Newfield Exploration Company

“Lockton is forward-thinking and they have our best interests at heart every day.”

Newfield Exploration Company is an oil and gas exploration company with production onshore in Texas, Oklahoma, Montana, Wyoming and Utah and offshore facilities in the Gulf of Mexico, the North Sea southern gas basin, Malaysia and China. "We have a large diverse portfolio of energy assets and, in the last several years, large losses on some of our offshore Gulf of Mexico facilities," reports Terry Rathert, Chief Financial Officer. "Finding adequate capacity to insure our assets at a reasonable cost with security was the challenge we faced." Newfield Exploration’s largest exposure is in the Gulf of Mexico where their platforms and pipelines are exposed to hurricanes. Lockton helped Newfield deal with the volatile marketplace after hurricanes swept through the Gulf in 2004 and 2005. "Lockton was critical in the aftermath of these storms." "Newfield Exploration had losses in the hundreds of millions of dollars from Rita and Katrina, and if we had gone through a protracted time to settle our claims, it would have been even more costly. Many times it can take three to five years for these claims to be processed and paid. Lockton got our claims closed and paid effectively in less than a year." Lockton’s relationships with key underwriters foster direct negotiations with the principals at the carriers. "When the insured is reimbursed promptly in the appropriate amount, everybody wins. Lockton is our insurance department, and they are certainly an integral part of successful risk management at Newfield Exploration."