Uinta Basin / Greater Monument Butte Area

Uinta Basin / Greater Monument Butte Area

 New horizontal resource play adds nearly 300 MMBOE of net resource potential
 Net undeveloped resource potential increased to more than 700 MMBOE
 Increasing rig count to accelerate production growth
 Drilling inventory increased to more than 6,000 oil locations

www.newfield.com NYSE: NFX

Uinta Basin / Greater Monument Butte Area

Altamont / Bluebell

UTAH Horseshoe Bend
EDA 1
EDA 3 Central Basin
EDA 2 Acquisition

GMreoanteurmMeonntuBmuetntet Butte

Unit

Natural Buttes

~10 Miles

Uinta Basin Timeline (Cumulative acreage) Central Basin
Acquisition
Monument Horseshoe 2006 EDA 1/ 2008 EDA 2
Butte Bend Fee EDA 3
2009
2004 2005 2007 2010 2011

88,000 114,000 162,000 173,000 250,000 2
Net Acres Net Acres Net Acres Net Acres Net Acres

Historical Look Back

• Proven growth history 8.0

– Driven by shallow Green River oil Production (MMBOE) 6.0
development

• Strong future growth 4.0
2.0
– Developing material upside in
new plays

• “Best in class” operational execution 0.0

2007 2008 2009 2010

Proved Reserves (MMBOE) 180 Capital Investments ($MM) 350
150 300
120 2008 2009 2010 250 2008 2009 2010
200
90 150
60 100
30
50
0 0
2007 2007

3

Uinta Basin / Greater Monument Butte Area

• ~250,000 Net Acres

– Federal lands (~115,000 net acres)
– Tribal lands (~56,000 net acres)
– State / Fee lands (~80,000 net acres)

• Contiguous acreage

– >70% working interest

• Deep drilling inventory

– > 6,000 location

• Controlled, operated position
• Largest oil producer in Utah

– 30% of Utah’s total daily production
– 42% of Basin’s total daily production

• Regional increase in refining
capacity

• High rate of return oil developments

4

Uinta Basin Stratigraphy

6,,000’ TVD

11,500’ TVD

Deep Gas Potential

5

Green River

Altamont / Bluebell HIGHLIGHTS

UTAH • Operated, high working
interest
2,100 wells drilled to date
> 4,000 remaining locations • Vertical integration of
services in field
Greater Monument
Butte Unit • Drill time: 4-5 days
• Regional increase in
Natural Buttes
refining capacity
~10 Miles
• Early stages of
waterflood development

• Estimated activity:
• 2011 – 300 wells
• 2012 – 250-300 wells

Play Type Net Locations Avg. EUR Avg. Well Avg. Avg. Net Resource ECONOMIC
Green Acres MBOE Cost WI % NRI % Potential ASSUMPTIONS
River $MM 8/8ths MMBOE
360* 30-Day Avg. 82 BOEPD
165,000 >4,000 75 $0.93 73% 82% LOE/well/month $1,700
Tax (% of Revenue) 4 – 7%
Fuel Gas % 4%

* Includes developed and undeveloped waterflood potential

6

NFX’s Green River Resource Summary

UTAH Altamont /
Bluebell

Approximately 5.4 billion Bbls OOIP,
16% or more estimated recovery

Natural Buttes

~10 Miles

Area Gross Category Primary Primary Estimated Secondary Estimated Total Resource
OOIP Cumulative Production Rec (%) Reserves Secondary Recovery Total MMBOE
GMBU MMBOE MMBOE Rec (%) MMBOE
Green River 1% Rec (%) 35
17 1% 18 2%

Net Remaining Potential 5% 94 9% 168 14% 262

Total GMBU : 2,800 Estimated Ultimate Rec 6% 111 10% 186 16% 297
0 0% 5
Central Basin Cumulative Production 0% 5 0%
6 6% 98
Green River

Net Remaining Potential 6% 92 0%

Total Central Basin 2,600 Estimated Ultimate Rec 6% 97 0% 6 6% 103

Total: 5,400 Net Remaining Potential 5% 187 5% 174 10% 360

7

Uteland Butte

Altamont / Bluebell HIGHLIGHTS

UTAH • Large aerial extent
• Horizontal assessment
IP 466 BOEPD Recent wells
24-hour average IP: results encouraging
IP 326 BOEPD • Early completion
~500 BOEPD
IP 503 BOEPD Greater Monument optimization yielding
~10 Miles ButItPe4U82nBitOEPD Natural Buttes >50% improvement in
30-day averages
IP 298 BOEPD • Geo-pressured upside
IP 395 BOEPD • Estimated activity:

• 2011 – 10 wells
• 2012 – >30 wells

Play Type Net Locations Avg. Avg. Avg. Avg. Net Resource ECONOMIC
Acres >1,800* EUR Well Cost WI % NRI % Potential ASSUMPTIONS
MBOE 67% 8/8ths MMBOE
Uteland 300 $MM 300 30-Day Avg. 370 BOEPD
Butte $2.8 81%
200,000 LOE/well/month $4,500

Tax (% of Revenue) 4 – 7%

Fuel Gas % 4%

* Assumes 160-acre spacing

8

Wasatch

UTAH Altamont / Bluebell IP 805 BOEPD HIGHLIGHTS
IP 1479 BOEPD
IP 799 BOEPD • Southerly Extension of
Altamont/ Bluebell
IP 1359 BOEPD
• Productive throughout
IP 520 BOEPD Central Basin

IP 1076 BOEPD IP 822 BOEPD • Basin experience; early
drilling efficiency gains
Recent wells
24-hour average IP: • Specific Wasatch target
GreaBteurttMeoUnnui>tm1en,0t 00 BOEPD or commingled with
Green River
Natural Buttes
• Estimated activity:
~10 Miles • 2011 – 25 wells
• 2012 – >50 wells

Play Type Net Locations Avg. Avg. Avg. Avg. Net Resource ECONOMIC
Acres EUR Well Cost WI % NRI % Potential ASSUMPTIONS
MBOE 58% 8/8ths MMBOE
>260 $MM >45 30-Day Avg. 470 BOEPD
$2.6 78%
Wasatch 70,000 >380* LOE/well/month $6,000

Tax (% of Revenue) 4 – 7%

Fuel Gas % 4%

* Assumes 320-acre spacing – Upside potential for 160-acre spacing

9

NFX’s Uinta Basin Summary

Altamont / Bluebell HIGHLIGHTS

UTAH • Extension of Altamont/
Bluebell and Monument
BTAX IRR: Butte
>100%*
• Productive throughout
Greater Monument entire position in
Butte Unit multiple oil zones

Natural Buttes • Deep natural gas
potential HBP through
~10 Miles oil production

• Additional oil zones
untested, i.e. Black
Shale, etc.

Play Type Net Acres Locations Avg. Avg. Well Avg. Avg. PV10 BTAX Net Resource
EUR Cost $MM WI% NRI % $MM* IRR %* Potential
MBOE 8/8ths MMBOE

Green River 165,000 >4,000 75 $0.93 73% 82% $1.2 >100% 360
Uteland Butte 200,000 >1,800 300 $2.8 67% 300
70,000 >380 >260 $2.6 58% 81% $5.0 >100% >45
Wasatch 250,000 >3,000 ~70% >10 TCFE
Deep Gas - - 78% $4.5 >100%
~80%
--

* $100/Bbl NYMEX WTI 10

Uinta Basin / Play Economics

250 Green River Historic realized oil
200 Uteland Butte price:
150 Wasatch
100 75-85% of
NYMEX WTI
50
BTAX IRR (%) 0
40
50 60 70 80 90 100

Realized Oil Price ($/Bbl)

11

Uinta Basin / Capital Investments & Rig Count

Capital Expenditures (In millions) $600 8-9 Rigs HIGHLIGHTS
$500 $400MM – 550MM
$400 • Multiple play types allow
$300 5-6 Rigs for flexible invests to
$200 ~$370MM optimize production yields
$100
2011e • Additional drilling
$0 efficiency gains allow for
higher well count per rig
line

• Significant infrastructure
investments in ‘11 and ‘12

• Services secured to
execute 2012 plan

2012e

12

Uinta Basin / Capacity and Permitting

Total Wax Capacity Permits Per Year

60,000 600

40,000 400
BOPD
# Permits
20,000 200

0 0 2009 2010 2011e 2012e
2006 2007 2008 2009 2010 2011 2012 2008

 NFX production utilizes ½ total wax capacity BLM/BIA State/Fee
 Regional increase in refining capacity
 Arrangements with five area refiners  Ability to permit on State and Federal lands
 Quality oil – 33o API gravity  Increased permits leads to higher rig count
 Flexibility in capital deployment
 2012 portfolio optimization capability

13

NFX’s Uinta Basin / Growth Profile

ESTIMATED FUTURE PRODUCTION GROWTH HIGHLIGHTS
Net Average Daily Production
(BOEPD) • Refining capacity

30,000 in line with growth
25,000 plans
20,000
15,000 • Infrastructure

2009 2010 2011e 2012e expansion to
support future
growth

• Permit constraints

relieved with
additional new
state acreage

• Multiple play types

drive optimum
production yield

14

Uinta Basin / Greater Monument Butte Area

ADDITIONAL
INFORMATION

15

Green River

Green River - Well Profile 50,000

75 MBOE
Avg GOR ~500 scf/stb

100

90

80 40,000
Gross BOPD
Gross Cumulative BO70

60 30,000

50 PV10 = $1.2MM at $100 NYMEX
CWC = $0.93MM

40 20,000

30

20 10,000

10

0 20% 30% 37% 43% 48% 52% 56% 59% 62% 65% 0

0 1 2 3 4 5 6 7 8 9 10

Year

Cumulative % EUR BOPD Cumulative Oil

16

Uteland Butte

Uteland Butte Horizontal - Well Profile

300 MBOE
Avg GOR ~1650 scf/bbl

600 160,000

140,000
500

120,000
400

100,000
Gross BOPD
Gross Cumulative BO
300 PV10 = $5.0MM at $100 NYMEX 80,000

CWC = $2.8MM 60,000

200

40,000

100
20,000

0 21% 30% 36% 41% 46% 50% 53% 56% 59% 62% 0

0 1 2 3 4 5 6 7 8 9 10

Year

Cumulative % EUR BOPD Cumulative Oil

17

Wasatch

Average Wasatch - Well Profile
260 MBOE
Avg GOR ~1100 scf/stb
250,000
450

400

350 PV10 = $4.5MM at $100 NYMEX 200,000
CWC = $2.6MM
Gross BOPD
300 Gross Cumulative BO

150,000
250

200
100,000

150

100 50,000
50

0 26% 36% 44% 50% 54% 58% 62% 65% 68% 71% 0

0 1 2 3 4 5 6 7 8 9 10
Year

Cumulative % EUR BOPD Cumulative Oil

18

Forward Looking Statements and 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 “will”, “believe”, “intend”, “plan”, “expect” or other
similar expressions are intended to identify forward-looking statements. Other than historical facts included in this presentation, all
information and statements, such as information regarding estimated reserves, production targets, drilling and development plans and
the timing of production and other activities, planned capital expenditures, the number of wells planned to be drilled in the future, the
relative risks and potential of planned exploratory wells, the availability of capital resources to fund 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 drilling
results, oil and gas prices, industry conditions, the prices of goods and services, the availability of drilling rigs and other support
services, the availability of refining capacity for the crude oil Newfield produces from its Monument Butte field in Utah, the
availability of capital resources, labor conditions, severe weather conditions, governmental regulations and other operating risks.
Please see Newfield’s 2010 Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q 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 forward-looking
statements. Readers are cautioned not to place undo 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.

Cautionary Note to Investors – Effective January 1, 2010, the SEC permits oil and gas companies, in their filings with the SEC, to

disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms. Newfield may use terms in this

presentation, such as “resources”, “net resources”, “net discovered resources”, “net risked resources”, “net lower-risked captured

resources”, “net risked captured resources”, “gross resources”, “gross resource potential”, “gross unrisked resource potential”, “gross

unrisked resources”, and similar terms that the SEC’s guidelines strictly prohibit in SEC filings. Investors are urged to consider

closely the oil and gas disclosures in Newfield’s 2010 Annual Report on Form 10-K, available at www.newfield.com, www.sec.gov or

by writing Newfield at 363 N. Sam Houston Pkwy E., Suite 100, Houston, Texas 77060 Attn: Investor Relations. 19