EnerCom- The Oil & Gas Conference

EnerCom- The Oil & Gas Conference Clay Gaspar, Chief Operating Officer August 16, 2016

WPX Highlights 2Q ACTION ITEMS COMPLETED $538MM EQUITY OFFERING WILLISTON BASIN ACQUIRED 7,800 NET ACRES IN DELAWARE BASIN, CLOSED JULY REPURCHASED $179MM OF THE 2017 NOTES 1 CLOSED SALE OF THE PICEANCE BASIN SUBSIDIARY ANNOUNCED PICEANCE TRANSPORT BUYOUT, CLOSED JULY BEYOND 2Q SAN JUAN BASIN HEADQUARTERS TULSA, OK FUNDED CAPEX THROUGH 2018 WITH CASH ON HAND ACCELERATING ACTIVITY IN THE DELAWARE AND WILLISTON PERMIAN BASIN GROWING DELAWARE INVENTORY AND RESOURCE POTENTIAL 2 BUILDING CRUDE LINE IN THE DELAWARE OIL NATURAL GAS 1 Includes notes repurchased in July 2016. 2 Estimated BOE net resource potential and gross location count. 2

WPX Liquidity, Hedges and Debt Maturities STRONG LIQUIDITY STRONG HEDGE POSITION Pro-Forma Liquidity 2 Cash and Equivalents @ (6/30/16) $1,031 Undrawn Revolver 1,025 Transport Buyout (239) 2017 Note Balance @ (6/30/16) 3 (160) Pro Forma Liquidity 2 $1,657 % of Production Hedged 100% 80% 60% 40% 20% 0% $60.16 Oil 2016 1 $3.93 Natural Gas Dollars listed in millions ~80% of oil production hedged Oil: 25,054 bbl/d Hedged 2016 1 $60.16 per barrel Natural gas fully hedged $3.93 per MMBtu 2017 $50.74 per barrel Gas: 110,000 mmbtu/d $2.91 per MMBtu Pro-Forma Debt Maturities $1,200 $1,000 $MM $800 $600 $400 Expect $1.2B OF SALES PROCEEDS IN 1H OF 2016 $1,485 UNDRAWN $1,100 $200 $500 $500 $500 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Senior Notes Senior Notes Senior Notes Senior Notes 1 Based on midpoint of guidance. 2 Excludes acreage acquisition cost. 3 Repurchased $35MM of 2017 notes in July 3

Delaware Continuing Operational and Technical Momentum DELAWARE BASIN HIGHLIGHTS Adding 3 rd rig in October Wolfcamp D and X/Y wells scheduled 140 WOLFCAMP A WELLS 2 Testing larger completions and tighter cluster spacing 120 On track to achieve Vision by year-end 2016 $5.0MM well cost 1 1,000 MBOE EUR Acquired acreage contiguous to current position CUM MBOE 100 80 ~7,800 net acres with multiple stacked Hz targets (Wolfcamp and Bone Spring intervals) Existing production ~425 BOE/D (55% oil) 60 40 CURRENT WELL DESIGN SLICKWATER/HYBRID, 1,500-2,000 LBS/FT, 200 STAGE SPACING, 4 PERF CLUSTERS 20 0 50 50 50 TESTING NEW DESIGN SLICKWATER/HYBRID, 2,000 LBS/FT, 212 STAGE SPACING, 6 PERF CLUSTERS VISION WELL 1,000 MBOE CURRENT 3 900 MBOE Normalized days of production WOLFCAMP A WELLS (AVG, LATERAL ~4,600 ) ACQUISITION 670 MBOE 30 30 30 30 30 1 Includes D&C, artificial lift, and facilities 2 Includes wells from Haley, CBR, Robinson, Lindsay, Bunin, RDX, and Boyd pads 3 Based on 4,880 laterals 4

WPX s Opportunity in the Delaware Grows Significantly AUGUST 2015 TECHNICAL ADDITIONS ACQUIRED LOCATIONS TOTAL AUGUST 2016 Formation Gross Locations Gross Locations Gross Locations Gross Locations Assumed Spacing Delaware Vertical Bell Canyon Delaware Vertical Cherry Canyon 170 170 40 Delaware Vertical Brushy Canyon 750 630 1,380 20 Delaware Horizontal 100 5 105 160 Upper Avalon 330 75 405 107 Lower Avalon 220 185 405 107 1 st Bone Spring 530 10 540 160 2 nd Bone Spring 530 25 90 645 160 3 rd Bone Spring 220 220 160 Wolfcamp X/Y N/A 195 90 285 160 Upper Wolfcamp A 370 370 80 Lower Wolfcamp A N/A 315 315 91 Wolfcamp B Wolfcamp C 200 200 160 Wolfcamp D 200 180 90 470 107 Total 3,600+ 1,600+ 270+ 5,500+ 2.4+ BBOE net resource potential and 5,500+ gross locations Increased EURS Additional benches Tighter spacing Acquisition 5

Williston Wells Outperforming Type Curve, Getting Back to Work WILLISTON BASIN HIGHLIGHTS Recent results tracking above type curve No completions in 2Q 16 240 210 Mandaree and Emma Owner Pads Start completing DUCs in August Average 3-4 per month Current inventory of 19 DUCS On track to achieve Vision by YE16 $5.5MM well cost 2 850 MBOE EUR CUM MBOE 180 150 120 90 WILLISTON COMPLETIONS TIMELINE 1 6 WELLS 4 WELLS 2016 SEPT OCT NOV DEC 2017 60 30 0 0 30 60 90 120 150 Normalized days of production 2 WELLS 4 WELLS VISION 850 MBOE 2016 GUIDANCE 750 MBOE EMMA OWNER PAD MANDAREE PAD 3 WELLS 1 Based on the estimated flowback date. 2 Includes D&C, artificial lift, and facilities 6

San Juan Continues to Achieve Efficiencies SAN JUAN GALLUP HIGHLIGHTS WPX record 1.5-mile lateral $88 per ft REDUCING DRILLING COSTS LOE down 23% 1 Reducing costs by self-sourcing sand Direct access to mine Continuous testing and improvement Longer laterals Cluster spacing Reduced stages Resuming production on 6-well pad $ per Lateral ft. $140 $124 $120 $114 $112 $106 $98 $100 $88 $88 $80 $60 $40 $20 $- 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 Basin WPX Record $85 Target Well Name Spud Date Lateral Length # of Stages 24 Hour IP (Boe) 90 Day Cum (Boe) MC 5 COM #112H 8/3/2015 6,792 33 1,541 74,462 MC 5 COM #113H 8/30/2015 4,732 23 1,845 87,376 MC 5 COM #119H 8/15/2015 7,328 35 1,889 72,998 W LYBROOK UT #707H 4/22/2016 4,647 21 1,326 2 N/A W LYBROOK UT #708H 3/27/2016 5,809 27 1,255 2 N/A W LYBROOK UT #709H 2/27/2016 6,932 33 1,240 2 N/A W LYBROOK UT #747H 4/5/2016 9,281 44 1,445 2 N/A W LYBROOK UT #748H 3/17/2016 8,129 38 1,406 2 N/A W LYBROOK UT #749H 3/8/2016 8,746 42 1,491 2 N/A 1 1Q 16 vs 2Q 16 2 Wells still cleaning up and did not reach 24 hour IP full potential. 7

Foundation in Place for Enhancing and Accelerating Value DELAWARE BASIN 100,000+ net acres 5,500+ gross locations 1 Adding 3 rd rig in October WILLISTON BASIN ~85,000 net acres 575+ gross locations Completing 15-20 DUCS by YE 16 SAN JUAN BASIN 225,000+ net acres 3,900 gross locations 1 Average drilling days: 7.7 2 PORTFOLIO REBALANCED IN CORE BASINS WORLD-CLASS ROCK IN DELAWARE AND WILLISTON BASINS SIGNIFICANT UPSIDE IN THE DELAWARE STRONG BALANCE SHEET AND LIQUIDITY REMAINING OPPORTUNISTIC 1 Includes non-op and operated locations 2 Based on 1.5-mile laterals 8

WPX Non-GAAP Disclaimer This 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. 9

Disclaimer The 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 future performance and, accordingly, recipients are expressly cautioned not to put undue reliance on forward-looking statements or information due to the inherent uncertainty therein. 10

Reserves Disclaimer The 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. 11