Rick Muncrief, Chairman & CEOSeptember 6th, 2017

Barclays Global CEO-Energy Power Conference

2

2017- Continuing to Execute

Increasing 2017 annual oil growth guidance from 30% to 40%

3rd Bone Spring well 30-day average 1,647 Boe/d (50% oil)

Williston: Estatis 6-well pad 30-day cumulative oil of ~258,000 barrels

OPERATIONAL TRANSACTIONAL

Announced Permian Midstream JV agreement which includes upfront cash and capital carry

Signed Delaware Basin oil pipeline JV which includes capacity and minority interest

Began process to market legacy San Juan natural gas assets3

1 Lindsay well 10-15-19H upper Wolfcamp A 2 Lindsay well 10-15-18H lower Wolfcamp A3 Includes both operated and non-operated assets

Upper Wolfcamp A 24-HR IP: 4,067 Boe/d (56% oil) 3,180 psi FCP1

Lower Wolfcamp A 24-HR IP: 3,712 Boe/d (59% oil) 2,990 psi FCP2

WPX 2018 Strategic Goals

FREE CASH FLOWNEUTRAL BY YE 2018

35%-45% GROWTHWITH FLAT RIG COUNT IN 20182

$300-$400MM IN NON-CORE ASSET SALES BY YE 20181

BELOW 2.5XNET DEBT/EBITDAX BY YE 2018

1 Includes San Juan legacy operated and non-operated natural gas assets2 2018 year-over-year oil growth. 3

4

Large Inventory with Commodity Optionality

PORTFOLIOOF OPTIONS

HIGHOIL MIX

BALANCED COMMODITY MIX

HIGHGAS MIX2

Commodity Mix >60% OIL 40%-59% OIL >60% GAS

# of Locations 3,150+ 3,350+ 800+

# of Rig Years ~185 ~225 ~50

1 Based on strip pricing 8/31/20172 Does not include San Juan Legacy or Taylor Ranch locations

Rig year assumptions: SJG- 40 wells/rig Williston- 22 wells/rig Delaware- 15 wells/rig

TOTAL NET RESOURCE POTENTIAL: 5.4++BBOE2

MULTI-DECADE DEVELOPMENT

>7,300POTENTIAL GROSS LOCATIONS IN

DELAWARE, WILLISTON & SAN JUAN GALLUP

WILLISTON

SAN JUAN GALLUP

DELAWARE

2018 AVERAGE WELL RETURNS 50%+1

5

WPX: Current Commodity Mix and Inventory Depth

1 Based on 2Q’17 production2 Does not include San Juan Legacy or Taylor Ranch locations

40%

49%

11%

55%32%

13%

CURRENT COMMODITY MIX1

CURRENT COMMODITY MIX1

GROSSLOCATIONS

7,300+2

~460RIG YEARS2

Rig year assumptions: SJG- 40 wells/rig Williston- 22 wells/rig Delaware- 15 wells/rig

HIGH OIL MIX

BALANCED MIXHIGH GAS MIX

HIGH OIL MIX

BALANCED MIXHIGH GAS MIX

OIL

NGLSGAS

43%

46%

11%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017E

Oil NGLs Gas

6

Shift to a More Balanced Commodity Mix

16,200 BPD2013 OIL OUTPUT1

58,500 BPD2017 EST. OIL OUTPUT38%

OIL VOLUMES GROWTH CAGR

1 Excludes international production

COM

MO

DITY

MIX

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Staying Ahead in Securing Infrastructure in the Delaware

GATHERING REGIONAL END MARKET

NGL

GASGAS PROCESSING FACILITY AND

GAS GATHERING SYSTEMSIGNED AGREEMENT WITH

WHITEWATER TO WAHA WITH OWNERSHIP STAKE

SIGNED AGREEMENT TO GULF COAST

OIL SIGNED AGREEMENT TO GULF COAST

CRUDE GATHERING SYSTEM SIGNED CRUDE TAKEAWAY AGREEMENT WITH ORYX WITH

OWNERSHIP STAKE

DIRECT CONNECT TO PLANT UNDERWAY

DIRECT CONNECT TO LONG-HAUL PIPELINE

AMPLE CAPACITY TO GULF COAST FRACTIONATION

1 Does not include Taylor Ranch locations2 Includes non-op and operated locations

Delaware Overview

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Drilled 8 zones YTD

Validated 330’ spacing in Stateline U/L Wolfcamp A

Drilled first 3rd Bone Spring well

Tested 4,000 lbs/ft completion in Wolfcamp D

Upper Wolfcamp A 24-HR IP: 4,067 Boe/d (56% oil)

3,180 psi FCP4

Lower Wolfcamp A 24-HR IP: 3,712 Boe/d (59% oil)

2,990 psi FCP5

Moving to long laterals

DELAWARE BASIN~135,000 net acres

6,400+ gross locations1,2

50% oil/20% NGLS/30% gas3

CULBERSON

LEA

EDDY

WARDREEVES

LOVING

PECOS

WINKLER

CHAVES

WPX OPERATED ACREAGE

NON-OP ACREAGE

N E W M E X I C OT E X A S

OPERATIONAL UPDATE

3 Based on 2Q 2017 production

4 Lindsay well 10-15-19H upper Wolfcamp A 5 Lindsay well 10-15-18H lower Wolfcamp A

WILLIAMS

MOUNTRAIL

MCKENZIE

DUNN

MCLEAN

MERCER

DIVIDE BURKE

Williston Overview

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2017 average wells outperforming type cure

Continuing to test new completion designs

Testing more proppant, tighter spacing, # of stages

WILLISTON BASIN~85,000 net acres

~570 gross locations87% oil/7% NGLS/6% gas1

0

50

100

150

200

250

0 30 60 90 120 150 180

Behr (3) Caribou (3) Grizzly (3) Beaks (3)

Wolf Chief (2) Etstatis (6) Lucy Evans (3) 850 Type Curve

2017 WELL PERFORMANCEAVERAGE BY PAD

DAYS ON PRODUCTION

CUM

MBO

E

OPERATIONAL UPDATE

WPX OPERATED ACREAGE

NON-OP ACREAGE

1 Based on 2Q 2017 production

1 Includes non-op and operated locations2 Based on 2Q 2017 full-basin production

San Juan Overview

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Setting new drilling records

Facilities construction completed through early 2018

West Lybrook wells outperforming type curve

0

10

20

30

40

50

60

70

80

90

100

0 20 40 60 80 100 120

SAN JUAN BASIN235,000 net acres

~4,635 gross locations1

30% oil/12% NGLS/58% gas2

LA PLATA

RIO ARRIBASAN JUAN

ARCHULETA

C O L O R A D O

N E W M E X I C O

SANDOVAL

OIL WINDOW~105,000 acres~3351 locations

GAS WINDOW1

~130,000 acres~4,300 locations

CUM

OIL

MBB

LS

DAYS ON PRODUCTION

2Q WELL RESULTSADJUSTED FOR LATERAL LENGTH (7,500’)

OPERATIONAL UPDATE

WPX OPERATED ACREAGE

NON-OP ACREAGE

0%

20%

40%

60%

80%

100%

Oil Natural Gas

WPX Liquidity, Hedges and Debt Maturities

Cash and Equivalents @ (6/30/2017) $8

Revolver Capacity $1,109

Liquidity $1,117

Senior Debt Maturities

Senior Notes Senior Notes Senior NotesSenior Notes

$50.26

% o

f Pro

duct

ion

Hedg

ed $3.93

1 Based on midpoint of guidance2 Hedge position July-December 2017

20171,2

STRONG HEDGE POSITION CREATES CERTAINTY FOR DRILLING PROGRAM

Oil: 55,500 bbl/d Hedged► $52.69 per barrel

Gas: 185,000 mmbtu/d► $2.98 per MMBtu

Oil: 50,750 bbl/d Hedged► $50.26 per barrel

Gas: 170,000 mmbtu/d► $3.02 per MMBtu

2018

2017

Liquidity

Dollars listed in millions

STRONG LIQUIDITY

$3.02

11

$350

$1,100

$500 $650

$0

$200

$400

$600

$800

$1,000

$1,200

2017 2018 2019 2020 2021 2022 2023 2024

$ M

M

Expect at least $300MM in proceeds at closing of the joint venture with Howard Energy Partners

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WPX Strategic Focus

► Operational Execution

► Financial Discipline

► Value-Driven Growth

DisclaimerThe information contained in this summary has been prepared to assist you in making your own evaluation of the Company and does not purport to contain all of the information you may consider important in deciding whether to invest in shares of the Company’s common stock. In all cases, it is your obligation to conduct your own due diligence. All information contained herein, including any estimates or projections, is based upon information provided by the Company. Any estimates or projections with respect to future performance have been provided to assist you in your evaluation but should not be relied upon as an accurate representation of future results. No persons have been authorized to make any representations other than those contained in this summary, and if given or made, such representations should not be considered as authorized.

Certain statements, estimates and financial information contained in this summary constitute forward-looking statements or information. Such forward-looking statements or information involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from the results implied or expressed in such forward-looking statements or information. While presented with numerical specificity, certain forward-looking statements or information are based (1) upon assumptions that are inherently subject to significant business, economic, regulatory, environmental, seasonal, competitive uncertainties, contingencies and risks including, without limitation, the ability to obtain debt and equity financings, capital costs, construction costs, well production performance, operating costs, commodity pricing, differentials, royalty structures, field upgrading technology, and other known and unknown risks, all of which are difficult to predict and many of which are beyond the Company's control, and (2) upon assumptions with respect to future business decisions that are subject to change.

There can be no assurance that the results implied or expressed in such forward-looking statements or information or the underlying assumptions will be realized and that actual results of operations or future events will not be materially different from the results implied or expressed in such forward-looking statements or information. Under no circumstances should the inclusion of the forward-looking statements or information be regarded as a representation, undertaking, warranty or prediction by the Company or any other person with respect to the accuracy thereof or the accuracy of the underlying assumptions, or that the Company will achieve or is likely to achieve any particular results. The forward-looking statements or information are made as of the date hereof and the Company disclaims any intent or obligation to update publicly or to revise any of the forward-looking statements or information, whether as a result of new information, future events or otherwise. Recipients are cautioned that forward-looking statements or information are not guarantees of futureperformance and, accordingly, recipients are expressly cautioned not to put undue reliance on forward-looking statements or information due to the inherent uncertainty therein.

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Reserves DisclaimerThe SEC requires oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, under existing economic conditions, operating methods, and governmental regulations. The SEC permits the optional disclosure of probable and possible reserves. We have elected to use in this presentation “probable” reserves and “possible” reserves, excluding their valuation. The SEC defines “probable” reserves as “those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.” The SEC defines “possible” reserves as “those additional reserves that are less certain to be recovered than probable reserves.” The Company has applied these definitions in estimating probable and possible reserves. Statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this presentation that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC’s reserves reporting guidelines. Investors are urged to consider closely the disclosure regarding our business that may be accessed through the SEC’s website at www.sec.gov.

The SEC’s rules prohibit us from filing resource estimates. Our resource estimations include estimates of hydrocarbon quantities for (i) new areas for which we do not have sufficient information to date to classify as proved, probable or even possible reserves, (ii) other areas to take into account the low level of certainty of recovery of the resources and (iii) uneconomic proved, probable or possible reserves. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors.

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WPX Non-GAAP DisclaimerThis presentation may include certain financial measures, including adjusted EBITDAX (earnings before interest, taxes, depreciation, depletion, amortization and exploration expenses), that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.

This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are widely accepted financial indicators used by investors to compare a company’s performance. Management believes that these measures provide investors an enhanced perspective of the operating performance of the company and aid investor understanding. Management also believes that these non-GAAP measures provide useful information regarding our ability to meet future debt service, capital expenditures and working capital requirements. These non-GAAP financial measures should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

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