Newfield Presentation March 27-28, 2017, at scotia howard weil energy conference

1. Scotia Howard Weil Energy Conference
March 27 – 28, 2017
Lee K. Boothby – Chairman, President & CEO

2. 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
2

3. 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
3

4. 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
4

5. 5
0
5
10
15
0
50
100
150
200
0 20 40 60 80 100 120 140
UpsizedCompletionWellCount
MBOE
Days
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 2017
1 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-18
Record Oil Well

6. 0
100
200
300
400
500
0 2 4 6 8 10
CumulativeOilProduction,MBO
Years
Upsized Completions Burgess 1H-18
6
“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 length
2 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 gas
3Estimated 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

7. Progress Check Points Results from 2014 – 17e
Understand Well Spacing
Increased Woodford Well
Density by 33 – 66%
Optimize Completion Design
Increased Woodford
Completion Design by ~100%
Drive Down Learning Curve
Decreased Completed
Well Costs >25%
Improve Productivity
Increased 30-Day Average
Production Rates 25%
Improve Cost Structure
Decreased Lease Operating
Expense >10%1
Improve Overall Economics
Increased Rate-of-Return
100%2
7
SCOOP Woodford Development Learnings… a Proxy for STACK
1 LOE = Total LOE over life of the well
2 Assumes $50/55/60/Bbl flat and $3.00 gas flat

8. Domestic Growth Outlook
4Q16 4Q17e 4Q18e 4Q19e
Domestic Production (MBOEPD)
4Q16 4Q17e 4Q18e 4Q19e
Anadarko Basin Production (MBOEPD)
88
105 – 115
125 – 135138
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
8
1
1 Excludes production associated with Eagle Ford and south Texas asset sale. See handout for details

9. 9
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

10. 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
10

11. 11
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 of
1934, 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 in
this 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 to
numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors, including but not limited to commodity prices, drilling results, our
liquidity and the availability of capital resources, operating risks, industry conditions, China and U.S. governmental regulations, financial counterparty risks, the prices of goods and
services, the availability of drilling rigs and other support services, our ability to monetize assets and repay or refinance our existing indebtedness, labor conditions, severe weather
conditions, new regulations or changes in tax legislation, environmental liabilities not covered by indemnity or insurance, legislation or regulatory initiatives intended to address seismic
activity, 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 adverse
effects 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 independent
industry publications, government publications or other published independent sources. Some data are also based on Newfield’s good faith estimates, which are derived from its review
of internal sources as well as the independent sources described above. Although Newfield believes these sources are reliable, it has not independently verified the information and
cannot 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 include
the 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 drilling
services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and
mechanical factors affecting recovery rates. Newfield may use terms in this presentation, such as “EURs”, “upside potential”, “net unrisked resource”, “gross EURs”, and similar terms
that 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 is
included 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 subsequent
public 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 income
tax (benefit) expense, interest expense and depreciation, depletion and amortization. Adjusted EBITDA, as presented herein, is EBITDA before ceiling test impairments, gains on asset
sales, 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 net
income 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. Adjusted
EBITDA 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 of
Newfield’s ability to internally fund exploration and development activities.