|Something From Nothing explores the remarkable rise of Newfield Exploration, an independent crude oil and natural gas exploration & production company, from a nine million dollar start-up to a thriving nine billion dollar conglomerate and explains the vital role its founder, Joe B. Foster, played. Before founding Newfield, for thirty-one years Foster held various positions in exploration, production and strategic planning at Tenneco Oil. As President of Tenneco’s E&P division, he spear-headed its development into one of the most successful exploration companies in the Gulf of Mexico.
When Joe Foster learned that Tenneco planned to sell its oil properties, he could have cashed out his substantial severance package and taken up golf. Instead, he founded Newfield Exploration, acquiring leases and reserves at a time when activity in the Gulf was languishing. With his Seven Business Principles literally carved in granite at the entrance to his offices, Foster showed the energy world how to use the technology of the majors with the budget of a start-up to create success.
ARTHUR L. SMITH is President of Triple Double Advisors, LLC. He has served as Chairman and CEO of the petroleum research and consulting firm John S. Herold, Inc. and as a securities analyst with Argus Research Corp., The First Boston Corporation and Oppenheimer & Co., Inc. Smith is a director of Plains All American LLP and Pioneer Southwest Energy Partners, L.P. and is a past appointee to the National Petroleum Council (NPC). He has served on the boards of the New York Society of Security Analysts (NYSSA), Parker & Parsley Petroleum, Pioneer Natural Resources, Cabot Oil & Gas Corporation, Evergreen Resources, Inc. and privately-held Kuwait Energy. He is active in a number of petroleum industry associations including the Independent Petroleum Association of America (IPAA). He also serves on the board of the non-profit organization, Dress for Success Houston and is on the Board of Visitors of the Nicholas School of the Environment and Earth Sciences at Duke University.