the Company believes that the expectations reflected in forward-looking information. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such expectations are based upon such forward-looking information are reasonable, such expectations are based upon assumptions and anticipated results that are subject to numerous uncertainties. Actual results 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 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 and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support services and the availability of capital resources. In addition, the drilling rigs and other support services and the availability of capital resources. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks.regulations and operating risks.

There are numerous additional uncertainties inherent in estimating quantities of proved oil and There are numerous additional uncertainties inherent in estimating quantities of proved oil and natural gas reserves, including many factors beyond the control of the Company. Reserve natural gas reserves, including many factors beyond the control of the Company. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way, and the accuracy of any reserve estimate is a gas that cannot be measured in an exact way, and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and function of the quality of available data and of engineering and geological interpretation and judgment. As a result, estimates made by different engineers often vary from one another. In judgment. As a result, estimates made by different engineers often vary from one another. In addition, results of drilling, testing and production subsequent to the date of an estimate may addition, results of drilling, testing and production subsequent to the date of an estimate may necessitate revisions of such estimates. Accordingly, reserve estimates are generally different necessitate revisions of such estimates. Accordingly, reserve estimates are generally different from quantities of oil and natural gas that are recovered.from quantities of oil and natural gas that are recovered.

Forward-Looking StatementsForward-Looking Statements

IPAAIPAA

April 20, 2004April 20, 2004

Oil & Gas Investment Oil & Gas Investment SymposiumSymposium

ipaa april 20, 2004 oil & gas investment symposium

Documents

gross lease acres plan

gross lease acres600

gross lease acres300

producing wells plan

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gas mining slide

production gulf of mexico

onshore gulf coast