August 19, EnerCom Conference Rick Muncrief President & CEO, WPX Energy

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1 August 19, 2014 EnerCom Conference Rick Muncrief President & CEO, WPX Energy

2 WPX Portfolio Today Piceance Williston San Juan Appalachia Powder River Apco 1 3,019 Bcfe Proved 11,878 Bcfe 3P 221,186 Net Acres 105 MMboe Proved 176 MMboe 3P 88,697 3 Net Acres 517 Bcfe Proved 1,645 Bcfe 3P 160,825 Net Acres 328 Bcfe Proved 1,555 Bcfe 3P 87,994 Net Acres 245 Bcfe Proved 657 Bcfe 3P 360,002 Net Acres 22 MMboe Proved 58 MMboe 3P 385,796 Net Acres POWDER RIVER BASIN WILLISTON BASIN Total 2 Domestic 4,905 Bcfe Proved 17,211 Bcfe 3P 1,562,596 Net Acres 3 PICEANCE BASIN APPALACHIAN BASIN SAN JUAN BASIN Natural Gas Oil Natural Gas and Natural Gas Liquids ARGENTINA Note: Acreage, proved and 3P numbers are as of 12/31/13. 1 Reflects WPX s 69% ownership in APCO, as well as additional acreage owned by WPX. 2 Total includes other reserves and acreage not depicted on slide. 3 Includes mineral interest acreage 2

3 Industry Recognition and Awards 40+Awards Innovation Colorado Oil and Gas Drilling Innovation Award Excellence Oil and Gas Investor Best Discovery Award Involvement Community Involvement Award 3

4 2nd Quarter Highlights Domestic oil production up 57% 2Q 14 vs. 2Q 13 Domestic oil production grew 23% 2Q 14 vs. 1Q 14 Adjusted EBITDAX increased 40% 2Q 14 vs. 2Q 13 Domestic oil revenue grew 60% quarter over quarter Adding nearly 200 locations in the Williston Premium location adds in the highest quality rock in the play Increasing San Juan Gallup spuds from 29 to 40 ~40% increase in spuds without increasing rig count Increased full year oil production guidance by 10% 4

5 Piceance Basin #1 Energy Producer in Colorado More than 12,000 drillable locations Excess infrastructure Access to premium market 5

6 Piceance Operations Currently running 9 rigs 2nd quarter net production 691 MMcfe/d Natural gas 584 MMcf/d NGL 15.8 Mbbl/d Oil 2.0 Mbbl/d Lowest-cost operator 34% less D&C capital cost 1 57% less operating lifting cost 2 State-of-the-art water management system Successful Ryan Gulch 10-acre density Exploratory efforts in the Niobrara ¹Utilizing data from eight 2012 Rulison field non-op wells 2 Utilizing data from 215 Valley non-op wells total well expense 6

7 Williston Basin #1 Williston Producer in 1- and 2-year Cumulative Production 1 10 years of drillable inventory Operating 5 rigs 6-million-pound stimulations ¹Based on NDIC data for Middle Bakken laterals (7,500-12,000 ) drilled on 1,280 spacing units put on 1st sales since January Peer group includes companies with at least 20 wells with 365 days of production and 10 wells with 730 days of production as of 6/30/2014. WPX acquired Williston properties December

8 WPX ZAVANNA SLAWSON WHITING BURLINGTON QEP ENERGY SM ENERGY MARATHON NEWFIELD CONTINENTAL EOG RESOURCES DENBURY ONSHORE HESS OASIS HUNT ZENERGY XTO ENERGY HRC OPERATING PETRO-HUNT MUREX PETROLEUM OXY USA SAMSON RESOURCES WPX is #1 in Middle Bakken Cumulative Production 250, , , , , Yr and 2-Yr Cumulative Production per Well 1 (Based on productive days) WPX 2-Yr Cumulative Production per Well WPX 1-Yr Cumulative Production per Well Peer 2-Yr Cumulative Production per Well Peer 1-Yr Cumulative Production per Well Average 365-day cumulative production per well of Mbo, 64% higher than the peer average Average 730-day cumulative production per well of Mbo, 62% higher than the peer average 0.00 ¹Based on NDIC data for Middle Bakken laterals (7,500-12,000 ) drilled on 1,280 spacing units put on 1st sales since January Peer group includes companies with at least 20 wells with 365 days of production and 10 wells with 730 days of production as of 6/30/2014. WPX acquired Williston properties December Peer 2-Yr Avg Peer 1-Yr Avg 8

9 San Juan Basin #1 Returns in the WPX Portfolio Rapidly growing oil production Diversified product mix Over 30 years experience 9

10 Avg Gross Cumulative Oil Production (Mbbl) San Juan Gallup 2014 Well Performance Exceeding Wells ~40% Increase from 2013 to Wells Spuds 2014 Spuds Days Improving oil production from 2013 to 2014 Average gross cumulative oil production grew by ~40% First 140 days of production 10

11 Strategic Review Process Underway Full-scale review of entire portfolio Multi-year strategy Measurable strategy Strategy to be unveiled this fall 11

12 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 WTI $/bbl Historical Commodity Snapshot In recent years, oil and natural gas have been range bound Since 2011, 81% of days were over $90/bbl; 87% of days were under $105 Since 2011, 81% of days were over $3/MBtu; 98% of days were under $5 $ $ $ $90.00 $70.00 Oil Gas $13.00 $11.00 $9.00 $7.00 $5.00 Natural Gas $/MBtu $50.00 $3.00 $30.00 $

13 $ per MMBtu Western Prices Have Increased Relative to Eastern Locations 0.50 West Basis Strengthening 1 East Basis Weakening 2 $ ($0.18) ($0.14) ($0.21) ($1.02) ($1.74) to to Now 3 Yr Fwd 2007 to to Now 3 Yr Fwd 1 Northwest Wyoming /Rocky Mountain basis 2 Dominion South basis 3 3-year average strip price as of 8/11/

14 Shifting to Pure Play E&P Mindset We are building one culture, one organization, one mission. More Nimble Focus on Profitability View Asset Base in New Way Greater Risk Tolerance 14

15 WPX Long-Term Vision Coming Into Focus Company Strategy Integrity Scalability Identity 15

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