Newfield Exploration's Credit Rating Raised to Investment Grade at S & P

HOUSTON, July 7 /PRNewswire-FirstCall/ -- Newfield Exploration Company's (NYSE: NFX) credit rating was raised to investment grade by Standard and Poor's after its annual review from a BB+ to BBB- with a stable outlook. The Company's S & P subordinated debt will stay at BB+.

"We're very pleased with S & P's decision to raise our credit rating to investment grade," said Terry Rathert, Executive Vice President and Chief Financial Officer. "Since our founding more than two decades ago, we have always managed our company with strong coverage ratios. We have a diverse portfolio of assets and a strong balance sheet. This investment grade rating is recognition of our financial strength and will help to ensure our ability to access the capital markets at attractive rates in the future."

Newfield currently has a Ba2 credit rating from Moody's Investor Services and a BB+ by Fitch Ratings.

Newfield Exploration Company is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy of growing reserves through an active drilling program and select acquisitions. Newfield's domestic areas of operation include the Mid-Continent, the Rocky Mountains, onshore Texas and the Gulf of Mexico. The Company has international operations in Malaysia and China.