1. How The Pieces Fit Together

2. What Makes NFX Different?  Consistent Returns  Excellent Track Record –Proven Plan – Diversified Asset Base –Consistency: Deliver on Growth, Earnings Projections –Proven Management Team, Deep Bench  Quality “Bread and Butter” Assets  Exploration Option Value (30% of Cap-Ex) –We Still Explore! –Deepwater Malaysia –Deepwater GOM –Treasure Island / Treasure Bay –Brazil  Visible Organic Growth From Large, In-Hand Development Projects  Financial Discipline –Strong Balance Sheet –Liquidity, Capacity

3. Our Strategy: Stay the Course!  Focus on Organic Growth –Inventory in Place  Maintain a Balanced Portfolio –Balance Risk / Reward –Balance Onshore / Offshore / International –“Take a Few Swings for the Fence”  Take Advantage of Diversified Asset Base –Diversification Worked! –Flexibility to Invest in Highest Return Projects  Motivate Workforce –Attract, Maintain the Best Employees  Manage for “The Long Haul”  Maintain Financial Discipline

4. Balanced Assets

5. 244 Oil Gas 221 Visible Growth - Expected Production (Bcfe) 262-286 310-350 FACTS:  2005 Hurricanes Defer 18-20 BCFE  Major Growth Projects on Track  Organic Growth! 245-248

6. Domestic Development Opportunities Quality Assets, Growth Potential T E X A S N E W M E X I C O O K L A H O M A U T A H VAL VERDE BASIN  100,000 Gross Acres  Low-risk Targets  20 – 30 Wells/Year  Active Field Developments  High WI  100,000 Gross Acres  Low-risk Targets  20 – 30 Wells/Year  Active Field Developments  High WI SOUTH TEXAS  200,000 Acres  60 – 70 Wells/Year  Recent XOM JV −52,000 Acres −Around NFX Core Areas −3-Rig Program, 3-Year JV  200,000 Acres  60 – 70 Wells/Year  Recent XOM JV −52,000 Acres −Around NFX Core Areas −3-Rig Program, 3-Year JV MONUMENT BUTTE  3,000+ Locations, 110,000 acres  Decade-long Inventory  200+ Wells/Year  4 Active Rigs  Low-risk, Repeatable  Recent Deals Expand Program  3,000+ Locations, 110,000 acres  Decade-long Inventory  200+ Wells/Year  4 Active Rigs  Low-risk, Repeatable  Recent Deals Expand Program GULF OF MEXICO  2,000,000 Acres  413 Shelf Blocks  80 Deepwater Blocks  Maintain 3-Rig Shelf Program  2,000,000 Acres  413 Shelf Blocks  80 Deepwater Blocks  Maintain 3-Rig Shelf Program MID-CONTINENTMID-CONTINENT  Gas-Mining  250-300 Wells/Year  Double Digit Growth  Significant Upside  Valuable Acreage −> 700,000 Gross Acres −~ 500,000 Net Acres  Gas-Mining  250-300 Wells/Year  Double Digit Growth  Significant Upside  Valuable Acreage −> 700,000 Gross Acres −~ 500,000 Net Acres

7. Domestic Resource Plays - Multi-year Inventory Play Net Acres Potential # Locations Gross BCFE / Well Net BCFE Potential NFX MC “Mining” 106,000 1,030 1,030 1 – 2 420 420 NFX MC “Assessment” 109,000 2,800 2,800 1 – 2 1,500 1,500 Rocky Mountains 120,000 3,500 3,5000.5 1,150 1,150

8. International Developments - Significant International Growth 2005-08 CHINA (Bohai Bay) CFD 12-1, 12-1SCFD 12-1, 12-1S 50-100 MMBbls50-100 MMBbls Development UnderwayDevelopment Underway IP: Late 2006IP: Late 2006 3,500 BOPD Net3,500 BOPD Net NFX WI: 12% of UnitNFX WI: 12% of Unit CHINA (Bohai Bay) CFD 12-1, 12-1SCFD 12-1, 12-1S 50-100 MMBbls50-100 MMBbls Development UnderwayDevelopment Underway IP: Late 2006IP: Late 2006 3,500 BOPD Net3,500 BOPD Net NFX WI: 12% of UnitNFX WI: 12% of Unit NORTH SEA Grove FieldGrove Field 75 – 100 BCFE + Upside75 – 100 BCFE + Upside Development UnderwayDevelopment Underway IP: Oct. 2006IP: Oct. 2006 60 MMCF/D60 MMCF/D NFX WI: 100%NFX WI: 100% NORTH SEA Grove FieldGrove Field 75 – 100 BCFE + Upside75 – 100 BCFE + Upside Development UnderwayDevelopment Underway IP: Oct. 2006IP: Oct. 2006 60 MMCF/D60 MMCF/D NFX WI: 100%NFX WI: 100% MALAYSIA 2 Shallow Water Blocks: PM 318, 3232 Shallow Water Blocks: PM 318, 323 Multiple DiscoveriesMultiple Discoveries Developments UnderwayDevelopments Underway 13,000 BOPD (Gross) ’0513,000 BOPD (Gross) ’05 40,000 BOPD (Gross) ’0840,000 BOPD (Gross) ’08 Exploitation UpsideExploitation Upside NFX WI: 50 – 60%NFX WI: 50 – 60%MALAYSIA 2 Shallow Water Blocks: PM 318, 3232 Shallow Water Blocks: PM 318, 323 Multiple DiscoveriesMultiple Discoveries Developments UnderwayDevelopments Underway 13,000 BOPD (Gross) ’0513,000 BOPD (Gross) ’05 40,000 BOPD (Gross) ’0840,000 BOPD (Gross) ’08 Exploitation UpsideExploitation Upside NFX WI: 50 – 60%NFX WI: 50 – 60%

9. 2005 Significant Exploratory Success Grove Puteri Wrigley Anduin La Femme Val Verde Grove Puteri Wrigley Anduin La Femme Val Verde UKNS Malaysia US Deepwater Gulf Coast UKNS Malaysia US Deepwater Gulf Coast 75-100 90-180 55-85 75-90 50-80 60-100 75-100 90-180 55-85 75-90 50-80 60-100 Q4 2006 Q1 2008 Q2 2006 - Q2 2005 Q4 2006 Q1 2008 Q2 2006 - Q2 2005 Project Area BCFE DOFP Comments Needs Appraisal 3 Recent Discoveries

10. 2007 - BEYOND Follow-up Projects Follow-up Projects Follow-up (BCFE) Follow-up (BCFE) Risk 14 5 5 13 31 63 4,670 1,077 445 158 6,350 Very High High – Very High High – Very High Medium Low Medium Low 2006 Net Unrisked (BCFE) Net Unrisked (BCFE) Risk Capex Risk Capex # Wells # Wells 389 504 112 242 1,247 8 8 12 70 137 227 1 1 1 1 5 5 51 58 TI/ TB Sarawak/Brazil US GOM Deepwater US GOM DW Subsalt Southern North Sea US GOM Shelf US Onshore Gulf Coast Shallow Malay Basin Monument Butte, Mid Continent Gulf Coast, etc. (2-10 years of inventory) What we “count on” What we “count on” “option value” ±10% of exploration budget each year Growth Pyramid - Balanced Exploration Portfolio

11. JFMAMJJASONDJFMAMJJASOND International Drilling Calendar MALAYSIA PM 318 PM 323 Block 2C Block 05/36 (Phase I) Cleaver Bank Area West Sole Area KansasGranby Newark GroveWest GroveGrove Central Fault Block Paus 12-1 South12-1 East PenaraPuteri devel. W. BelumutLerekExpl. E. Belumut Phase IChermin. Abu FldAbu K.A. SW 200520062007 Korbu Diwan JFMAMJJASOND PuteriAbu FldBubuLuzkutPad. Putera CHINA UK NORTH SEA CFD 12-1 Core Area Grove CFB AuburnNewshamDevelopmentAppraisalExploration

12. International Production Profile

13. 2004 Operating Margin (after hedge) 4.76 4.67 4.59 4.39 4.34 4.15 4.11 4.104.07 3.96 3.90 3.61 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 NFXPPPTHXKMGAPABREOGAPCNBLXTODVNFSTPXD Margin($/mcfe) Margin Defined As: Upstream Revenues-LOE-Transp.-Prod. Taxes Average=$4.21/mcfe

14. Improving Margins

15. Key Take-Aways  In-hand, Organic Growth  Significant Exploration Exposure – Not Found in Peer Group  Return-Driven Decision Making –Returns Do Matter!  Execution of Diversification Strategy –We Have Multiple Growth Areas  Proven Operator –Low Cost Leader in Most Core Areas –Excellent Margins  Strong Balance Sheet, Financial Fire Power

16. Today’s presentations by the management of Newfield Exploration Company include 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