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Newfield Exploration names new CFO

THE WOODLANDS, Texas (AP) -- Newfield Exploration Co. said Monday that Terry Rathert, its chief financial officer and one of its founders, will retire next year after more than 25 years with the energy company.

The company said that Lawrence Massaro will succeed him as CFO in early November. Rathert, 60, will serve as a special adviser through August to aid with the transition.

Massaro, 50, has worked as the company's vice president of corporate development since 2011. Prior to joining Newfield, he worked for JP Morgan in its oil and gas investment banking group.

Newfield, based in The Woodlands, Texas, is an oil and gas exploration company.

The company's stock bottomed out for the year in April after it reported a major quarterly loss, but its shares have been on the upswing since then.

Its shares increased 23 cents to close at $29.40. They are down 11 percent by comparison to this time last year.