N Y S E : W P X

2Q 2020 EARNINGS CALLJ U L Y 3 0 , 2 0 2 0

R I C K M U N C R I E F , C H A I R M A N & C E O

Managing through a Challenging Environment

RESUMING COMPLETIONS

2

GENERATING FREE CASH

Bringing curtailed volumes online and adding frac crews

FCF of $166MM in 2Q with expected full-year 2020 FCF of ~$200MM

TENDERED DEBTProactively re-shaped debt towers in 2022, 2023 & 2024

INCREASED HEDGE POSITION~60 mbbl/d hedged in 2021 at ~$41 per barrel

CUTTING FULL-YEAR CAPITALLowering full-year capex by $50MM to a revised capital range of $1.05B-$1.15B1

1. Lowering “Scenario One” capital guidance by $50MM from $1.1B-$1.2B to $1.05B-$1.15B.

Disciplined Approach Provides Operational Continuity

3

SECOND HALF

2020

MID-YEAR

RESTART

VOLUME

CURTAILMENT

• Expected oil production of

~140 mbbl/d on 12/31/2020

• ~35-40 DUCS at year-end3

• Dropped 5 rigs in Permian

(April-June)• From 12 rigs (peak Permian

rig count)

• Dropped 1 rig in Williston• From 3 rigs (peak Williston rig

count)

• Cut capital budget

• Suspended completions

• Curtailed oil volume

during 2Q 2020:• April: ~10 mbbl/d (net)• May: ~30 mbbl/d (net)• June: ~20 mbbl/d (net)

OPERATIONAL

INPUT

PRODUCTION

OUTPUT

• Majority of curtailed

volumes back online by

end of June

• 1st sales from July frac

crew expected in late

August

• Focus on production

optimization

• Brought back first frac

crew mid-July

• Gradually adding frac crews• July: 1st & 2nd crew1

• Aug-Sept: 3rd crew2

• Drop 1 rig Williston rig • Exit 3Q with 1 rig running

• Cut full-year 2020 capital

budget by $50MM

1. July frac crew additions (1)Delaware and (1)Williston.2. August frac crew added in the Delaware basin.3. DUC is defined as an uncompleted well 60 days post rig release on a pad.

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

5

10

15

20

25

30

35

40

45

50

0 10 20 30 40 50 60

1

WPX Completions Outperforming Felix

5

WPX completed wells outperforming Felix completions by 35% after 50 days1

Same slowback strategy applies to all wells on Huerfano pad

DIFFERENCES IN COMPLETION DESIGN

WPX wells have • Fewer total stages• Longer stage lengths• Additional clusters per stage• Tighter spacing between clusters• Optimized sand ramp and chemical usages

WPX completion costs are ~$280K less than Felix completions on Huerfano pad

Cu

mu

lative

Oil

Pro

du

ctio

n (

Mb

o)

Normalized Days on Production

HUERFANO PADFELIX ACREAGE

2-mile Wolfcamp A

2WPX completed wells outperforming acquisition type curve by 46% after 50 days1

3

4

LOVINGWINKLER

WARD

1. Cumulative oil production in the first 50 days of production.

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

2018 2019 2020-1H 2020-2H

DRILL ($/Ft) COMP ($/Ft) FAC ($/FT)

Realizing Significant Cost Savings

6

Initial Felix Well

Cost

Internal Cost

Improvement

Current Cost

Environment

C O M B I N E D P E R M I A N T O T A L W E L L C O S T ( $ / F T ) 1

• Felix acquisition economics assumed ~$10MM well cost for an Upper Wolfcamp2-mile lateral

• Capturing cost synergies • Completion design changes• Supply chain management

efforts

• ~$8MM for blended Felix/Stateline Upper Wolfcamp 2-mile lateral

• In current pricing environment, well costs continue to drop into 2021

$1,229

$963$871

$800

1. Based on Upper Wolfcamp two-mile laterals.

Proactively Mitigating In-Basin Exposure

7

WILLISTON

CUSHING, OK1

CLEARBROOK, MN2

PADD 53

PRE-DAPL 2H 2020 BAKKEN DIFF1

~($5.00)-($5.50)

POST-DAPL 2020 BAKKEN DIFF

~($6.00)-($6.50)

IMPACT TO CONSOLIDATED OIL DIFFERENTIALS

~($0.50)

WPX CRUDE SALES OUTLETSMitigating exposure to DAPL and

in-basin prices through fixed price

deals, 1-year rail contract &

additional pipe agreements

EXPECTED IMPACT TO WPX DIFFERENTIALS

1. Assumed Williston differential for 2H 2020 (pre-DAPL announcement).

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

9

2Q 2020 Results

Note: Adjusted EBITDAX, free cash flow, and adjusted net income are non-GAAP measures. A reconciliation to relevant GAAP measures is provided in this presentation.1. Excludes ~$7MM (2Q) and ~$20MM (YTD) of incurred capital expenditures related to consolidated partnerships.

2Q YTD

2020 2019 2020 2019

Average Daily Production

Oil (Mbbl/d) 123.7 97.9 123.0 97.0

Gas (MMcf/d) 287.0 205.9 265.5 204.1

NGLs (Mbbl/d) 35.4 27.4 34.7 26.4

Equivalent (MBOE/d) 207.0 159.6 201.9 157.4

Adjusted EBITDAX $400 $347 $779 $667

Adjusted Net Income (Loss)

from Continuing Operations $69 $37 $99 $59

Capital Expenditures $1881 $341 $5011 $766

$166MMFREE CASH FLOW GENERATION GROWTH IN OIL VOLUMES

2Q’20 vs. 2Q’19

26% GROWTH IN ADJ. EBITDAX

2Q’20 vs. 2Q’19

15%

Leaning into Scenario One Outlook

10

1. Assumes no shut-ins or wells with restricted flow at year-end 2020.2. DUC is defined as an uncompleted well 60 days post rig release on a pad. 3. Capital to keep year-end 2020 production flat in 2021.4. Outlook assumes $40/BBL WTI, $2.50 NYMEX, and NGL pricing (22% of WTI) in 2021.

140

$1.05B-$1.15B(previous $1.1B - $1.2B)

35-40

$800-$850MM

RESUME COMPLETIONS

3Q 2020

A C T I V I T Y S C E N A R I O S 1

Oil Production Exit (Mbbl/d)(12/31/2020)

2020 Capital Budget

2020 Year-End DUCS2

2021 Maintenance Capital3

130

$900MM-$1.0B

60-65

$650-$750MM

RESUME COMPLETIONS

4Q 2020

2 0 2 1 : F R E E C A S H F L O W ~ $ 2 0 0 M M

O U T L O O K A S S U M E S $ 4 0 W T I I N 2 0 2 1 4

Situated to Thrive

11

FINANCIAL STRENGTH HEDGESASSETSDISCIPLINE

DEEP HIGH-QUALITY

INVENTORY

STRONG HEDGE

POSITION 2H 2020

GENERATING FREE

CASH FLOW

STRONG BALANCE SHEET WITH NO

NEAR-TERM DEBT MATURITIES

S T R A T E G I C A C T I O N S T A K E N S E T W P X U P F O R S U C C E S S I N 2 0 2 0 & B E Y O N D

APPENDIX

Committed to Strong ESG Performance

13

Facilitating continuous improvement

• Increasing gas capture• Recycling water• Strengthening air quality

controls• Archeological monitoring

Prioritizing employee & contractor safety

Partnering with stakeholders & indigenous people

Promoting inclusion and diversity, pay equity,

mentoring, & Unconscious Bias awareness

SProtecting the long-term interests of shareholders

Engaged, diverse and accountable Board of

Directors

Executive compensation aligned with shareholders’

interests

GEENVIRONMENTAL SOCIAL GOVERNANCE

$43

$242

$472 $500

$600

$500

$900

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Significant Liquidity, No Near-term Maturities

14

INTEREST RATE

5.45%WEIGHTED AVERAGE COUPON

REVOLVING CREDIT FACILITY

$1.5B

1. Amounts are after the July 2020 settlement of tender offers.

MATURITY IN APRIL 2023

SENIOR UNSECURED NOTES ($MM) 1

%BORROWING BASE REAFFIRMED @ $2.1B APRIL 2020

1

1

1

15

Domestic Price Realization for 2020

1. Natural gas revenue adjustments are primarily related to field compression fuel. NGL revenue adjustments include T&F and revenue sharing. Gathering deductions represent $(0.09) 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 ’20 2Q ‘20 1Q ’20 2Q ‘20 1Q ’20 2Q ‘20

Weighted-Average Sales Price

$42.13 $21.85 $1.61 $1.40 $8.72 $7.65

Revenue Adjustments1 $(0.30) $(0.43) $(1.05) $(0.97) $(0.99) $(0.91)

Net Price2 $41.83 $21.42 $0.56 $0.43 $7.73 $6.74

Realized Portion of Derivatives3 $10.09 $30.17 $0.20 $(0.13)

Net Price Including Derivatives

$51.92 $51.59 $0.76 $0.30 $7.73 $6.74

WPX Financial Hedges Updated: July 29, 2020

16

Jul-Dec 2020 2021 2022

Volume/Day Average Price Volume/Day Average Price Volume/Day Average Price

Crude Oil (Bbl)

Fixed Price Swaps1, 2 91,700 $53.05 59,878 $40.78 20,000 $43.50

Fixed Price Collars 20,000 $53.33 - $63.48 - - - -

Fixed Price Extendable Swaptions - - 20,000 Strike @ $57.02 - -

Fixed Price Extendable Swaptions - - 5,041 Strike @ $40.12 5,493 Strike @ $44.71

Fixed Price Monthly Double-Up Call Options - - 5,000 Strike @ $39.50 - -

Crude Oil Basis (Bbl)3

Midland Basis Swaps 35,000 $0.63 15,000 $0.64 - -

Brent/WTI Spread Basis Swaps 5,000 $8.36 1,000 $8.00 1,000 $7.75

Natural Gas (MMBtu)

Fixed Price Swaps - - 240,000 $2.62 - -

Fixed Price Extendable Swaptions - - - - 100,000 Strike @ 2.70

Fixed Price Monthly Double-Up Call Options - - 50,000 Strike @ $2.68 - -

Natural Gas Basis (MMBtu)

West Texas Waha Basis Swaps 100,000 ($1.14) 80,000 ($0.65) 70,000 ($0.57)

1. Excludes ~120 Bbl/d for the Non-Op JV.

2. WPX also entered into ~52 Mbbl/d of Calendar Month Average (CMA) Nymex Roll swaps at a weighted average price of ($0.50) for the remainder of 2020.

3. WPX also entered into 5 Mbbl/d of MEH/Midland basis swaps at a weighted average price of $0.85 for July of 2020.

2019 2020

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

Revenues:

Product revenues:

Oil sales $ 449 $ 511 $ 539 $ 551 $ 2,050 $ 465 $ 241 $ 706

Natural gas sales 25 16 16 18 75 13 11 24

Natural gas liquid sales 33 31 26 32 122 24 22 46

Total product revenues 507 558 581 601 2,247 502 274 776

Net gain (loss) on derivatives (207) 78 175 (199) (153) 869 (275) 594

Commodity management 59 58 38 39 194 24 32 56

Other - 1 1 2 4 3 2 5

Total revenues 359 695 795 443 2,292 1,398 33 1,431

Costs and expenses:

Depreciation, depletion and amortization 219 221 241 247 928 259 229 488

Lease and facility operating 86 94 96 98 374 101 94 195

Gathering, processing and transportation 42 40 49 52 183 62 67 129

Taxes other than income 39 43 46 50 178 42 25 67

Exploration 24 24 22 25 95 67 19 86

General and administrative:

General and administrative expenses 39 40 42 51 172 42 33 75

Equity-based compensation 8 8 9 9 34 9 9 18

Total general and administrative 47 48 51 60 206 51 42 93

Commodity management 49 41 36 37 163 34 32 66

Acquisition costs - - - 3 3 27 3 30

Impairment of proved properties - - - - - 967 - 967

Other-net 2 3 12 1 18 14 (7) 7

Total costs and expenses 508 514 553 573 2,148 1,624 504 2,128

Operating income (loss) (149) 181 242 (130) 144 (226) (471) (697)

Interest expense (41) (40) (38) (40) (159) (48) (49) (97)

Gain (loss) on extinguishment of debt - - (47) - (47) 1 - 1

Gains on equity method investment transactions 126 247 - 7 380 - 2 2

Equity earnings 2 1 3 3 9 3 5 8

Other income - - 1 - 1 3 (1) 2

Income (loss) from continuing operations before income taxes $ (62) $ 389 $ 161 $ (160) $ 328 $ (267) $ (514) $ (781)

Provision (benefit) for income taxes (14) 84 39 (39) 70 (61) (101) (162)

Income (loss) from continuing operations $ (48) $ 305 $ 122 $ (121) $ 258 $ (206) $ (413) $ (619)

Income (loss) from discontinued operations - - (1) (1) (2) (180) 5 (175)

Net income (loss) $ (48) $ 305 $ 121 $ (122) $ 256 $ (386) $ (408) $ (794)

Less: Noncontrolling interest - - - - - 2 1 3

Net income (loss) attributable to WPX Energy, Inc. $ (48) $ 305 $ 121 $ (122) $ 256 $ (388) $ (409) $ (797)

Amounts attributable to WPX Energy, Inc.:

Income (loss) from continuing operations $ (48) $ 305 $ 122 $ (121) $ 258 $ (208) $ (414) $ (622)

Income (loss) from discontinued operations - - (1) (1) (2) (180) 5 (175)

Net income (loss) $ (48) $ 305 $ 121 $ (122) $ 256 $ (388) $ (409) $ (797)

Consolidated Statement of Operations (GAAP)

17

2019 2020

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

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

Income (loss) from continuing operations attributable to WPX Energy, Inc. common stockholders - reported $ (48) $ 305 $ 122 $ (121) $ 258 $ (208) $ (414) $ (622)

Pre-tax adjustments:

Impairments of proved properties and unproved leasehold cost $ - $ - $ - $ - $ - $ 1,016 $ - $ 1,016

Inventory and line-fill lower-of-cost or market adjustments $ - $ - $ - $ - $ - $ 21 $ - $ 21

Gains on equity method investment transactions $ (126) $ (247) $ - $ (7) $ (380) $ - $ (2) $ (2)

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

Impact of pending settlement offers and settlements $ - $ - $ 11 $ 5 $ 16 $ - $ - $ -

Voluntary exit program $ - $ - $ 3 $ 5 $ 8 $ - $ - $ -

Acquisition related costs $ - $ - $ - $ 6 $ 6 $ 27 $ 3 $ 30

Net gain on exchange of leasehold $ - $ - $ - $ - $ - $ - $ (5) $ (5)

Net (gain) loss on derivatives $ 207 $ (78) $ (175) $ 199 $ 153 $ (869) $ 275 $ (594)

Net cash received (paid) related to settlement of derivatives $ 9 $ (10) $ 4 $ 9 $ 12 $ 117 $ 337 $ 454

Total pre-tax adjustments $ 90 $ (335) $ (110) $ 217 $ (138) $ 312 $ 608 $ 920

Less tax effect for above items $ (20) $ 76 $ 25 $ (50) $ 32 $ (72) $ (136) $ (208)

Impact of state deferred tax rate changes and state related adjustments $ (1) $ - $ - $ (1) $ (2) $ (5) $ (1) $ (6)

Impact of federal tax valuation allowance $ 1 $ (9) $ 1 $ (3) $ (10) $ 3 $ 12 $ 15

Total adjustments, after tax $ 70 $ (268) $ (84) $ 163 $ (118) $ 238 $ 483 $ 721

Adjusted income (loss) from continuing operations attributable to common stockholders $ 22 $ 37 $ 38 $ 42 $ 140 $ 30 $ 69 $ 99

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

18

2019 2020

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

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

Income (loss) from continuing operations - diluted earnings per share - reported $ (0.11) $ 0.72 $ 0.29 $ (0.29) $ 0.61 $ (0.46) $ (0.74) $ (1.22)

Pretax adjustments (1):

Impairments of proved properties and unproved leasehold cost $ - $ - $ - $ - $ - $ 2.21 $ - $ 1.98

Inventory and line-fill lower-of-cost or market adjustments $ - $ - $ - $ - $ - $ 0.05 $ - $ 0.04

Gains on equity method investment transactions $ (0.30) $ (0.58) $ - $ (0.02) $ (0.90) $ - $ - $ -

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

Impact of pending settlement offers and settlements $ - $ - $ 0.03 $ 0.01 $ 0.04 $ - $ - $ -

Voluntary exit program $ - $ - $ - $ 0.01 $ 0.02 $ - $ - $ -

Acquisition related costs $ - $ - $ - $ 0.01 $ 0.01 $ 0.06 $ - $ 0.06

Net gain on exchange of leasehold $ - $ - $ - $ - $ - $ - $ (0.01) $ (0.01)

Net (gain) loss on derivatives $ 0.49 $ (0.19) $ (0.41) $ 0.49 $ 0.36 $ (1.89) $ 0.49 $ (1.16)

Net cash received (paid) related to settlement of derivatives $ 0.02 $ (0.02) $ 0.01 $ 0.02 $ 0.03 $ 0.25 $ 0.60 $ 0.89

Total pretax adjustments $ 0.21 $ (0.79) $ (0.26) $ 0.52 $ (0.33) $ 0.68 $ 1.08 $ 1.80

Less tax effect for above items $ (0.05) $ 0.18 $ 0.06 $ (0.12) $ 0.08 $ (0.15) $ (0.24) $ (0.41)

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

Impact of federal tax valuation allowance $ - $ (0.02) $ - $ (0.01) $ (0.02) $ 0.01 $ 0.02 $ 0.03

Total adjustments, after-tax $ 0.16 $ (0.63) $ (0.20) $ 0.39 $ (0.28) $ 0.53 $ 0.86 $ 1.41

Adjusted diluted income (loss) per common share $ 0.05 $ 0.09 $ 0.09 $ 0.10 $ 0.33 $ 0.07 $ 0.12 $ 0.19

Reported diluted weighted-average shares (millions) 421.0 423.5 421.8 417.2 422.0 458.0 559.7 508.8

Effect of dilutive securities due to adjusted income (loss) from continuing operations attributable to

common stockholders 2.6 - - 1.8 - 2.2 1.9 2.2

Adjusted diluted weighted-average shares (millions) 423.6 423.5 421.8 419.0 422.0 460.2 561.6 511.0

Reconciliation-Adjusted Income (Loss) Per Common Share

19

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

2019 2020

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

Reconciliation of Adjusted EBITDAX

Net income (loss) - reported $ (48) $ 305 $ 121 $ (122) $ 256 $ (386) $ (408) $ (794)

Interest expense 41 40 38 40 159 48 49 97

Provision (benefit) for income taxes (14) 84 39 (39) 70 (61) (101) (162)

Depreciation, depletion and amortization 219 221 241 247 928 259 229 488

Exploration expenses 24 24 22 25 95 67 19 86

EBITDAX 222 674 461 151 1,508 (73) (212) (285)

Impairment of proved properties - - - - - 967 - 967

Inventory and line-fill lower-of-cost or market adjustments - - - - - 21 - 21

Gains on equity method investment transactions (126) (247) - (7) (380) - (2) (2)

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

Impact of pending settlement offers and settlements - - 11 5 16 - - -

Voluntary exit program - - 3 5 8 - - -

Acquisition costs - - - 3 3 27 3 30

Net gain on exchange of leasehold - - - - - - (5) (5)

Net (gain) loss on derivatives 207 (78) (175) 199 153 (869) 275 (594)

Net cash received (paid) related to settlement of derivatives 9 (10) 4 9 12 117 337 454

Equity-based compensation (1) 8 8 9 9 34 9 9 18

Income (loss) from discontinued operations - - 1 1 2 180 (5) 175

Adjusted EBITDAX (1) $ 320 $ 347 $ 361 $ 375 $ 1,403 $ 379 $ 400 $ 779

Reconciliation – Adjusted EBITDAX (Non-GAAP)

20

1. Prior periods have been modified to include equity-based compensation in the calculation of Adjusted EBITDAX.

2019 2020

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

Reconciliation of free cash flow:

Net cash provided by operating activities (GAAP) $ 272 $ 362 $ 272 $ 351 $ 1,257 $ 256 $ 276 $ 532

Exclude: Changes in operating assets and liabilities (1) 1 (60) 33 (7) (33) 44 76 120

Plus: Distributions from equity method investments in excess of cumulative earnings 4 3 4 3 14 4 3 7

Less: Incurred capital expenditures (2) (425) (341) (264) (283) (1,313) (313) (188) (501)

Less: Incurred capital expenditures related to consolidated partnerships - - - (8) (8) (13) (7) (20)

Plus: Contributions from noncontrolling interests - - - - - 18 6 24

Less: Distributions to noncontrolling interests - - - - - - - -

Free cash flow (non-GAAP) $ (148) $ (36) $ 45 $ 56 $ (83) $ (4) $ 166 $ 162

Reconciliation of Free Cash Flow

21

1. 1Q 2020 excludes a $184 million accrual for a performance guarantee included in gathering contracts assumed by the purchaser of our San Juan Basin assets. 2. 1Q 2019 includes a $100 million purchase of surface acreage in the Delaware Basin that was funded in part by the sale of non-core properties in the Delaware Basin.

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.

23

This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All

statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the

company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a

number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drill ing

and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of

oil and gas. These risks include, but are not limited to, the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil,

natural gas and NGL reserves; drilling risks; environmental risks; political or regulatory changes; and disruptions to general economic

conditions, including disruptions attributable to pandemics such as the COVID-19 pandemic. Investors are cautioned that any such

statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in

the forward-looking statements. The forward-looking statements in this presentation are made as of the date of this presentation, even if

subsequently made available by WPX Energy on its website or otherwise. WPX Energy does not undertake and expressly disclaims any

obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to

consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at WPX Energy, Attn: Investor

Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC’s website at www.sec.gov.

Disclaimers