IPAA April 20, 2004 Oil & Gas Investment Symposium

PERMIAN BASIN Domestic Focus Areas “Focused Operations” T E X A S O K L A H O M A SOUTH TEXAS/ VAL VERDE BASIN Active in multiple playsActive in multiple plays 300,000 gross lease acres300,000 gross lease acres Plan wells in 2004Plan wells in 2004 Active in multiple playsActive in multiple plays 300,000 gross lease acres300,000 gross lease acres Plan wells in 2004Plan wells in 2004 Established 2001Established 2001 Primarily non-operatedPrimarily non-operated Gas oriented playsGas oriented plays Established 2001Established 2001 Primarily non-operatedPrimarily non-operated Gas oriented playsGas oriented plays MID-CONTINENT Long life reservesLong life reserves “Gas mining” initiative“Gas mining” initiative 600,000 gross lease acres600,000 gross lease acres 1,700 producing wells1,700 producing wells Plan 160 wells in 2004Plan 160 wells in 2004 Long life reservesLong life reserves “Gas mining” initiative“Gas mining” initiative 600,000 gross lease acres600,000 gross lease acres 1,700 producing wells1,700 producing wells Plan 160 wells in 2004Plan 160 wells in 2004 SOUTHERN LOUISIANA Impact exploration focusImpact exploration focus 22,000 gross acres22,000 gross acres 63,000 mineral acres63,000 mineral acres Impact exploration focusImpact exploration focus 22,000 gross acres22,000 gross acres 63,000 mineral acres63,000 mineral acres L O U I S I A N A GULF OF MEXICO 249 Shelf lease blocks249 Shelf lease blocks 85 deepwater lease blocks85 deepwater lease blocks 150 production platforms150 production platforms Active in all major play typesActive in all major play types TraditionalTraditional Deep shelfDeep shelf Deep waterDeep water 249 Shelf lease blocks249 Shelf lease blocks 85 deepwater lease blocks85 deepwater lease blocks 150 production platforms150 production platforms Active in all major play typesActive in all major play types TraditionalTraditional Deep shelfDeep shelf Deep waterDeep water EAST TEXAS Established late 2002Established late 2002 Active in 3 fieldsActive in 3 fields wells in wells in 2004 High working interestHigh working interest Established late 2002Established late 2002 Active in 3 fieldsActive in 3 fields wells in wells in 2004 High working interestHigh working interest

Balanced Asset Base ~ 630 MMcfe/d RESERVES (12/31/03)PRODUCTION Gulf of Mexico 41% Onshore Gulf Coast 33% Mid-Continent 26% 1.32 Tcfe Gulf of Mexico 50% Onshore Gulf Coast 35% Mid-Continent 15%

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Stealth Bohai Bay Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea Mid-Cont. “Gas Mining”

What is Gas Mining?  Low risk, under-exploited “marginal” resources  Typically lower rates and EUR’s  Keys: –Scale –Repeatability –Innovation and cost control  NFX is expanding its already sizeable position  Hedging can protect / improve returns

Mid-Continent Drilling Program Gas Mining STILES RANCH Recent acquisition effortsRecent acquisition efforts 12 wells planned in wells planned in MMCFE/D3.0 MMCFE/D 7,000 net lease acres7,000 net lease acres Recent acquisition effortsRecent acquisition efforts 12 wells planned in wells planned in MMCFE/D3.0 MMCFE/D 7,000 net lease acres7,000 net lease acres 3 rig program3 rig program 35 wells planned in wells planned in MMCFE/D11.0 MMCFE/D Added 24,000 acres in 2003Added 24,000 acres in ,000 net lease acres38,000 net lease acres 3 rig program3 rig program 35 wells planned in wells planned in MMCFE/D11.0 MMCFE/D Added 24,000 acres in 2003Added 24,000 acres in ,000 net lease acres38,000 net lease acres GRAND BIG 4 12 wells planned in wells planned in MMCFE/D10.0 MMCFE/D 6,300 net lease acres6,300 net lease acres 12 wells planned in wells planned in MMCFE/D10.0 MMCFE/D 6,300 net lease acres6,300 net lease acres CROMWELL 3 rig program3 rig program 66 wells planned in wells planned in MMCF/D10.5 MMCF/D Added 24,000 acres in 2003Added 24,000 acres in ,000 net lease acres40,000 net lease acres 3 rig program3 rig program 66 wells planned in wells planned in MMCF/D10.5 MMCF/D Added 24,000 acres in 2003Added 24,000 acres in ,000 net lease acres40,000 net lease acres GAS MINING FACTS  Lower yield reserves/well  High POS  Hedging ensures ROR  Economies of scale  Cost control Newfield Acreage PNR Acreage L E G E N D PUTNAM Recent acquisition effortRecent acquisition effort 9 wells planned in wells planned in MMCFE/D6.0 MMCFE/D Recent acquisition effortRecent acquisition effort 9 wells planned in wells planned in MMCFE/D6.0 MMCFE/D Recent acquisition effortRecent acquisition effort 24 wells planned in wells planned in MMCFE/D3.7 MMCFE/D Recent acquisition effortRecent acquisition effort 24 wells planned in wells planned in MMCFE/D3.7 MMCFE/D BUFFALO WALLOW

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Bohai Bay Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea Stealth

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Traditional GOM Deep Shelf Stealth Bohai Bay Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea Gulf Coast Dev. Gulf Coast Expl.

2004 Onshore Gulf Coast Activity Development Exploration Moose Drilling PTD: 23,500’ NFX WI: 25% Moose Drilling PTD: 23,500’ NFX WI: 25% Destino Deep Deep Target Below Destino 2H04 Spud Evaluating Test Results Destino Deep Deep Target Below Destino 2H04 Spud Evaluating Test Results Val Verde Basin 4-7 Exploration Concepts Packenham Drilling —60% NFX Success Sets Up Devp. Drilling Significant Potential Val Verde Basin 4-7 Exploration Concepts Packenham Drilling —60% NFX Success Sets Up Devp. Drilling Significant Potential Duval County / South Texas Wilcox Tres Des 3-D Survey Loma Novia Duval County / South Texas Wilcox Tres Des 3-D Survey Loma Novia Galveston Bay Re-processing 3-D 2 Wells 2H04 Galveston Bay Re-processing 3-D 2 Wells 2H04 Wharton County Exploratory Ideas 2H04 Drilling Wharton County Exploratory Ideas 2H04 Drilling Val Verde Basin 22 Development Wells in ’ planned in ’04 80,000 Lease Acres Val Verde Basin 22 Development Wells in ’ planned in ’04 80,000 Lease Acres Zapata County / Duval County Ongoing Exploration 5-10 Wells in 2004 Zapata County / Duval County Ongoing Exploration 5-10 Wells in 2004 East Texas Active in 4 Fields High WI – operated wells in 2004 NFX WI: % East Texas Active in 4 Fields High WI – operated wells in 2004 NFX WI: % La Reforma / La Rucia Development Drilling Recent Drilling Successes 2-Rig Program - Ongoing La Reforma / La Rucia Development Drilling Recent Drilling Successes 2-Rig Program - Ongoing West Caney Creek Wharton County, TX 12,000 Lease Acres Production: 40 MMcfe/d 5 Development Wells in 2004 Davis Locke – 2 Successful — 200’ Net Gas Pay West Caney Creek Wharton County, TX 12,000 Lease Acres Production: 40 MMcfe/d 5 Development Wells in 2004 Davis Locke – 2 Successful — 200’ Net Gas Pay

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Stealth Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Bohai Bay Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea

Bohai Bay – China Block 05/36 05/3604/36  CFD 12-1 Field -10 wells with significant oil pay adds significant new reserves -Extends onto block 04/36  Development planning underway  NFX owns 35% interest, outside operated BZ 6-1 BZ D seismic area Remaining Prospects CFD / km 1.9 km 5.3 km HZ-5 # 5 # 6 CFD Successful CFD Successful CFD Successful CFD Successful CFD Successful CFD Successful CFD South #1 Tested: 5,000 BOPD CFD Successful Found major new sand CFD South #4 Successful CFD South #2 Successful CFD 12-1 Field CHINA

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Gulf Coast Expl. Stealth Bohai Bay Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea Traditional GOM Deep Shelf

Gulf of Mexico M I S S I S S I P P I 2004 GOM Shelf Activity Development Exploration GB 208 # 1 ST 1 Aug. ‘03 Discovery Tested 8 MM/D First Prod: 4Q04 NFX WI: 50% GB 208 # 1 ST 1 Aug. ‘03 Discovery Tested 8 MM/D First Prod: 4Q04 NFX WI: 50% SS 354 Drill from Platform NFX WI: 50% SS 354 Drill from Platform NFX WI: 50% Brazos 504 Set Platform First Prod: 4Q04 NFX WI: 100% Brazos 504 Set Platform First Prod: 4Q04 NFX WI: 100% HI A 520 (2) NFX WI: 41% HI A 520 (2) NFX WI: 41% HI A 353 NFX WI: 50% HI A 353 NFX WI: 50% EI 364 Set Platform First Prod: 3Q04 NFX WI: 50% EI 364 Set Platform First Prod: 3Q04 NFX WI: 50% SP 11 Recent Discoveries (’02, ’03) Mesa Verde Development Well NFX WI: 33% SP 11 Recent Discoveries (’02, ’03) Mesa Verde Development Well NFX WI: 33% ST 148 (2) TD: 16,350’ 20 MMcfe/d NFX WI: 56% ST 148 (2) TD: 16,350’ 20 MMcfe/d NFX WI: 56% WC 96 (2) Drilling # 1 PTD: 16,500’ NFX WI: 50% WC 96 (2) Drilling # 1 PTD: 16,500’ NFX WI: 50% SS 160 PTD: 17,000’ NFX WI: 100% SS 160 PTD: 17,000’ NFX WI: 100% ST 158 PTD: 18,000’ NFX WI: 100% ST 158 PTD: 18,000’ NFX WI: 100% WD 21 Deep Objective 2H04 Test NFX Op WD 21 Deep Objective 2H04 Test NFX Op WC 22 / 23 2 Recent Discoveries NFX WI: 75% First Prod: 4Q04 WC 22 / 23 2 Recent Discoveries NFX WI: 75% First Prod: 4Q04 VR 58 PTD: 16,000’ NFX WI: 100% VR 58 PTD: 16,000’ NFX WI: 100% SS 284 NFX WI: 100% SS 284 NFX WI: 100% WD 133 2Q04 Spud NFX WI: 75% WD 133 2Q04 Spud NFX WI: 75% ST 299 NFX WI: 75% ST 299 NFX WI: 75% WD 102 ’03 Discovery Set Platform First Prod: 4Q04 NFX WI: 100% WD 102 ’03 Discovery Set Platform First Prod: 4Q04 NFX WI: 100%

Gulf of Mexico M I S S I S S I P P I Lease Sale 190 Summary March 17, 2004 NFX Apparent High Bidder NEWFIELD’S RESULTS: Gross Bids -- $12.4MM ($9.2MM Net) High Bidder on 15 of 23 Blocks (5 Awarded to Date) 6 Traditional Shelf Prospects 6 Deep Shelf Prospects 3 Deepwater Blocks NEWFIELD’S RESULTS: Gross Bids -- $12.4MM ($9.2MM Net) High Bidder on 15 of 23 Blocks (5 Awarded to Date) 6 Traditional Shelf Prospects 6 Deep Shelf Prospects 3 Deepwater Blocks FUN FACTS: Sum of High Bids: $368.8MM Blocks Offered: 4,324 Blocks Receiving Bids: 557 Total # Bids: 829 Average Bids / Block: 1.49 # Companies Participating: 83 FUN FACTS: Sum of High Bids: $368.8MM Blocks Offered: 4,324 Blocks Receiving Bids: 557 Total # Bids: 829 Average Bids / Block: 1.49 # Companies Participating: 83

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Stealth Bohai Bay Deepwater GOM Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea

Windermere/Chiswick Cumbria Core Area Cumbria U.K. SOUTHERN GAS BASIN New focus areaNew focus area Acquired non-op interest in Windermere, ChiswickAcquired non-op interest in Windermere, Chiswick Windermere production: 12 MMcfe/d (gross)Windermere production: 12 MMcfe/d (gross) Chiswick undeveloped discoveryChiswick undeveloped discovery Cumbria (49/4b) 2003 License AreaCumbria (49/4b) 2003 License Area Working interest: Windermere20%Working interest: Windermere20% Chiswick 40% U.K. SOUTHERN GAS BASIN New focus areaNew focus area Acquired non-op interest in Windermere, ChiswickAcquired non-op interest in Windermere, Chiswick Windermere production: 12 MMcfe/d (gross)Windermere production: 12 MMcfe/d (gross) Chiswick undeveloped discoveryChiswick undeveloped discovery Cumbria (49/4b) 2003 License AreaCumbria (49/4b) 2003 License Area Working interest: Windermere20%Working interest: Windermere20% Chiswick 40%

Cumbria Core Area Chiswick 49/4a 2004 Appraisal Drilling NFX WI: 40% Chiswick 49/4a 2004 Appraisal Drilling NFX WI: 40% Licence 49/4b Cumbria Est. Spud: 2H04 NFX WI: 100% Licence 49/4b Cumbria Est. Spud: 2H04 NFX WI: 100% Windermere 49/9b Production: 12 MM/d (gross) NFX WI: 20% Windermere 49/9b Production: 12 MM/d (gross) NFX WI: 20%

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Stealth Bohai Bay Treasure Island # Wells Net Unrisked Reserve Potential (BCFE) Deepwater GOM Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China Spud 1 ? North Sea

Gulf of Mexico M I S S I S S I P P I Deepwater GOM - A New Focus Area - RIGEL Under Development First Prod: 1H05 NFX WI: 25% RIGEL Under Development First Prod: 1H05 NFX WI: 25% LLANO On-line ORRI ~3 Bcfe Net Exposure LLANO On-line ORRI ~3 Bcfe Net Exposure NELSON 2003 Lease Sale Est. Spud: 2Q04 NFX WI: 50% NELSON 2003 Lease Sale Est. Spud: 2Q04 NFX WI: 50% SLEEPER 2003 Lease Sale Est. Spud: 2H04 NFX WI: 100% SLEEPER 2003 Lease Sale Est. Spud: 2H04 NFX WI: 100% DEEPWATER PROJECTS WORKING INTEREST NET RESERVE POTENTIAL, BCFE LlanoORRI--- Glider25% Nelson50% Rigel25%25784 Sleeper100% Dalmatian37.50% SUCCESS CASE CAPITAL (in MM$) DVP. EXPL. ~3 DALMATIAN Est. Spud: 2004 NFX WI: 37.5% DALMATIAN Est. Spud: 2004 NFX WI: 37.5% GLIDER Joint Venture Development Est. Spud: April 04 Tie Back an Existing Well First Prod: 2H04 NFX WI: 25% GLIDER Joint Venture Development Est. Spud: April 04 Tie Back an Existing Well First Prod: 2H04 NFX WI: 25% NFX Lease Sale 190 – Apparent High Bidder La Femme Est. Spud: 2H04 NFX WI: 50% La Femme Est. Spud: 2H04 NFX WI: 50% WILDEBEAST GC 429 WRIGLEY MC 506 JACOBS MC 73

Balanced Portfolio % 0% 33% 67% >60 Potential (Gross BCFE) Chance of Success Mid-Cont. “Gas Mining” Gulf Coast Dev. Traditional GOM Gulf Coast Expl. Deep Shelf Stealth Bohai Bay Deepwater GOM # Wells Net Unrisked Reserve Potential (BCFE) Significant Development Programs Glider - Deepwater GOM Rigel - Deepwater GOM CFD Bohai Bay, China North Sea Treasure Island Spud 1 ? ?

TREASURE PROSPECT 10,000’ 30,000’ Llano Cretaceous Shelf Edge N S DEEPWATERFLEX TREND (Shelf Edge)SHELF Jason ST 172 HickoryConger Pleistocene Pliocene Miocene Mid. Miocene Low. Miocene Paleogene Mesozoic 20,000’ Salt Basement Rock Tahiti Thunder Horse Treasure Prospect JB Mtn. Typical Shelf

Gulf of Mexico M I S S I S S I P P I Moody Treasure Bay Treasure Island Ultra-Deep Exploration Newfield Exposure: 59 Blocks: 45% WI 21 Blocks: 100% WI 6 Blocks: 25 – 100 % WI Newfield Exposure: 59 Blocks: 45% WI 21 Blocks: 100% WI 6 Blocks: 25 – 100 % WI JB Mountain SMI 223 JB Mountain SMI 223 Shark Tahiti GC 640/641 Thunder Horse MC 776/777 BP BHP KMG BHP XOM BHP Sale 190 – NFX Apparent High Bidder Sale 190 – Apparent High Bidder (Industry)

Track Record of Growth Production is 80% natural gas Production (BCFE)Proved Reserves (BCFE) , OilGas 220.6* 1,320 * Production from continuing operations

This presentation by Newfield Exploration Company includes forward-looking information. All information other than historical facts included in this presentation, including information regarding estimated proved reserves, production targets, anticipated production rates, 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 business strategy and other plans and objectives for future operations, is forward-looking information. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such expectations are based upon assumptions and anticipated results that are subject to numerous uncertainties. 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 and the availability of capital resources. In addition, the drilling of oil and gas wells and the production of hydrocarbons are subject to governmental regulations and operating risks. There are numerous additional uncertainties inherent in estimating quantities of proved oil and natural gas reserves, including many factors beyond the control of the Company. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact way, and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, estimates made by different engineers often vary from one another. In addition, results of drilling, testing and production subsequent to the date of an estimate may necessitate revisions of such estimates. Accordingly, reserve estimates are generally different from quantities of oil and natural gas that are recovered. Forward-Looking Statements

IPAA April 20, 2004 Oil & Gas Investment Symposium