Newfield Exploration completes record oil well in Anadarko basin

March 27, 2017

THE WOODLANDS, Texas -- Newfield Exploration Company, in conjunction with the Company's participation in this week's Scotia Howard Weil Energy Conference, has provided an interim update on its recent enhanced completions in the Anadarko basin's STACK play and raised expectations for its first-quarter 2017 domestic production.

In STACK, Newfield disclosed results from a new, industry leading STACK well and updated results from recent upsized well completions. The Burgess well (4,859-ft lateral length), located in Kingfisher County, Okla., and the heart of the Company's more than 300,000 net STACK acres, achieved a 24-hr flowrate of 2,931 boed (69% oil) and a 20-day average rate of 2,492 boed (70% oil). When compared against publicly available industry data, the Burgess achieved record 24-hr oil production per 1,000 ft of gross perforated interval (1,000 ft GPI) --- or 417 bbl of oil per 1,000 ft GPI. The well also had a record 20-day average oil production rate of 361 bbl per 1,000' GPI. These rates are the highest oil production rates per 1,000 ft GPI publicly reported to date in SCOOP/STACK.

The Burgess is one of 16 recent wells with enhanced completion designs. Newfield updated results for the nine previously disclosed STACK wells (February 2017) and provided early production rates for an additional seven wells with enhanced completions. Five of the wells now have 90 days of production history, averaging 1,215 boed (65% oil), which is more than 40% above the Company's 1.1 MMboe gross type curve when normalized to 10,000-ft lateral length. Newfield is gathering significant new data in 2017 and the results will ultimately be used to appropriately describe its development well type curve in STACK.

With recent outperformance in the Anadarko basin and its other producing regions, Newfield expects that its first-quarter 2017 production will likely exceed the high-end of guidance. Domestic production is expected to average approximately 137,700 boed, or 3,500 boed above original guidance (132,000 – 134,200 boed).

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