912750--3/3/2006--NEWFIELD_EXPLORATION_CO

related topics

{gas, price, oil}

{cost, contract, operation}

{cost, regulation, environmental}

{operation, international, foreign}

{competitive, industry, competition}

{acquisition, growth, future}

Our use of oil and gas price hedging contracts involves credit risk and may limit future revenues from price increases and result in significant fluctuations in our net income. Our future success depends on our ability to find, develop and acquire 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. If oil and gas prices decrease, we may be required to take writedowns. We may not achieve continued production growth from our Monument Butte Field. Competitive industry conditions may negatively affect our ability to conduct operations. We may be subject to risks in connection with acquisitions. 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 these risks. Exploration in deepwater involves greater operating and financial risks than exploration at shallower depths. We are subject to complex laws that can affect the cost, manner or feasibility of doing business. We have risks associated with our foreign operations.

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