Form 8-K 06-22-07

UNITED STATES
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):   June 22, 2007
 
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NEWFIELD EXPLORATION COMPANY
(Exact name of registrant as specified in its charter)
______________
 

Delaware
1-12534
72-1133047
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer
of incorporation)
  
Identification No.)


363 N. Sam Houston Parkway E., Suite 2020
Houston, Texas 77060
(Address of principal executive offices)

Registrant’s telephone number, including area code: (281) 847-6000
 
Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

Item 1.01  Entry into a Material Definitive Agreement
 
On June 22, 2007, Newfield Exploration Company (the “Company”) entered into a new $1.25 billion revolving credit facility (the “Credit Agreement”) to replace its previous $1 billion facility. The Credit Agreement, dated as of June 22, 2007, is among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and issuing bank.

Loans under the Credit Agreement bear interest, at the Company’s option, based on (a) a rate per annum equal to the higher of the prime rate announced from time to time by JPMorgan Chase Bank, N.A. or the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System during the last preceding business day plus 50 basis points or (b) a base Eurodollar rate substantially equal to the London Interbank Offered Rate adjusted for statutory reserve requirements for Eurodollar liabilities, plus a margin that is based on a grid of our debt rating (87.5 basis points per annum at June 22, 2007). All other terms and conditions of the Credit Agreement are substantially the same as those of the prior credit facility.
 
 
 

 
 
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SIGNATURES


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 hereunto duly authorized.

 
NEWFIELD EXPLORATION COMPANY
     
     
     
Date:   June 22, 2007
By:
/s/ TERRY W. RATHERT
   
Terry W. Rathert
   
Senior Vice President and Chief Financial Officer
 
 
 
 
 
 
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