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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): JANUARY 3, 2000
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
REVISED TABLES FOR NATURAL GAS AND CRUDE OIL HEDGE VOLUMES AS OF
DECEMBER 31, 1999
During December 1999, the Company closed substantially all of it natural gas
hedge position for 2000. This activity was directed by the Company's natural
gas hedge program. The following table sets forth the natural gas hedge
position of the Company as of December 31, 1999. Including the value of
premiums received offsetting premiums paid, together with settlement of the
January 2000 position, the Company has a gain of $182,075 for 2000.
<TABLE>
<CAPTION>
NATURAL GAS
Swaps Collars Floor Contracts
-------------------------- ----------------------------------- -----------------------------
Weighted NYMEX Weighted
Average Contract Price Average
NYMEX per MMBtu NYMEX
Volume in Contract Price Volume in --------------------- Volume in Contract Price
Period MMMBtus per MMBtu MMMBtus Floors Ceilings MMMBtus per MMBtu
- ------------------------------- ---------- --------------- --------- ------- -------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
January 2000 .................. 750 $2.74 250 $2.82 $3.25 100 $2.63
</TABLE>
The Company continues to monitor the crude oil market and has recently added
to its crude oil hedge position. As a result, the following table sets for
the crude oil hedge position of the Company as of December 31, 1999.
<TABLE>
<CAPTION>
OIL
Swaps Collars Floor Contracts
------------------------- ---------------------------------- -----------------------------
Weighted NYMEX Weighted
Average Contract Price Average
NYMEX per Bbl NYMEX
Volume in Contract Price Volume in --------------------- Volume in Contract Price
Period Bbls per Bbl Bbls Floors Ceilings Bbls per Bbl
- ------------------------------- ---------- -------------- --------- ------- -------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
January 2000 - March 2000 ..... 455,000 $21.63 182,000 $18.28-$19.50 $20.10-$21.00 91,000 $19.32
April 2000 - June 2000 ........ 455,000 $21.70 182,000 $18.28-$19.50 $20.10-$21.00 --- ---
July 2000 - September 2000 .... 460,000 $21.70 92,000 $18.28 $21.00 --- ---
October 2000 - December 2000 .. 460,000 $21.70 --- --- --- --- ---
January 2001 - March 2001 ..... 180,000 $21.25 --- --- --- --- ---
</TABLE>
For more information about the Company's hedging activities and associated
risks, see "Hedging" in Management's Discussion and Analysis in the Company's
3rd Quarter 1999 10-Q.
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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: January 3, 2000 By: /s/ Terry W. Rathert
Terry W. Rathert
Vice President-Planning and
Administration and Secretary
(Authorized Officer and Principal
Financial Officer)
