Rick Muncrief, Chairman & CEOMarch 27, 2017

Scotia Howard Weil 2017 Energy Conference

WPX’s Portfolio

DELAWARE

54%

30%

GAS

OIL 80%+DELAWARE (WCA)

WILLISTONSAN JUAN GALLUP

ROR

2WELL ECONOMICSFlat $54.09 Oil and $2.91 Gas1

WILLISTON BASIN

DELAWARE BASIN

SAN JUANBASIN

1 3-year average strip price as of February 24, 20172 Excludes G&A, acquisition land costs, and interest expense. Assumes vision for Delaware and Williston

70%+

100%+DELAWARE LONG LATERALS3

HEADQUARTERSTULSA

NG

L16%

WILLISTON

83%

9%

GAS

OIL

NG

L8%

SAN JUAN GALLUP

47%

31%

GAS

NG

L22%

OIL

2

PRODUCT MIX

Expanding WPX’s World-Class Delaware Position

3

PANTHER ACQUISITION OVERVIEW► Added 18,000+ acres in core of Delaware

► Total Delaware position: ~120,000 net acres

► 920 gross locations, including 150+ long lateral locations

► Maintain Panther’s current 2 rig program

► Valuation primarily supported on 3 zones with upside in 5

additional zones

► Closed mid-March

N E W M E X I C O

T E X A S

CULBERSON

LEA

EDDY

WARD

REEVES

LOVING

PECOS

WINKLER

WPX OPERATED ACREAGE

PANTHER ACREAGE

SELF-FUNDING DEVELOPMENT2 rig program funded with operating cashflows

DEEP INVENTORY OF CORE DELAWAREResource supports sustained growth

HIGH QUALITY ROCKMultiple stacked pay intervals with significant upside

ACCRETIVE TO CASHFLOWS AND NAVAccretive to shareholders 2017 and beyond

BENEFITS

THICK Hydrocarbon Stack Across Entire Acreage Position

A STATE LINE LOG B EAST TYPE LOG C CENTRAL TYPE LOG D SOUTH TYPE LOGN E W M E X I C O

T E X A S

WARD

LEAEDDY

REEVES

LOVING WINKLERA B

C

D

DE-RISKED

UPSIDE POTENTIAL

De-risked pay section across acreage with

substantial UPSIDE

WPX OPERATED ACREAGE ACQUIRED ACREAGE

4

Strong Acreage Position in Core of Delaware Basin at Attractive Price

Source: Company filings, RS Energy Group, PLS, and 1Derrick. Selected transactions in 2H 2016. Excludes EOG/Yates. Note: 3Q values exclude PDP value of $35,000 Boe/d and 4Q values exclude PDP value of $40,000 Boe/d. (1) Adjusted $/acre excludes $235MM for EOR assets and $100mm for SWD infrastructure. (2) Excludes $18.4mm for gas gathering infrastructure and SWD wells/facilities. (3) Adjusted $/acre excludes $12.5mm for SWD infrastructure. (4) Purchase price adjusted for production at $40,000 Boe/d and mineral interest and midstream assets of ~$200 million. (5) Purchase price adjusted for production at $40,000 Boe/d.

RSPP/Silver Hill – 10/2016

Purchase price: $2,544mm

Production, net: 15,000 boe/d (69% oil)

Acreage: 41,000

Adj. $/acre: $47,415

Callon/Ameredev– 12/2016

Purchase price: $615mm

Production, net: 1,945 boe/d (71% oil)

Acreage: 16,098

Adj. $/acre: $32,228

(2)

Diamondback/Private operator – 7/2016

Purchase price: $560mm

Production, net: 1,000 boe/d (89% oil)

Acreage: 19,180

Adj. $/acre: $26,721

(3)

Attractive acquisition price of ~$28,500(5) per undeveloped net acre compares favorably to recent Southern Delaware Basin acquisitions

Diamondback/Brigham – 12/2016

Purchase price: $2,428mm

Production, net: 9,482 boe/d (77% oil)

Acreage: 76,319

Adj. $/acre: $24,224

(4)

Selected Southern Delaware Basin Transactions in 2H 2016

Lea

Winkler

Oxy/J Cleo – 10/2016

Purchase price: $2,000mm

Production, net: 7,000 boe/d (72% oil)

Acreage: 35,000

Adj. $/acre: $39,571

(1)

PDC/Kimmeridge – 8/2016

Purchase price: $1,500 mm

Production, net: 7,000 boe/d (42% oil)

Acreage: 57,000

Adj. $/acre: $22,018

Silver Run/Centennial – 7/2016

Purchase price: $1,735 mm

Production, net: 7,212 boe/d (82% oil)

Acreage: 42,500

Adj. $/acre: $34,884

Centennial/Silverback – 11/2016

Purchase price: $855mm

Production, net: 3,500 boe/d

Acreage: 35,000

Adj. $/acre: $20,429

WPX ACREAGEACQUIRED ACREAGE

LOVING

LEAEDDY

REEVES

CULBERSON

WINKLER

WARD

PECOS

ANDREWS

5

0%

20%

40%

60%

80%

100%

Oil Natural Gas

WPX Liquidity, Hedges and Debt Maturities

Cash and Equivalents @ (12/31/16) $496

Revolver Capacity $1,025

Letters of Credit <$66>

Liquidity $1,450

Debt Maturities

Senior Notes Senior Notes Senior NotesSenior Notes

Expect $1.2B OF

SALES PROCEEDS

IN 1H OF 2016

$1,485 UNDRAWN

$50.87

% o

f Pro

duct

ion

Hedg

ed $3.93

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

20171,2

$500

$1,100

$500 $500

$0

$200

$400

$600

$800

$1,000

$1,200

2016 2017 2018 2019 2020 2021 2022 2023 2024

$MM

STRONG HEDGE POSITION CREATES CERTAINITY FOR DRILLING PROGRAM

Oil: 40,000 bbl/d Hedged► $54.57 per barrel

Gas: 185,000 mmbtu/d► $2.98 per MMBtu

Oil: 39,428 bbl/d Hedged► $50.87 per barrel

Gas: 170,000 mmbtu/d► $3.02 per MMBtu

2018

2017

Liquidity

Dollars listed in millions

STRONG LIQUIDITY

$3.02

6

7

Contracted Service Cost Mitigates Potential Inflation

Contracts in Place for 2017

Services Exposed to Spot Market

Note: D&C components based on latest blended AFE (Williston, San Juan, Delaware)

2017 D&C COST BREAKDOWN

of D&C costs are contracted through 2017

► Majority of services exposed to inflation are contracted

► Focused on securing services since 2Q 2016 to prepare

for activity ramp

► Some contracts go through 2018, others have options

to extend past 2017

► ~90% of D&C costs go through Supply Chain Mgmt.

• Sand• Stimulation Services• Drilling Rigs• Tubulars/Wellhead• Cementing Material and Services• Water

• Fluids/Cuttings/Solids Control• Directional Equipment & Services• Chemicals• Other (Completions)• Other (Drilling)

Delaware Basin: Delineation of the Wolfcamp

N E W M E X I C O

T E X A S

CULBERSON

LEA

EDDY

LOVING

WPX OPERATED ACREAGE

PANTHER ACREAGE

D

D

XY

XY

C-STATE 16-1HIP 30: 1,635 BOE/D (65% OIL)90 DAY CUM: 114,338 BOE

E. PECOS FED COM 22-14HIP 30: 1,736 BOE/D (30% OIL)90 DAY CUM: 139,336 BOE

DELINEATING WOLFCAMP ACROSS POSITION

► WOLFCAMP XY-PECOS STATE 46-6H► Lateral length: ~4,800 ft► Proppant (#/ft): ~1,750► Tracking in-line with WCA 1,000

MBOE type curve after 45 days

660’330’

WOLFCAMP B

LOWER WOLFCAMP A

UPPER WOLFCAMP A

WOLFCAMP X/Y

1 MILE

350

FT

CBR SPACING TEST UNDERWAY

► PURPOSE OF TEST► Validate 16 well U/L Wolfcamp A spacing► Understand future infrastructure needs

PECOS STATE 46-6HIP 30: 1,780 BOE/D (50% OIL)

D

LINDSAY 16-6HIP 30: 1,434 BOE/D (18% OIL)90 DAY CUM: 119,047 BOE

PECOS STATE 46-5HIP 30: 1,628 BOE/D (22% OIL)

REEVES

8

► Utilized diverter► Hybrid completion design► Engineered completions

► WOLFCAMP D-PECOS STATE 46-5H► Lateral length: ~4,850 ft► Proppant (#/ft): ~2,750► Currently producing with 3,800 psi

flowing tubing pressure (2-17)

► UPDATE ON CBR► Expected first sales end of March► 16 day record well spud-to-rig release► Encouraging DFIT results

► Utilized diverter► Hybrid completion design► Engineered completions

Note: Well production data is on a 3-stream basis

Williston Basin: Strong, Consistent Results

1 Spud-to-rig release for a 2-mile lateral2 Public data based on production from wells completed in 2016

Peers include AXA,BURLINGTON RESOURCES,EOG,ERF,HESS,LIBERTY RESOURCE,MRO,NFX,OAS,PETRO-HUNT,QEP,SM,STL,TPLM,WLL,XTO

► 39% oil growth 4Q’16 vs 3Q’16

► 4Q production 28.8 MBOE/d

► Set new drilling record of 11.7 days1

► Completed DUC inventory

► Current total well cost $5.5MM

► 14 wells on 1st sales during 4Q

► 6 Middle Bakken and 8 Three forks wells

9

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

WPX PEER 1 PEER 2 PEER 3 PEER 4 PEER 5 PEER 6 PEER 7 PEER 8 PEER 9

180 DAYS CUM OIL PRODUCTION FOR 2016 NEW WELLS2

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,00090 DAYS CUM OIL PRODUCTION FOR 2016 NEW WELLS2

WPX PEER 1 PEER 2 PEER 3 PEER 4 PEER 5 PEER 6 PEER 7 PEER 8 PEER 9

WILLISTON HIGHLIGHTS

#1 PRODUCERON CUMULATIVE OIL BASIS 90 DAYS/180 DAYS2

San Juan Basin: Continued Strong Well Results

12015 well performance based on 1 mile laterals, 2016 based on average of 7,200’ laterals

CONTINUING TO RAISE THE BAR

► 21% oil growth 4Q’16 vs 3Q’16

► Set new basin record

► Drilled 1.5 mile lateral in 5.8 days

► Strong performance on 6-well pad

► Cumulative 180-day production: +1.0 MMBOE

► Average day: ~1,000 BOE/D per well (70% oil)

► Average lateral length: 7,250 ft.

► Average D&C cost: ~$4.1MM

► Focused on West Lybrook in 2017

► New rig spud first well 12/31/20160

50

100

150

200

250

300

0 20 40 60 80 100 120 140 160 180 200Cu

m P

rodu

ctio

n M

BOE

Days of Production

6-WELLPAD

2016GALLUP WELLS

CURRENT650 MBOE65% IN EUR

SINCE 20151

2016 SAN JUAN GALLUP WELLS

INCREASE

10Note: Well production data is on a 3-stream basis

11

U.S. Competitive Advantage: Agile and Flexible

► Ability to focus asset base

► Improve cost structure

► Increase well performance

IMPROVING COMMODITY PRICES:

► Better well economics

► More investment

► Continue to innovate

LOW COMMODITY PRICES:

Foundation in Place for Enhancing and Accelerating Value

► POSITIONED

► PRUDENT

► FLEXIBLE

► DISCIPL INED

WILLISTON BASIN

DELAWARE BASIN

SAN JUAN BASIN

HEADQUARTERS: TULSA

12