R I C K M U N C R I E F , C H A I R M A N & C E OM A Y 2 , 2 0 1 9

OPPORTUNISTICAnnounced or closed $550MM in deals in 2019.

Proceeds going toward balance sheet

CAPITAL DISCIPLINEDevelopment capital range firm in 20191

BALANCE SHEET FOCUSEDYear-end leverage ~1.5x at current strip (TTM)

WELL-POSITIONED IN 2019Expected to generate more than $100MM of FCF2WPX

PERMIAN

WILLISTON

MIDSTREAM

WPX: Strong 2019 Coming into Focus

1. Development Capital plan ($1,100-$1,275B) includes D&C/Facilities capital, Non-Operated capital, and Midstream Opportunities.2. At current commodity prices. 2

TECHNICAL INNOVATOR Cutting edge technical work paying dividends

C L A Y G A S P A R , P R E S I D E N T & C H I E F O P E R A T I N G O F F I C E R

OPERATIONS

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q 2018 1Q 2019

Delaware: Co-Development, Efficiencies and Cost Savings

4

DRILLEDTBD IN 2019

1Q’2018 vs. 1Q’2019

27%REDUCTION IN DAYS SPUD TO RIG RELEASE (2-MILE)

91%IMPROVEMENT IN LATERAL FEET COMPLETED PER DAY

DR IL L ING & COMPLET IONSEFFICIENCIES

D R I V I N G M E A N I N G F U L R E S U L T S

D R I L L I N G

C O M P L E T I O N S

AV

ERA

GE

DA

YS F

ROM

SPU

D

(2-M

ILE

LATE

RAL)

OPERATIONAL EXECUTION

ENGINEERING INNOVATION

SERVICE COMPANY PARTNERSHIPS

CONSISTENT, REPEATABLE RESULTS

CO-DEVELOPMENT

WHAT’S NEXT?REVISITING SAME DSU IN 2019

MAXIMIZING MULTI-ZONE DEVELOPMENT8 ADDITIONAL WELLS TO BE DRILLED ON PAD (XY & UPPER/LOWER A)

CBR 41 44E 5HPRODUCED 93,000 BARRELS OF OIL

AFTER 60-DAYS

PAD RESULTS60-DAY AVERAGE PRODUCTION

2,305 MBOE/D (2-mile wells)

0

25

50

75

100

125

150

175

200

225

250

275

300

0 30 60 90 120NORMALIZED DAYS ON PRODUCTION

CUM

ULA

TIVE

MBO

E

WOLFCAMP U/L A (2-MILE)WOLFCAMP U/L A (1-MILE)WOLFCAMP XY (2-MILE)

C B R 4 1 - 4 4 P A DS T A T E L I N E U P P E R / L O W E R W O L F C A M P A & X Y

2018 AVERAGE 2-MILE WELL COST VS. 1Q 201917% 0

5

10

15

20

25

30

35

2018 Avg. 1Q 2019

DA

ILY

AV

ERA

GE

CO

MPL

ETED

FO

OTA

GE

PER

CRE

W

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Jan-19 Feb-19 Mar-19$42

$44

$46

$48

$50

$52

$54

$56

$58

$60

Jan-19 Feb-19 Mar-19

Delaware Midstream Strategy Driving Value

5

1Q’19PERMIAN OIL

~$16.4MM UPLIFT

MIDSTREAM STRATEGY DELIVERED SIGNIFICANT UPLIFT IN 1Q

1Q’19PERMIAN GAS

~$27MM UPLIFT

INTERNATIONAL & GULF

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

2H 2019 2020

CURRENTMIDLAND-MEH

SPREAD

CURRENTMIDLAND-MEH

SPREADUPLI

FT

CURRENT MIDLAND-MEH SPREAD3 (4/29/19)

UPLIFT TO WPX VS. CURRENT SPREAD

WPX WEIGHTED AVG. TRANSPORT COST FROM

MIDLAND TO GULF3

TRANSPORTATIONI N T H E M O N E Y

UPLI

FT

75% OF DELAWARE OIL VOLUMES WILL RECEIVE INTERNATIONAL & GULF PRICING 2H-2019

2 H - 2 0 1 9 O I L

INTERNATIONAL & GULF

80%+ OF DELAWARE OIL VOLUMES WILL RECEIVE INTERNATIONAL & GULF PRICING IN 2020

2 0 2 0 O I L

INTERNATIONAL & GULF

MIDLAND2

1. Realized prices includes basis hedges. 2. Barrels sold at Midland in 2019 and 2020 are protected by basis hedges.3. Excludes gathering from wellhead to Midland.

Williston: Continual Year-Over-Year Improvement

6

NORMALIZED DAYS ON PRODUCTION

0

25

50

75

100

125

150

175

200

225

250

275

300

325

0 30 60 90 120 150 180 210 240 270 300 330 360

YEAR-OVER-YEARIMPROVEMENT

F I R S T Y E A R A V E R A G E C U M U L A T I V E O I L P R O D U C T I O N

G O O D V O I C E P A D60 DAY CUMULATIVE PRODUCTION

207,000 BARRELS OF OIL (2-WELL PAD)

Y O U N G B I R D P A D90 DAY CUMULATIVE PRODUCTION

495,000 BARRELS OF OIL (4-WELL PAD)

P L E N T Y S W E E T G R A S S P A D60 DAY CUMULATIVE PRODUCTION

378,000 BARRELS OF OIL (4-WELL PAD)

1

2

3

CUM

ULA

TIVE

OIL

(MBB

LS)

K E V I N V A N N , C H I E F F I N A N C I A L O F F I C E R

FINANCIALS

8

1Q 2019 Results

1Q2019 2018

Average Daily ProductionOil (Mbbl/d) 96.1 65.8 Gas (MMcf/d) 202.3 132.3 NGLs (Mbbl/d) 25.4 14.9 Equivalent (MBOE/d) 155.2 102.7

Adjusted EBITDAX $ 312 $ 200

Adjusted Net Income (Loss) from Continuing Operations $ 22 $ (22)

Capital Expenditures $ 425 $ 349

Note: Adjusted EBITDAX and adjusted net income are non-GAAP measures. A reconciliation to relevant GAAP measures is provided in this presentation.

46% GROWTH IN OIL VOLUMES 1Q’19 vs. 1Q’18

GROWTH IN ADJ. EBITDAX 1Q’19 vs. 1Q’18

56%

Shareholder Focus Driving Value

2019 FOCUS

ALIGNED WITH SHAREHOLDERS

FOCUSED ON OPERATINGwithin development

capital plan1

CASH FLOW POSITIVEGenerating free cash

flow at current commodity prices

PRODUCTION GROWTH growing oil production5-10% 4Q’18 vs. 4Q’19

20% FY 2018 vs. FY 2019

CAPITAL DISCIPLINE50% of compensation metrics focused on spending within budget, improving capital

efficiency, and ROCEMANAGING COSTS

keeping controllable costs such as LOE, FOE, GP&T, and G&A in focus

RETURNING CAPITALto shareholders no

later than 20212

1. Development Capital plan ($1,100-$1,275B) includes D&C/Facilities capital, Non-Operated capital, and Midstream Opportunities.2. Return of capital can be in the form of dividends, stock repurchase and debt retirements. 9

Positioned for Sustainable Value Creation

10

OUR DRIVE

OUR FOCUS

OUR PORTFOLIOPERMIAN - WILLISTON - MIDSTREAM

FINANCIAL DISCIPLINE - OIL GROWTH - VALUE CREATION

STRONG EXECUTION - CREATE OPPORTUNITIES - REMAIN DISCIPLINED

APPENDIX

2019 Full-Year Guidance

Capital Plan Production FY 2019Oil Mbbl/d 96 – 100Natural Gas MMcf/d 185 – 205NGL Mbbl/d 22 – 27Total MBOE/d 149 – 161 Net Realized Price3 FY 2019

NGL – % of WTI 30% – 35%

Avg. Price Differentials2 FY 2019Oil – WTI per barrel ($2.00) – ($3.00)NYMEX – Nat. Gas (Mcf) ($1.25) – ($1.75)

1. Land capital is funded with proceeds from asset sales in 2019.2. Average price differentials for oil and natural gas exclude hedges, but include basis differential and revenue adjustments.3. Percentage of realized price ranges for NGLs excludes hedges, but includes basis differential and revenue adjustments.4. Rate does not reflect any potential valuation allowance or other adjustments to deferred tax assets.

Expenses FY 2019$ per BOE

Lease & Facility Operating $5.50 – $6.00GP&T $3.00 – $3.50DD&A $16.00 – $17.00G&A – Cash $2.40 – $2.70G&A – Non-Cash $0.60 – $0.70Exploration $1.25 – $1.50 Interest Expense $2.90 – $3.00

Production Tax 7% – 9%Tax Provision4 21% – 25%

12

Capital Plan ($ in Millions) FY 2019D&C / Facilities Capital $1,000 – $1,100D&C Non-Operated 50 – 75Midstream Opportunities 50 – 100Total Development Capital $1,100 – $1,275

Land Capital1 $100

13

WPX Hedges Updated: April 30, 2019

Apr – Dec 2019 2020 2021Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price

1 In addition to several crude oil swaps, WPX entered into calendar monthly average(CMA) Nymex roll swaps which provide pricing adjustments to the trade month versus the delivery month for contract pricing.

Crude Oil (bbl)

Fixed Price Swaps1 53,000 $54.62 20,000 $59.03 - -

Fixed Price Calls 5,000 $54.08 - - - -

Fixed Price Collars 8,000 $50.00 - $60.19 20,000 $53.33 - $63.48 - -

Crude Oil Basis (bbl)

Midland Basis Swaps 21,338 ($1.23) 7,486 ($1.31) - -

Brent/WTI Spread Basis Swaps - - 5,000 $8.36 1,000 $8.00

Magellan East Houston vs. Midland Swaps 2,444 $8.12 - - - -

Magellan East Houston vs. Argus LLS WTI 1,113 $0.75 - - - -

Argus LLS WTI vs. Midland WTI Swaps 1,113 $8.60 - - - -

CMA Nymex Roll Swaps1 17,818 $0.11 - - - -Clearbrook Bakken 4,342 ($3.05) - - - -

Natural Gas (MMBtu)

Fixed Price Swaps 110,000 $3.07 - - - -

Natural Gas Basis (MMBtu)

Houston Ship Channel Basis Swaps 30,000 ($0.09) - - - -

Permian Basis Swaps 25,000 ($0.39) - - - -

West Texas Waha Basis Swaps 15,000 $2.94 60,000 ($0.79) 70,000 ($0.59)

14

Domestic Price Realization for 2019

1. Natural gas revenue adjustments are primarily related to field compression fuel. NGL revenue adjustments include T&F and revenue sharing. Gathering deductions represent $(.24) of the oil revenue adjustments.2 .“Net Price” equals income statement product revenues by commodity, divided by volume.3 .Represents the realized settlement on derivatives that occurred during each quarter.

Oil ($/bbl) Gas ($/Mcf) NGL ($/bbl)

1Q ’19 2Q’19 3Q’19 4Q ’19 1Q ’19 2Q’19 3Q’19 4Q ’19 1Q ’19 2Q’19 3Q’19 4Q ’19

Weighted-Average Sales Price $52.35 $2.60 $16.81

Revenue Adjustments1 $(.43) $(1.24) $(2.34)

Net Price2 $51.92 $1.36 $14.47

Realized Portion of Derivatives3 $.04 $.42

Net Price Including Derivatives $51.96 $1.78 $14.47

2018 2019(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Revenues:Product revenues:

Oil sales $ 360 $ 468 $ 503 $ 459 $ 1,790 $ 449 Natural gas sales 17 16 18 36 87 25 Natural gas liquid sales 30 36 33 49 148 33

Total product revenues 407 520 554 544 2,025 507 Net gain (loss) on derivatives (69) (154) (139) 443 81 (207)Commodity management 36 64 68 36 204 59 Other - - 1 (1) - -

Total revenues 374 430 484 1,022 2,310 359

Costs and expenses:Depreciation, depletion and amortization 161 197 193 226 777 219 Lease and facility operating 55 59 68 90 272 86 Gathering, processing and transportation 18 20 26 43 107 42 Taxes other than income 30 41 45 41 157 39 Exploration 19 17 18 21 75 24 General and administrative:

General and administrative expenses 36 34 36 44 150 39 Equity-based compensation 7 10 8 7 32 8

Total general and administrative 43 44 44 51 182 47 Commodity management 39 54 63 26 182 49 Net (gain) loss on sales of assets 1 (1) (1) (2) (3) -Other-net 2 2 2 1 7 2

Total costs and expenses 368 433 458 497 1,756 508

Operating income (loss) 6 (3) 26 525 554 (149)

Interest expense (46) (39) (38) (40) (163) (41)Loss on extinguishment of debt - (71) - - (71) -Gain on sale of equity investment - - - - - 126 Investment income (loss) and other (1) 1 (2) (2) (4) 2

Income (loss) from continuing operations before income taxes $ (41) $ (112) $ (14) $ 483 $ 316 $ (62)

Provision (benefit) for income taxes (15) (33) (8) 130 74 (14)Income (loss) from continuing operations $ (26) $ (79) $ (6) $ 353 $ 242 $ (48)

Income (loss) from discontinued operations (89) (2) (1) 1 (91) -

Net income (loss) $ (115) $ (81) $ (7) $ 354 $ 151 $ (48)

Less: Dividends on preferred stock 4 4 - - 8 -

Net income (loss) available to WPX Energy, Inc. common stockholders $ (119) $ (85) $ (7) $ 354 $ 143 $ (48)

Amounts available to WPX Energy, Inc. common stockholders:

Income (loss) from continuing operations $ (30) $ (83) $ (6) $ 353 $ 234 $ (48)

Income (loss) from discontinued operations (89) (2) (1) 1 (91) -

Net income (loss) $ (119) $ (85) $ (7) $ 354 $ 143 $ (48)

Consolidated Statement of Operations (GAAP)

15

2018 2019

(Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Reconciliation of adjusted income (loss) from continuing operations available to common stockholders:

Income (loss) from continuing operations available to WPX Energy, Inc. common stockholders -reported $ (30) $ (83) $ (6) $ 353 $ 234 $ (48)

Pre-tax adjustments:

Net (gain) loss on sales of assets and equity investment $ 1 $ (1) $ (1) $ (2) $ (3) $ (126)

Loss on extinguishment of debt $ - $ 71 $ - $ - $ 71 $ -

Net (gain) loss on derivatives $ 69 $ 154 $ 139 $ (443) $ (81) $ 207

Net cash received (paid) related to settlement of derivatives $ (55) $ (78) $ (85) $ (19) $ (237) $ 9

Total pre-tax adjustments $ 15 $ 146 $ 53 $ (464) $ (250) $ 90

Less tax effect for above items $ (3) $ (33) $ (13) $ 107 $ 58 $ (20)

Impact of state deferred tax rate change $ (4) $ - $ - $ (1) $ (5) $ -

Impact of tax valuation allowance (annual effective tax rate method) $ - $ - $ - $ 2 $ 2 $ 1

Impact of state related adjustment $ - $ - $ - $ - $ - $ (1)

Adjustment for estimated annual effective tax rate method $ - $ (7) $ (5) $ 12 $ - $ -

Total adjustments, after tax $ 8 $ 106 $ 35 $ (344) $ (195) $ 70

Adjusted income (loss) from continuing operations available to common stockholders $ (22) $ 23 $ 29 $ 9 $ 39 $ 22

Reconciliation-Adjusted Income (Loss) from Continuing Operations (Non-GAAP)

16

2018 2019

(Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Reconciliation of adjusted diluted income (loss) per common share:

Income (loss) from continuing operations - diluted earnings per share - reported $ (0.07) $ (0.21) $ (0.01) $ 0.83 $ 0.57 $ (0.11)

Impact of adjusted diluted weighted-average shares $ - $ 0.01 $ - $ - $ - $ -

Pretax adjustments (1):

Net (gain) loss on sales of assets and equity investment $ - $ - $ - $ - $ (0.01) $ (0.30)

Loss on extinguishment of debt $ - $ 0.18 $ - $ - $ 0.17 $ -

Net (gain) loss on derivatives $ 0.17 $ 0.38 $ 0.33 $ (1.04) $ (0.20) $ 0.49

Net cash received (paid) related to settlement of derivatives $ (0.13) $ (0.20) $ (0.20) $ (0.06) $ (0.57) $ 0.02

Total pretax adjustments $ 0.04 $ 0.36 $ 0.13 $ (1.10) $ (0.61) $ 0.21

Less tax effect for above items $ (0.02) $ (0.08) $ (0.04) $ 0.26 $ 0.14 $ (0.05)

Impact of state tax rate change $ (0.01) $ - $ - $ - $ (0.01) $ -

Impact of tax valuation allowance (annual effective tax rate method) $ - $ - $ - $ - $ - $ -

Impact of state related adjustment $ - $ - $ - $ - $ - $ -

Adjustment for estimated annual effective tax rate method $ - $ (0.02) $ (0.01) $ 0.03 $ - $ -

Total adjustments, after-tax $ 0.01 $ 0.26 $ 0.08 $ (0.81) $ (0.48) $ 0.16

Adjusted diluted income (loss) per common share $ (0.06) $ 0.06 $ 0.07 $ 0.02 $ 0.09 $ 0.05

Reported diluted weighted-average shares (millions) 398.6 400.0 414.0 424.0 411.7 421.0

Effect of dilutive securities due to adjusted income (loss) from continuing operations available to common stockholders - 3.1 3.7 - - 2.6

Adjusted diluted weighted-average shares (millions) 398.6 403.1 417.7 424.0 411.7 423.6

Reconciliation – Adjusted Diluted Income (Loss) Per Common Share

171. Per share impact is based on adjusted diluted weighted average shares.

2018 2019

(Dollars in millions, except per share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Reconciliation of Adjusted EBITDAX

Net income (loss) - reported $ (115) $ (81) $ (7) $ 354 $ 151 $ (48)

Interest expense 46 39 38 40 163 41

Provision (benefit) for income taxes (15) (33) (8) 130 74 (14)

Depreciation, depletion and amortization 161 197 193 226 777 219

Exploration expenses 19 17 18 21 75 24

EBITDAX 96 139 234 771 1,240 222

Net (gain) loss on sales of assets and equity investment 1 (1) (1) (2) (3) (126)

Loss on extinguishment of debt - 71 - - 71 -

Net (gain) loss on derivatives 69 154 139 (443) (81) 207

Net cash received (paid) related to settlement of derivatives (55) (78) (85) (19) (237) 9

(Income) loss from discontinued operations 89 2 1 (1) 91 -

Adjusted EBITDAX $ 200 $ 287 $ 288 $ 306 $ 1,081 $ 312

Reconciliation – Adjusted EBITDAX (Non-GAAP)

18

DisclaimersThe 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.

19

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.

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.

Reserves Disclaimer

WPX Non-GAAP Disclaimer