Scotia Howard Weil Energy ConferenceMarch 27 – 28, 2017

Lee K. Boothby – Chairman, President & CEO

Why Own Newfield Today?

The Anadarko Basin is “Premier”

– Large, contiguous acreage position

– Consistent (and improving) results across a large geographic area

– Premium returns TODAY

– Development mode is driving efficiencies

NFX has a Proven Track Record

– Weathered multiple commodity price cycles

– History of finding and developing valuable plays

– Proven operator

Inventory Depth

– Thousands of quality drilling locations

Financial Strength

– Record of financial discipline

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Today’s Key Takeaways

Substantially all D&C capital allocated to the Anadarko Basin

NFX’s STACK is best positioned to deliver decades of high return drilling – “NEW” Burgess 1H-18 STACK XL well sets record 24-hour and 20-

day average oil production rates per 1,000’ GPI

NFX is a proven operator and has taken multiple plays from concept to development – Today’s learnings are being applied “real-time” to our

development plans

NFX’s plan is deliverable, even at today’s commodity prices – Driven by strong Anadarko Basin oil growth

NFX’s solid capital structure is differentiating

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Anadarko Basin Update

STACK Running 4-5 rigs during 2017

Transitioning to infill development

Testing upsized completions & downspacing

Testing strategic exploration opportunities

SCOOP Running 3-5 rigs during 2017

Driving production through continued development drilling

Testing strategic exploration opportunities

SCOOP

STACK

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15

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100

150

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0 20 40 60 80 100 120 140

Up

size

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Cum Production vs Days

“UPDATED” 15 total wells with current completion design: 2,100 lbs/ft & 2,100 gals/ft

“NEW” Burgess 1H-18 well

– 24-hour peak oil production per 1,000’ GPI: 417 BOPD

– 20-day average oil production per 1,000’ GPI: 361 BOPD

Evaluating completions and well spacing in 20171 All wells normalized to 10,000’ lateral length. Two stream production normalized to three stream using 120/Mmcf NGL yield & 21% gas shrink.

STACK

85% liquids 70% oil

85% liquids 60% oil

STACK Results from Recent “Upsized” Completions

Burgess 1H-18Record Oil Well

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300

400

500

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lati

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Years

Upsized Completions Burgess 1H-18

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“Upsized” Completions Enhancing STACK Oil Production

STACK type curve Oil EUR is ~470 MBO with ~60% production in the first 5 years STACK type curve wells estimated to “payout” in ~1.75 years Upsized completions performing above 1.1 MMBOE EUR type curve3

Payout in ~ 1.75 years2

1 All wells normalized to 10,000’ lateral length2 Using type curve and assuming $7.8 mm total well cost (including facilities) and $55 / 60 / 65 flat oil for 2017 / 18 / 19 and $3.00 flat gas3Estimated ultimate recovery (EUR) refers to potential recoverable oil and natural gas hydrocarbon quantities with ethane processing and depends on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Such amounts do not meet SEC rules and guidelines, may not be reflective of SEC proved reserves and do not equate to or predict any level of reserves or production

60%

80%

1 1

Progress Check Points Results from 2014 – 17e

Understand Well SpacingIncreased Woodford Well

Density by 33 – 66%

Optimize Completion DesignIncreased Woodford

Completion Design by ~100%

Drive Down Learning CurveDecreased Completed

Well Costs >25%

Improve ProductivityIncreased 30-Day Average

Production Rates 25%

Improve Cost StructureDecreased Lease Operating

Expense >10%1

Improve Overall EconomicsIncreased Rate-of-Return

100%2

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SCOOP Woodford Development Learnings… a Proxy for STACK

1 LOE = Total LOE over life of the well2 Assumes $50/55/60/Bbl flat and $3.00 gas flat

Domestic Growth Outlook

4Q16 4Q17e 4Q18e 4Q19e

Domestic Production (MBOEPD)

4Q16 4Q17e 4Q18e 4Q19e

Anadarko Basin Production (MBOEPD)

88105 – 115

125 – 135 138

150 - 160

170 – 180

Liquids

Gas

Liquids

Gas

190 – 210

150 – 170

65%65%

35%

35%

Domestic production growth forecast driven by the Anadarko Basin

Plan assumes about 10 rigs in the Anadarko Basin throughout the plan period

– Commodity price range: Oil $50 - $60 WTI and Gas $3.00 HH

Plan does not include exploratory successes, acquisitions or divestitures

Domestic oil growth rate of 15 – 20% exceeds company growth rate

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1

1 Excludes production associated with Eagle Ford and south Texas asset sale. See handout for details

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Solid Capital Structure

$1.8 bn unsecured credit facility maturing 2020

~$2.4 bn of total liquidity

No fixed debt maturities until 2022

Weighted average fixed debt maturity of >7 years at 4.9% YTM1

Company goal: to maintain Net Debt / EBITDA ratio of 1.5 – 2.5x throughout plan

1 Sourced from FactSet as of December 31, 2016.2 Net debt represents principal balance of debt less cash on balance sheet. Adjusted EBITDA calculated per credit agreement definition; YE 2016 reflects 5th amendment executed 3/18/2016. See handout for details.

Net debt / adj EBITDA2 Fixed debt maturity schedule

$750

$1,000

$700

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

$ millions

1.9x 1.9x 2.0x

YE 2014 YE 2015 YE 2016

No maturities for 5 years

Why Own Newfield Today?

The Anadarko Basin is “Premier”

– Large, contiguous acreage position

– Consistent (and improving) results across a large geographic area

– Premium returns TODAY

– Development mode is driving efficiencies

NFX has a Proven Track Record

– Weathered commodity price cycles

– History of finding and developing valuable plays

– Proven operator

Inventory Depth

– Thousands of quality drilling locations

Financial Strength

– Record of financial discipline

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Forward Looking Statement & Related Matters

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. The words ““may,” “forecast,” “outlook,” “could,” “budget,” “objectives,” “strategy,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,”“goal,” “plan,” “should,” “will,” “predict,” “guidance,” “potential” or other similar expressions are intended to identify forward-looking statements. Other than historical facts included inthis presentation, all information and statements, including but not limited to information regarding planned capital expenditures, estimated reserves, estimated production targets,drilling and development plans, the timing of production, planned capital expenditures, and other plans and objectives for future operations, are forward-looking statements. Although,as of the date of this presentation, Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject tonumerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including but not limited to commodity prices, drilling results, ourliquidity and the availability of capital resources, operating risks, industry conditions, China and U.S. governmental regulations, financial counterparty risks, the prices of goods andservices, the availability of drilling rigs and other support services, our ability to monetize assets and repay or refinance our existing indebtedness, labor conditions, severe weatherconditions, new regulations or changes in tax legislation, environmental liabilities not covered by indemnity or insurance, legislation or regulatory initiatives intended to address seismicactivity, and other operating risks. Please see Newfield’s 2016 Annual Report on Form 10-K and subsequent public filings, all filed with the U.S. Securities and Exchange Commission (SEC),for a discussion of other factors that may cause actual results to vary. Unpredictable or unknown factors not discussed herein or in Newfield’s SEC filings could also have material adverseeffects on actual results. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Unless legally required,Newfield undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This presentation has been prepared by Newfield and includes market data and other statistical information from sources believed by Newfield to be reliable, including independentindustry publications, government publications or other published independent sources. Some data are also based on Newfield’s good faith estimates, which are derived from its reviewof internal sources as well as the independent sources described above. Although Newfield believes these sources are reliable, it has not independently verified the information andcannot guarantee its accuracy and completeness.

Actual quantities that may be ultimately recovered from Newfield’s interests may differ substantially from the estimates in this presentation. Factors affecting ultimate recovery includethe scope of Newfield’s ongoing drilling program, which will be directly affected by commodity prices, the availability of capital, drilling and production costs, availability of drillingservices and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological andmechanical factors affecting recovery rates. Newfield may use terms in this presentation, such as “EURs”, “upside potential”, “net unrisked resource”, “gross EURs”, and similar termsthat the SEC’s guidelines strictly prohibit in SEC filings. These terms include reserves with substantially less certainty than proved reserves, and no discount or other adjustment isincluded in the presentation of such reserve numbers. Investors are urged to consider closely the oil and gas disclosures in Newfield’s 2016 Annual Report on Form 10-K and subsequentpublic filings, available at www.newfield.com, www.sec.gov or by writing Newfield at 4 Waterway Square Place, Suite 100, The Woodlands, Texas 77380 Attn: Investor Relations.

In addition, this presentation contains non-GAAP financial measures, which include, but are not limited to, Adjusted EBITDA. Newfield defines EBITDA as net (loss) income before incometax (benefit) expense, interest expense and depreciation, depletion and amortization. Adjusted EBITDA, as presented herein, is EBITDA before ceiling test impairments, gains on assetsales, non-cash compensation expense and net unrealized (gains) / losses on commodity derivatives. Adjusted EBITDA is not a recognized term under GAAP and does not represent netincome as defined under GAAP, and should not be considered an alternatives to net income as an indicator of operating performance or to cash flows as a measure of liquidity. AdjustedEBITDA is a supplemental financial measure used by Newfield’s management and by securities analysts, lenders, ratings agencies and others who follow the industry as an indicator ofNewfield’s ability to internally fund exploration and development activities.