J.P. MORGAN ENERGY CONFERENCE. June 18, 2018

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1 J.P. MORGAN ENERGY CONFERENCE June 18, 2018

2 WPX Today MARKET SNAPSHOT 1 NYSE SYMBOL: WPX MARKET CAP: $7.4B ENTERPRISE VALUE: $9.7B PRODUCTION (1Q): MBOE/D OIL GROWTH Y/Y 5 : 49% WILLISTON DELAWARE HEADQUARTERS TULSA, OK DELAWARE BASIN WILLISTON BASIN MIDSTREAM ASSETS 6,600+ gross locations 3,4 ~465 gross locations 4 ~131,000 net acres 2 ~85,000 net acres 2 Delaware JV - gas processing/oil gathering 100% owned water and gas gathering Takeaway optionality and equity ownership 1. As of May 16, As of YE Primarily based on 1-mile laterals and does not include Taylor Ranch locations. 4. Includes non-op and operated locations. 5. Full-year 2017 vs. midpoint of 2018 guidance 2

3 Crude Takeaway - Access to Premium Markets MAY-DEC 2018 Unhedged 2% CUSHING Firm Midland Sales Hedged 2 27% Brent 39% ORYX II MIDLAND HOUSTON Cushing-WTI 10% Gulf Coast 1 22% CORPUS CHRISTI BRENT Unhedged 7% FY 2019 Less than 5% exposed to Midland spot pricing in %-10% exposed to Midland spot pricing in Brent, Gulf Coast, and WTI exposure consists of firm transport and firm sales commitments on BridgeTex, Cactus, and Basin pipelines. Cushing-WTI 11% Firm Midland Sales Hedged 2 31% Brent 31% Gulf Coast 1 20% 1. Gulf Coast pricing includes LLS and Magellan East Houston 2. Midland basis ($0.83) for 2018 and ($0.93) for

4 Gas Takeaway Creates Flow Assurance MAY-DEC 2018 Houston Ship Channel 59% Firm Sales/Hedge Volumes 41% STATELINE ACREAGE WAHA ATMOS AGREEMENT UP TO 200,000 MMBTU/D FROM WAHA TO KATY, TX HOUSTON SHIP CHANNEL FY 2019 WHITEWATER UP TO 500,000 MMBTU/D FROM STATELINE TO WAHA HENRY HUB Houston Ship Channel 69% Firm Sales/Hedge Volumes 31% 4

5 A Step Ahead: Supply Chain Management HHP 3 crews locked in at negotiated rates Built in flexibility & stability MITIGATING RISKS THROUGH SUPPLY CHAIN SAND 12 portable sand silos (5MM LBS) Loving, NM sand silo (36MM LBS) Long term contracts in place Local mine access RIGS Combination of long-term & shortterm contracts with multiple providers provides flexibility WATER By YE18, WPX will use 50% recycled water in our frac operations 5

6 2018 Delaware Basin 400 CBR 6-7 PAD SHIFTING TO LONG LATERALS 400 LINDSAY PAD 300 EDDY LEA 200 NM CUM MBOE CUM MBOE TX LOVING 100 CULBERSON REEVES Normalized Days on Production Normalized Days on Production ~80% of drilling program focused on WC X/Y and WCA Running 7 rigs & 3 frac crews Average lateral: ~7,500 ~70% of Wolfcamp set up for extended lateral development Well Costs1 1. Assumes upper and lower Wolfcamp A wells mile: $7.0MM 1.5-mile: $8.7MM 2-mile: $10.3MM 6

7 CUM MBOE 2018 Williston Basin NORTH SUNDAY ISLAND MOUNTRAIL ARIKARA PAD EARLY TIME PERFORMANCE DUNN Normalized Days on Production Mandan North & Hidasta North Produced 685,000+ BOE in 180 days (81% oil) Arikara pad results Pad produced 329,000+ barrels of oil after 30 days 30-day IP: 75,380 BOE (Arikara 15-22HD) 24hr-IP: 3,146 BOE/D (Pad Average) Mandan North 13-24HA (4-well pad) Best 24hr-IP: 5,172 BOE/D (81% oil) Added 3rd rig in April Well costs: ~$6.3MM Full-time frac and wireline crew Normalized Days on Production 7

8 Portfolio Transformation Driving High Margins Unhedged EBITDAX per BOE $28 Unhedged Adjusted EBITDAX Per BOE Shifting Commodity Mix $26 $24 $22 $20 69% MARGIN INCREASE Q 17 to 1Q 18 Excluding San Juan WTI Increased ~20% during this period 69% liquids with SJ 80% liquids WITHOUT SJ $18 $16 $14 NG 31% NGL 13% Oil 56% NGL 13% NG 20% Oil 67% $12 1Q17 2Q17 3Q17 4Q17 1Q18 Unhedged Adj. EBITDAX per BOE With San Juan 2017 Commodity Mix Including San Juan 2017 Commodity Mix Excluding San Juan Unhedged Adj. EBITDAX per BOE Without San Juan 8

9 WPX: Positioned for Long-Term Value Creation FINANCIAL STRENGTH LEVERAGE OF 1.5X DURING 2019 OIL FOCUSED 150 MBBL/D DURING 2022 MIDSTREAM OPTIONALITY VALUE CREATION/FLOW ASSURANCE DEEP INVENTORY OF HIGH RETURNS 9

10 APPENDIX

11 WPX Delaware Midstream Infrastructure Overview ASSETS INCLUDED IN JV Crude Gathering System: ~125,000 Bbl/d Gas Processing Facility: 400 MMcf/d First 200 MMcf/d train complete mid-year 2018 RETAINED BY WPX WATER SYSTEM GAS GATHERING EDDY ACREAGE DEDICATION 50,000 ACRES No drilling or volume commitment JV AGREEMENT GAS PROCESSING PLANT CRUDE GATHERING ASSETS WHOLLY OWNED BY WPX Stateline Gas & Water Gathering Systems: ~200,000 Bbl/d of water disposal capacity 150 MMcf/d of gas compression capacity ~81,000 Net Acres Outside Stateline Dedication WPX retains all existing midstream rights in other areas NM TX CULBERSON LOVING LEA WARD ORYX II UP TO 100,000 BBL/D FROM STATELINE TO MIDLAND & CRANE SIGNED TAKEAWAY AGREEMENTS Atmos Waha Takeaway Agreement Up to 200,000 MMBtu/d from Waha to Katy, TX WhiteWater Midstream Agreement Up to 500,000 MMBtu/d from Stateline to Waha In-service 20% equity ownership Oryx II Crude Takeaway Agreement 100,000 Bbl/d capacity 12.5% equity ownership with option to increase to 25% WHITEWATER UP TO 500,000 MMBTU/D FROM STATELINE TO WAHA REEVES PECOS WAHA ATMOS AGREEMENT UP TO 200,000 MMBTU/D FROM WAHA TO KATY, TX

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