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WPXs Portfolio PRODUCT MIX WELL ECONOMICS Flat 54.09 Oil and 2.91 Gas1 DELAWARE NGL 16% DELAWARE 100%+ 30% GAS LONG LATERALS3 ROR2 54% 80%+ OIL DELAWARE (WCA) WILLISTON WILLISTON 70%+ NGL GAS 8% SAN JUAN GALLUP 9% 83% OIL WILLISTON SAN JUAN GALLUP BASIN NGL 22% HEADQUARTERS TULSA 31% GAS SAN JUAN BASIN 47% OIL DELAWARE BASIN 1 3-year average strip price as of February 24, 2017 2 Excludes G&A, acquisition land costs, and interest expense. Assumes vision for Delaware and Williston 2
WPX Energy, Inc.
March 2017

Recent STACK Research WTI Breakevens ( / bbl) Niobrara Inner Core Wolfcamp B Brushy Canyon Wolfcamp A 45 Oil, 2.50 Gas STACK 35 Oil, 2.00 Gas Bonespring Eagleford East Eagleford West Niobrara Middle Core SCOOP/STACK Fayetteville San Juan Marc. Dry Hville/ E.TX Other Gas Marc. Wet Delaware WTD Average DJ Basin Cotton Valley Utica Wet Midland hzl Williston Permian Vert PRB Utica Dry Other Oil Pinedale Eagle Ford SCOOP Niobrara Outer Core Williston Bakken Williston Three Forks David Tameron, Wells Fargo 2/1/2016 The Eagle Ford is the most economic at higher prices while the SCOOP/STACK has the highest returns at a lower deck Heikkinen Energy Advisors 3/18/2016 Hottest New Play On The Street. The SCOOP/STACK has quickly emerged as the premier oily growth play outside of the Permian. While still early innings, the play has attracted the attention of key industry players given its multi-zone stacked pay potential, highly prolific oily well results, and premium prices in recent M&A activity. Stark Remeny, RBC 3/17/2016 Wells Fargo 02/01/2016 2016 Gastar Exploration Inc. 14
Gastar Exploration Inc
August 2016

3 Reasons to Invest in Energen High-quality, oil-focused asset base in Permian Basin 4,440 engineered, unrisked, net drilling locations identified in Midland & Delaware basins Inventory resource potential 2 billion BOE Stacked-pay development programs underway in Martin & Glasscock counties in Midland Basin Horizontal drilling in Midland Basin driving growth Midland Basin delivers strong IRRs in low-price environment Core Delaware Basin Wolfcamp economics improving 2016e production: 63% oil, 18% NGL, 19% natural gas Recapitalized balance sheet Upsized equity offering raises net proceeds of 381 mm New oil hedges in place for 50% of 2016e oil production Estimated 400 mm of non-core asset sales targeted in San Juan and Delaware basins Open to sale of other assets outside Midland Basin and core Delaware Basin Focus on capital discipline, reducing expenses Net salaries and G&A expenses (excluding pension and pension settlement charges and severance payments) estimated to decrease 25% year-over-year in 2016 Dividend discontinued
Energen Corp.
March 2016
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