Corporate Code Of Business Conduct And Ethics
Newfield's management and board of directors are committed to doing business in an ethical and responsible manner.
Our employees help keep Newfield's standards high and we want every job to be performed in a fair, honest and ethical manner. We encourage the same performance by our vendors, customers and partners.
Newfield's Corporate Code of Business Conduct and Ethics details the Company's values and policies on this subject. Each employee is required to read and understand it. The complete Code of Business Conduct and Ethics and other pertinent corporate governance information can be found at: www.newfield.com/governance.aspx
Employee Compensation
Pay for Performance
We are known for paying for performance. Employees are compensated through a combination of salary, cash bonus, deferred bonus and Newfield common stock. Our bonus pool is derived as a percentage of the Company's net income.
Compensation is based on performance and we reward those who add value during the year. For example, if an employee discovers a significant oil or natural gas discovery, his or her pay will reflect that contribution. Performance also means conducting operations in a safe manner with regards for environmental impact of our operations.
"People" make the difference at Newfield.
Diverse experiences and skill sets among employees provide a competitive advantage in our
operations. A cross section of our employees reveals backgrounds from major oil companies,
small and large independents, private oil and gas companies and recent college graduates.
We have an active intern and recruitment program to attract the best and brightest minds in
scientific and technical fields recruited from leading colleges and universities. Employees
are empowered to make decisions and capture opportunities with a focus on profitably growing
reserves and production to create long-term shareholder value. Although we have grown rapidly,
we work hard to preserve our culture.
Equity Ownership
Owners make the best employees. We reward and encourage employees through equity ownership and incentive compensation based on
performance and profitability. A significant portion of our employees' compensation is
discretionary and performance-based.
Peer Review Process
Another unique attribute is the Company's Peer Review Process. Before oil and gas prospects are
drilled, they are presented to Newfield's technical employees. Employees question, critique and
offer suggestions based on their past experiences with similar prospects and fields. Their
relative experience helps add quality to this unique process. Following the presentation, employees
are able to vote on which prospects are drilled and not drilled. Essentially, they are voting
their shares of Newfield stock. The high component of employee ownership makes this an effective
process. Employees recommend the wells that have the best chance of adding value for Newfield
shareholders.
