N Y S E : W P X

3RD QUARTER EARNINGS CALLR I C K M U N C R I E F , C H A I R M A N & C E O

O C T O B E R 3 1 , 2 0 1 9

Consistent Execution of our Plan

2

GENERATING FREE CASH FLOW3Q’19 free cashflow of $42MM1; annualized FCF yield 4%2

MAINTAINING CAPITAL DISCIPLINEExpect full year capital at the mid-point3

INCREASING 4Q OIL PRODUCTION GUIDE 4%Projecting 4Q’18 to 4Q’19 exit rate of ~15%; previously 5% - 10%

STRONGER MOMENTUM ENTERING 2020Free cash flow at $50 WTI4

2. Based on the closing price as of 10/24/2019; $10.00.

1. Free cash flow represents cash flow from operations ($272 million) adjusted for the impact of net changes in assets

and liabilities ($34 million), less incurred capital expenditures ($264 million).

3. Full year capital guidance range $1,125 - $1,250MM.4. Based on $50 WTI, $2.50 NYMEX

3

Shareholder Aligned Focus

COMMITTED TO DELIVER LONG-TERM SHAREHOLDER VALUE

REDUCED DEBT

TENDEREDDEBT

Expecting ~$100MM of FCF 2H 2019

Expecting continued FCF generation in 2020

GENERATING FREE CASH

REPURCHASEDSTOCK

Opportunistically reshaped debt towers

No material maturity until 2023

Announced up to $400MM opportunistic

buyback program

Purchased $58MM worth of shares since

August 5, 2019

Paid down $280MM of net debt YTD in 2019

2 0 2 3

4

WPX – 5 Year Vision ($50 - $55 WTI)

F I V E Y E A R V I S I O N

FCF YIELD TARGETING 7% - 10%

CONTINUE OPPORTUNISTIC SHARE BUYBACK PROGRAM

DRIVING LEVERAGE TO 1.0X

BASE DECLINE RATE OF ~30% OR LOWER

IMPLEMENT DURABLE GROWING DIVIDEND; TARGETING 2% YIELD

DOUBLE DIGIT ROCE

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

Well Design Driving Efficiencies, Lowering Costs

6

$1,376$1,289

$1,189$1,105

$1,020

2018 3Q 2018 4Q 2019 1Q 2019 2Q 2019 3Q

Drill ($/Ft.) Complete ($/Ft.) Facility ($/Ft.)

$767$835

$779

$668 $670

2018 3Q 2018 4Q 2019 1Q 2019 2Q 2019 3Q

Drill ($/Ft.) Complete ($/Ft.) Facility ($/Ft.)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2017 1Q 2017 2Q 2017 3Q 2017 4Q 2018 1Q 2018 2Q 2018 3Q 2018 4Q 2019 1Q 2019 2Q 2019 3Q

GR

OSS L

ATE

RA

L FO

OTA

GE

GROSS COMPLETED LATERAL FOOTAGE BY QUARTER

DELAWARE BASIN D,C&F WELL COSTS ($/FT)1WILLISTON BASIN D,C&F WELL COSTS ($/FT)1

WPX CONTINUES TO LOWER COSTS AND IMPROVE EFFICIENCIES IN BOTH BASINS

AV

ER

AG

E L

ATE

RA

L LE

NG

TH

GROSS LATERAL FOOTAGE (DELAWARE) GROSS LATERAL FOOTAGE (WILLISTON) AVERAGE LATERAL LENGTH

1. Includes Drilling, Completions, Facilities and Artificial Lift.

87,419’

198,643’ 200,790’184,742’

250,686’

363,697’

301,683’

220,514’

377,771’

223,877’

391,162’

Strong 3rd Bone Spring Results

7

WELL

COSTS

BELOW

$9.5MM

REALIZED

PRICE

WELL

RESULTSFOR CBR 6-7 PAD (2 WELLS)

~365,00060-DAY CUMULATIVE BOE

AVG. REALIZED PRICE OIL2

$55.96

0

50

100

150

200

250

300

0 30 60 90

FOR 2-MILE WELL1

DELAWARE OPERATIONS

RAISING THE BAR

CBR 9 PAD CBR 11 PAD

STRONG PERFORMANCET H I R D B O N E S P R I N G

NORMALIZED DAYS ON PRODUCTION

1. 3Q average 2-mile well cost including Drilling, Completions, Facilities and Artificial lift.2. Realized prices includes basis hedges.

CU

MU

LATI

VE M

BO

E

Williston: Continual Year-over-Year Improvement

8

WILLISTON OPERATIONS

EXCEEDING EXPECTATIONS

0

75

150

225

300

0 90 180 270 360

NORMALIZED DAYS ON PRODUCTION

WELL

COSTS

WELL

RESULTS

BELOW

$6.7MM

BOE/D PER WELL (81% OIL)

2,851

FIRST YEAR CUMULATIVE OIL PRODUCTION

6 WELL BIRD BEAR PAD AVG. 30-DAY IP

YEAR-OVER-YEAR

IMPROVEMENTAVG. CUMULATIVE OIL

PRODUCTION

OIL

PRODUCTION

FOR 2-MILE WELL1

CU

MU

LATI

VE O

IL (

MB

BL)

1. 3Q average 2-mile well cost including Drilling, Completions, Facilities and Artificial lift.

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

10

3Q 2019 Results

3Q YTD

2019 2018 2019 2018

Average Daily Production

Oil (Mbbl/d) 108.6 83.4 100.9 76.7

Gas (MMcf/d) 226.9 160.4 211.8 148.4

NGLs (Mbbl/d) 27.0 13.7 26.6 15.8

Equivalent (MBOE/d) 173.4 123.8 162.8 117.2

Adjusted EBITDAX $352 $288 $1,003 $775

Adjusted Net Income (Loss)

from Continuing Operations$38 $29 $97 $30

Capital Expenditures $264 $370 $1,030 $1,074

Note: Adjusted EBITDAX and adjusted net income are non-GAAP measures. A reconciliation to relevant GAAP measures is provided in this presentation. 1. Free cash flow represents cash flow from operations ($272 million) adjusted for the impact of net changes in assets and liabilities ($34 million), less incurred capital

expenditures ($264 million).

$40MM+ FREE CASH FLOW GENERATION1 GROWTH IN OIL VOLUMES

3Q’19 vs. 3Q’18

30% GROWTH IN ADJ. EBITDAX

3Q’19 vs. 3Q’18

22%

Capital Unchanged, Oil Production Higher

11METRIC

PREVIOUS 4Q EST.

NEW 4Q EST.

% CHANGE

OIL (MBBL/D)

105.5(midpoint)

110.0(midpoint) 4%

CAPEX$265MM

(midpoint)$265MM

(midpoint)0%

MAINTAINING CAPITAL GROWING PRODUCTION

F U L L Y E A R O I L

P R O D U C T I O N E S T .

F U L L Y E A R

C A P I T A L E S T .

102 -104 MBBL/D$1,125 - $1,250MM

98

100

102

104

106

108

110

112

114

Previous 4Q Updated 4Q

Base Range

4%4Q OIL PRODUCTION

GUIDANCE

MIDPOINT TO MIDPOINT

0

50

100

150

200

250

300

350

Previous 4Q Updated 4Q

D&C Infrastructure Range

4Q CAPEX

GUIDANCE

UNCHANGEDMIDPOINT TO MIDPOINT

11

MB

BL/

D

$M

M

NO NEAR-TERM DEBT MATURIT IES

Reduced and Restructured Debt

12

$73

$406

$650

$500

$600

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2019 2020 2021 2022 2023 2024 2025 2026 2027

TOTAL LT NOTES

$2,229MM

WEIGHTED AVG.

COUPON

5.93%

REVOLVING

CREDIT FACILITY

$1.5B1

1. Maturity in April 2023.

Positioned for Sustainable Value Creation

13

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 2019

Oil Mbbl/d 102 – 104

Natural Gas MMcf/d 210 – 215

NGL Mbbl/d 25 – 27

Total MBOE/d 162 – 167Net Realized Price4 FY 2019

NGL – % of WTI 20% – 25%

Avg. Price Differentials3 FY 2019

Oil – WTI per barrel ($2.00) – ($3.00)

NYMEX – Nat. Gas (Mcf) ($1.25) – ($1.75)

1. Excludes land, acquisition and other capital expenses.2. Land capital is funded with proceeds from asset sales in 2019.3. Average price differentials for oil and natural gas exclude hedges, but include basis differential and revenue adjustments.4. Percentage of realized price ranges for NGLs excludes hedges, but includes basis differential and revenue adjustments.5. Excludes severance due to voluntary early exit program.6. Rate does not reflect any potential valuation allowance or other adjustments to deferred tax assets.

Expenses FY 2019

$ per BOE

Lease & Facility Operating $6.00 – $6.25

GP&T $3.00 – $3.25

DD&A $15.00 – $16.00

G&A – Cash5 $2.40 – $2.60

G&A – Non-Cash $0.60 – $0.70

Exploration $1.25 – $1.50

Interest Expense $2.50 – $2.60

Production Tax 7% – 9%

Tax Provision6 21% – 25%

Capital Plan ($ in Millions) FY 2019

D&C / Facilities Capital $1,025 – $1,075

D&C Non-Operated $50 – $75

Midstream Opportunities $50 – $100

Total Development Capital1 $1,125 – $1,250

Land Capital2 $110

15

16

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 $(0.22) 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 $57.50 $54.25 $2.60 $1.74 $1.80 $16.81 $13.66 $11.92

Revenue Adjustments1 $(0.43) $(0.08) $(0.33) $(1.24) $(0.86) $(1.03) $(2.34) $(1.45) $(1.19)

Net Price2 $51.92 $57.42 $53.92 $1.36 $0.88 $0.77 $14.47 $12.21 $10.73

Realized Portion of

Derivatives3 $0.04 $(2.98) $(1.25) $0.42 $0.88 $0.80

Net Price Including

Derivatives$51.96 $54.44 $52.67 $1.78 $1.76 $1.57 $14.47 $12.21 $10.73

WPX Hedges Updated: October 29, 2019

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. 17

Oct – Dec 2019 2020

Volume/Day Average Price Volume/Day Average Price

Crude Oil (bbl)

Fixed Price Swaps1 83,000 $56.72 55,000 $57.03

Fixed Price Calls 5,000 $54.08 - -

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

Midland Basis Swaps 22,000 ($1.37) 7,486 ($1.31)

Magellan East Houston 2,000 $4.63 - -

Magellan East Houston vs. Midland Swaps 9,000 $6.02 - -

Magellan East Houston vs. Argus LLS WTI 2,000 $0.75 - -

Argus LLS WTI vs. Midland WTI Swaps 2,000 $8.60 - -

Clearbrook Bakken 8,000 ($3.23) - -

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

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 21,739 $1.98 60,000 ($0.79)

2018 2019

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

Revenues:

Product revenues:

Oil sales $ 360 $ 468 $ 503 $ 459 $ 1,790 $ 449 $ 511 $ 539 $ 1,499

Natural gas sales 17 16 18 36 87 25 16 16 57

Natural gas liquid sales 30 36 33 49 148 33 31 26 90

Total product revenues 407 520 554 544 2,025 507 558 581 1,646

Net gain (loss) on derivatives (69) (154) (139) 443 81 (207) 78 175 46

Commodity management 36 64 68 36 204 59 58 38 155

Other - - 1 (1) - - 1 1 2

Total revenues 374 430 484 1,022 2,310 359 695 795 1,849

Costs and expenses:

Depreciation, depletion and amortization 161 197 193 226 777 219 221 241 681

Lease and facility operating 55 59 68 90 272 86 94 96 276

Gathering, processing and transportation 18 20 26 43 107 42 40 49 131

Taxes other than income 30 41 45 41 157 39 43 46 128

Exploration 19 17 18 21 75 24 24 22 70

General and administrative:

General and administrative expenses 36 34 36 44 150 39 40 42 121

Equity-based compensation 7 10 8 7 32 8 8 9 25

Total general and administrative 43 44 44 51 182 47 48 51 146

Commodity management 39 54 63 26 182 49 41 36 126

Net (gain) loss on sales of assets 1 (1) (1) (2) (3) - - - -

Other-net 2 2 2 1 7 2 3 12 17

Total costs and expenses 368 433 458 497 1,756 508 514 553 1,575

Operating income (loss) 6 (3) 26 525 554 (149) 181 242 274

Interest expense (46) (39) (38) (40) (163) (41) (40) (38) (119)

Loss on extinguishment of debt - (71) - - (71) - - (47) (47)

Gains on equity method investment transactions - - - - - 126 247 - 373

Investment income (loss) and other (1) 1 (2) (2) (4) 2 1 4 7

Income (loss) from continuing operations before income taxes $ (41) $ (112) $ (14) $ 483 $ 316 $ (62) $ 389 $ 161 $ 488

Provision (benefit) for income taxes (15) (33) (8) 130 74 (14) 84 39 109

Income (loss) from continuing operations $ (26) $ (79) $ (6) $ 353 $ 242 $ (48) $ 305 $ 122 $ 379

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

Net income (loss) $ (115) $ (81) $ (7) $ 354 $ 151 $ (48) $ 305 $ 121 $ 378

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

Net income (loss) available to WPX Energy, Inc. common stockholders $ (119) $ (85) $ (7) $ 354 $ 143 $ (48) $ 305 $ 121 $ 378

Amounts available to WPX Energy, Inc. common stockholders:

Income (loss) from continuing operations $ (30) $ (83) $ (6) $ 353 $ 234 $ (48) $ 305 $ 122 $ 379

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

Net income (loss) $ (119) $ (85) $ (7) $ 354 $ 143 $ (48) $ 305 $ 121 $ 378

Consolidated Statement of Operations (GAAP)

18

2018 2019

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

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) $ 305 $ 122 $ 379

Pre-tax adjustments:

Net (gains) losses on sales of assets and equity method investment transactions$ 1 $ (1) $ (1) $ (2) $ (3) $ (126) $ (247) $ - $ (373)

Loss on extinguishment of debt$ - $ 71 $ - $ - $ 71 $ - $ - $ 47 $ 47

Impact of pending settlement offer$ - $ - $ - $ - $ - $ - $ - $ 11 $ 11

Voluntary exit program$ - $ - $ - $ - $ - $ - $ - $ 3 $ 3

Net (gain) loss on derivatives$ 69 $ 154 $ 139 $ (443) $ (81) $ 207 $ (78) $ (175) $ (46)

Net cash received (paid) related to settlement of derivatives$ (55) $ (78) $ (85) $ (19) $ (237) $ 9 $ (10) $ 4 $ 3

Total pre-tax adjustments$ 15 $ 146 $ 53 $ (464) $ (250) $ 90 $ (335) $ (110) $ (355)

Less tax effect for above items$ (3) $ (33) $ (13) $ 107 $ 58 $ (20) $ 76 $ 25 $ 81

Impact of state deferred tax rate changes and state related adjustments$ (4) $ - $ - $ (1) $ (5) $ (1) $ - $ - $ (1)

Impact of tax valuation allowance (annual effective tax rate method)$ - $ - $ - $ 2 $ 2 $ 1 $ (9) $ 1 $ (7)

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

Total adjustments, after tax$ 8 $ 106 $ 35 $ (344) $ (195) $ 70 $ (268) $ (84) $ (282)

Adjusted income (loss) from continuing operations available to common stockholders$ (22) $ 23 $ 29 $ 9 $ 39 $ 22 $ 37 $ 38 $ 97

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

19

2018 2019

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

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) $ 0.72 $ 0.29 $ 0.89

Pretax adjustments (1):

Net (gains) losses on sales of assets and equity method investment

transactions $ - $ - $ - $ - $ (0.01) $ (0.30) $ (0.58) $ - $ (0.88)

Loss on extinguishment of debt $ - $ 0.18 $ - $ - $ 0.17 $ - $ - $ 0.11 $ 0.11

Impact of pending settlement offer $ - $ - $ - $ - $ - $ - $ - $ 0.03 $ 0.03

Voluntary exit program $ - $ - $ - $ - $ - $ - $ - $ - $ -

Net (gain) loss on derivatives $ 0.17 $ 0.38 $ 0.33 $ (1.04) $ (0.20) $ 0.49 $ (0.19) $ (0.41) $ (0.11)

Net cash received (paid) related to settlement of derivatives $ (0.13) $ (0.20) $ (0.20) $ (0.06) $ (0.57) $ 0.02 $ (0.02) $ 0.01 $ 0.01

Total pretax adjustments $ 0.04 $ 0.36 $ 0.13 $ (1.10) $ (0.61) $ 0.21 $ (0.79) $ (0.26) $ (0.84)

Less tax effect for above items $ (0.02) $ (0.08) $ (0.04) $ 0.26 $ 0.14 $ (0.05) $ 0.18 $ 0.06 $ 0.19

Impact of state deferred tax rate changes and state related adjustments $ (0.01) $ - $ - $ - $ (0.01) $ - $ - $ - $ -

Impact of tax valuation allowance (annual effective tax rate method) $ - $ - $ - $ - $ - $ - $ (0.02) $ - $ (0.02)

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 $ (0.63) $ (0.20) $ (0.66)

Adjusted diluted income (loss) per common share $ (0.06) $ 0.06 $ 0.07 $ 0.02 $ 0.09 $ 0.05 $ 0.09 $ 0.09 $ 0.23

Reported diluted weighted-average shares (millions) 398.6 400.0 414.0 424.0 411.7 421.0 423.5 421.8 423.0

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) 398.6 403.1 417.7 424.0 411.7 423.6 423.5 421.8 423.0

Reconciliation-Adjusted Income (Loss) Per Common Share

20(1) 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 2nd Qtr 3rd Qtr YTD

Reconciliation of Adjusted EBITDAX

Net income (loss) - reported $ (115) $ (81) $ (7) $ 354 $ 151 $ (48) $ 305 $ 121 $ 378

Interest expense 46 39 38 40 163 41 40 38 119

Provision (benefit) for income taxes (15) (33) (8) 130 74 (14) 84 39 109

Depreciation, depletion and amortization 161 197 193 226 777 219 221 241 681

Exploration expenses 19 17 18 21 75 24 24 22 70

EBITDAX 96 139 234 771 1,240 222 674 461 1,357

Net (gains) losses on sales of assets and equity method investment

transactions 1 (1) (1) (2) (3) (126) (247) - (373)

Loss on extinguishment of debt - 71 - - 71 - - 47 47

Impact of pending settlement offer - - - - - - - 11 11

Voluntary exit program - - - - - - - 3 3

Net (gain) loss on derivatives 69 154 139 (443) (81) 207 (78) (175) (46)

Net cash received (paid) related to settlement of derivatives (55) (78) (85) (19) (237) 9 (10) 4 3

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

Adjusted EBITDAX $ 200 $ 287 $ 288 $ 306 $ 1,081 $ 312 $ 339 $ 352 $ 1,003

Reconciliation – Adjusted EBITDAX (Non-GAAP)

21

Disclaimers

22

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.

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.

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.