N Y S E : W P X

R I C K M U N C R I E F , C H A I R M A N & C E OM A R C H 2 5 , 2 0 1 9

WPX Today

2

HEADQUARTERSTULSA, OK

DELAWARE BASIN~130,000 net acres2

6,600+ gross locations3,4

WILLISTON BASIN~85,000 net acres2

~372 gross locations4

MIDSTREAM ASSETSDelaware JV - gas processing/oil gathering

100% owned water and gas gathering Takeaway optionality and equity ownership

NYSE SYMBOL: WPXMARKET CAP1: $5.3BENTERPRISE VALUE1: ~$7.8BPRODUCTION (4Q): 156 MBOE/D OIL GROWTH Y/Y5: 57%

MARKET SNAPSHOT

4. Includes non-op and operated locations. 5 Full-year 2017 vs. Full-year 2018

1. As of 3-18-20192. As of YE 20183. Primarily based on 1-mile laterals and does not include Taylor Ranch locations.

DELAWARE

WILLISTON

$5.9 $5.2

4.56x

2.32x$570

$1,081

ADJUSTED EBITDAX

2017 2018

90%YEAR OVER YEAR

385479

52

82

-9%YEAR OVER YEAR

2018 Progress In-DepthMATERIAL Y/Y IMPROVEMENT

OIL PRODUCTION (MBO/D)*

2017 2018

0

20

40

60

80

100

120

3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q18 3Q18 4Q 18

OIL-WEIGHTED MARGINS PROVIDE

CASH FLOW STABILITY

SIGNIFICANT OIL GROWTH SINCE ENTERING PERMIAN* (MBO/D)

+309% OIL GROWTH SINCE 3Q’2015

350

1,100

500650

1,200

0

500

1,000

1,500

2019 2020 2021 2022 2023 2024 2025 2026

529 500650

500

1,500

0

500

1000

1500

2019 2020 2021 2022 2023 2024 2025 2026

2017

= RCF

Total LT Notes: $2,600MM

2018Total LT Notes:

$2,179MM

REDUCED AND RESHAPED DEBT STRUCTURE

YEAR-END

YEAR-END

PROVED RESERVES(MMBOE*)

3.7x

6.6x$21,577 $19,738

TOTAL DEBT/MBOE/D

TOTAL DEBT/TOTAL RESERVES

78%YEAR OVER YEAR

EBITDA/INTEREST EXPENSE

-12%YEAR OVER YEAR

2017 2018 2017 20182017 2018 2017 2018

TOTAL DEBT/ADJUSTED EBITDAX

2017 2018

-49%YEAR OVER YEAR

24%YEAR OVER YEAR

57%YEAR OVER YEAR

* Pro forma for San Juan Gallup divestiture

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Strong, Consistent Performance in Both Basins

4

0

50

100

150

200

250

300

350

400

0 30 60 90 120 150 180NORMALIZED DAYS

D E L A W A R E U P D A T E

THIRD BONE SPRING2-MILE LATERALS 30-DAY AVG: 3,039 BOE/DWOLFCAMP A2-MILE LATERALS90-DAY AVG: 2,826 BOE/D

o Dropping to 5 rigs in Delaware by end of 1Q

o 2019 plan focused on WC A, WC X/Y, and 3rd

Bone Spring

CUM

ULA

TIVE

MBO

E

CBR WELLS (3BS)CBR 9-4 PAD (WCA-CHILDREN WELLS)

0

50

100

150

200

250

0 30 60 90 120

W I L L I S T O N U P D A T E

LEAD WOMAN PAD60-DAY PRODUCTION: 342,000 BARRELS OF OIL

LAWRENCE BULL PAD30-DAY PRODUCTION: 199,000 BARRELS OF OIL

HOWLING WOLF PAD60-DAY PRODUCTION: 382,000 BARRELS OF OIL

LAWRENCE BULL PADLEAD WOMAN PADHOWLING WOLF PAD

o Running 3 rigs in Williston through 2019

o Type well payout less than 14 months1

1. Based on the 2019 1,000 MBOE type curve @ $50 WTI, Williston wells pay out in 14 months from first sales.

CUM

ULA

TIVE

MBO

E

NORMALIZED DAYS

Premier Permian Midstream Portfolio

STATELINE JOINT VENTURE

CRUDE GATHERING SYSTEM

GAS PROCESSING FACILITYLEA

EDDY

WARD

REEVES

LOVING

PECOS

ACREAGE DEDICATION 50,000 ACRES

No drilling or volume commitment

WHITEWATER UP TO 500,000 MMBTU/D

FROM STATELINE TO WAHA

WAHA

JV AGREEMENT• GAS PROCESSING PLANT• CRUDE GATHERING

RETAINED BY WPX• WATER SYSTEM• GAS GATHERING

CULBERSON

N E W M E X I C O

T E X A S

ATMOS AGREEMENTUP TO 200,000 MMBTU/D FROM WAHA TO KATY, TX

ORYX IIUP TO 100,000 BBL/D FROM STATELINE TO MIDLAND & CRANE

5

100% OWNED/OPERATED BY WPXSTATELINE WATER

STATELINE GAS GATHERINGSAND LAKES 3-STREAM GATHERING

EQUITY OWNERSHIP

ORYX II ORYX NM GATHERING SYSTEM

FLOW ASSURANCE

GAS (ATMOS, WHITEWATER)OIL (ORYX)

NGLS (FRACTIONATION CAPACITY)

Shareholder Aligned Focus Driving Value

2019 FOCUS

ALIGNED WITH SHAREHOLDERS

FOCUSED ON OPERATINGwithin development

capital plan1

CASH FLOW NEUTRAL@ $50 WTI, cash flow positive 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. 6

WPX: Disciplined Long-term Value Creation

1 2 3STRONG

EXECUTIONCREATING

OPPORTUNITIESREMAINING DISCIPLINED

IN BOTH BASINS MIDSTREAM OPTIONALITY 2021 VISION

0-

OIL PRO

DUC

TION

(MBBL/D

) 1

3Q 2015 4Q 2018

96.0MBBL/D

81-

23.5MBBL/D

3Q 2015

4Q 2018

1. Oil production restated for asset sales.

OIL

PRO

DUC

TION

(MBB

L/D

)1

7

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.

8

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