Letter from Joe Foster, Founder - Newfield Exploration
Newfield has been benefiting charitable organizations since its first years of existence. Four large university endowments were early investors in Newfield and were able to increase their endowments by over $200 million with gains from their investment.
In addition, the appreciation of Newfield's stock price has permitted our employees to contribute several million dollars in stock to various charities, not to mention what other shareholders and investors may have done with their profits in Newfield stock.
Since 2001, corporate funds contributed to the Newfield Foundation have provided an avenue for contributions to be made to worthy organizations through direct gifts from the Foundation and by matching of employee contributions.
I am very proud that Newfield has shared - and continues to share - its success in so many ways with the society, the infrastructure, and the institutions which have permitted it to flourish.
Giving back to our communities
We believe that our Company and employees can play an important role in enhancing the quality of life in the communities in which we are active. In 2001, the company formed the Newfield Foundation. At year-end 2013, Newfield had contributed over $17.5 million to the Foundation and the endowment is in a position to be self-sustaining for future grant awards. In 2016, the Foundation will give more than $900,000 to causes and charities addressing needs where we live and work.
The Mission of the Newfield Foundation is to improve the quality of life through support of programs in the environment, medical, cultural arts and community services.
Last Updated January 2016
Process and Annual Steps Towards Funding:
|July||Newfield employees nominate charities they would like the Foundation to consider funding.|
|August||The application cycle begins August 1.|
|September||The cycle closes on September 15, 5pm Central. Applications after this date will not be eligible.|
|October||The Foundation Grants Nomination Committee reviews applications.|
|November||Recommendations and donation levels are summarized and submitted to the Foundation Directors for review and approval.|
|January||The following year, all approved organizations receive grant letters and funding.|