912750--2/27/2009--NEWFIELD_EXPLORATION_CO_/DE/

related topics
{gas, price, oil}
{cost, regulation, environmental}
{personnel, key, retain}
{acquisition, growth, future}
{capital, credit, financial}
We have substantial capital requirements to fund our business plans, and the current poor conditions generally in the economy and in the financial markets could jeopardize our ability to execute our business plans. Our use of oil and gas price hedging contracts may limit future revenues from price increases and involves the risk that our counterparties may be unable to satisfy their obligations to us. To maintain and grow our production and cash flow, we must continue to develop existing reserves and locate or acquire new oil and gas reserves. Actual quantities of recoverable oil and gas reserves and future cash flows from those reserves most likely will vary from our estimates. There is limited refining capacity for our black wax crude oil, and our ability to sell our current production or to increase our production at Monument Butte may be limited by the demand for our crude oil production. Lower oil and gas prices and other factors resulted in a ceiling test writedown and may in the future result in additional ceiling test writedowns or other impairments. Drilling is a high-risk activity. The oil and gas business involves many operating risks that can cause substantial losses; insurance may not protect us against all of these risks. Exploration in deepwater involves significant financial risks, and we may be unable to obtain the drilling rigs or support services necessary for our deepwater drilling and development programs in a timely manner or at acceptable rates. Competition for experienced technical personnel may negatively impact our operations or financial results. There is competition for available oil and gas properties. We may be subject to risks in connection with acquisitions. We are subject to complex laws that can affect the cost, manner or feasibility of doing business.

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