fwp
 

Filed pursuant to Rule 433
Registration No. 333-124120
     
Morgan Stanley
New Issue Summary
  March 29, 2006
     
Issuer:
   Newfield Exploration Company
Face Amount:
   $550,000,000
Gross Proceeds:
   $550,000,000
Security:
   Senior Subordinated Notes
Coupon:
   6.625%
Price per bond:
   100% (Par)
Yield:
   6.625%
Ratings:
   Ba3/BB-
Maturity:
   April 15, 2016
Interest:
   Semi-Annual
Interest Payments:
   April 15 and October 15,
 
   commencing October 15, 2006
Use of Proceeds:
   Redemption of 8 3/8% Senior
 
   Subordinated Notes due 2012
 
   and for general corporate
 
   purposes, including funding a
 
   portion of the 2006 capital
 
   program
Underwriters:
   Morgan Stanley (bk); JPMorgan
 
   (jt.mgr); First Albany
 
   Capital, Goldman, Sachs & Co.
 
   and Wachovia Securities
 
   (sr.cos); Calyon Securities
 
   (USA) and Harris Nesbitt (cos)
Distribution Method:
   Registered
Trade Date:
   March 29, 2006
Settlement Date:
   April 3, 2006 (T+3)
Optional Redemption:
   Makewhole Call at Treasury
 
   Rate plus 50 basis points, at
 
   any time prior to April 15,
 
   2011
                 
 
  Date   Price    
 
               
 
  April 15, 2011     103.313 %    
 
  April 15, 2012     102.208 %    
 
  April 15, 2013     101.104 %    
 
  April 15, 2014 and thereafter     100 %    
     
Equity Clawback:
   At anytime prior to April 15,
 
   2009, at a redemption price
 
   equal to 106.625%, for up to
 
   35%
 
    
CUSIP:
   651290 AJ 7
This notice shall not constitute an offer to sell or a solicitation of an offer to buy. The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-718-1649 (institutional investors) or 1-800-584-6837 (retail investors).
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