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IPAA. Oil & Gas Investment Symposium. April 20, 2004. Domestic Focus Areas. MID-CONTINENT. “Focused Operations”. Long life reserves “Gas mining” initiative 600,000 gross lease acres 1,700 producing wells Plan 160 wells in 2004. EAST TEXAS. Established late 2002 Active in 3 fields

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  1. IPAA Oil & Gas Investment Symposium April 20, 2004

  2. Domestic Focus Areas MID-CONTINENT “Focused Operations” • Long life reserves • “Gas mining” initiative • 600,000 gross lease acres • 1,700 producing wells • Plan 160 wells in 2004 EAST TEXAS • Established late 2002 • Active in 3 fields • 10-12 wells in 2004 • High working interest O K L A H O M A PERMIAN BASIN SOUTHERN LOUISIANA • Established 2001 • Primarily non-operated • Gas oriented plays • Impact exploration focus • 22,000 gross acres • 63,000 mineral acres T E X A S L O U I S I A N A SOUTH TEXAS/ VAL VERDE BASIN • Active in multiple plays • 300,000 gross lease acres • Plan 50-60 wells in 2004 GULF OF MEXICO • 249 Shelf lease blocks • 85 deepwater lease blocks • 150 production platforms • Active in all major play types • Traditional • Deep shelf • Deep water

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

  4. 100% Mid-Cont. “Gas Mining” 100 150 - 160 ? 67% 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  5. 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

  6. PUTNAM Mid-Continent Drilling ProgramGas Mining GRAND L E G E N D Newfield Acreage PNR Acreage • 3 rig program • 35 wells planned in 2004 • 11.0 MMCFE/D • Added 24,000 acres in 2003 • 38,000 net lease acres • Recent acquisition effort • 9 wells planned in 2004 • 6.0 MMCFE/D STILES RANCH • Recent acquisition efforts • 12 wells planned in 2004 • 3.0 MMCFE/D • 7,000 net lease acres BUFFALO WALLOW • Recent acquisition effort • 24 wells planned in 2004 • 3.7 MMCFE/D GAS MINING FACTS • Lower yield reserves/well • High POS • Hedging ensures ROR • Economies of scale • Cost control CROMWELL • 3 rig program • 66 wells planned in 2004 • 10.5 MMCF/D • Added 24,000 acres in 2003 • 40,000 net lease acres BIG 4 • 12 wells planned in 2004 • 10.0 MMCFE/D • 6,300 net lease acres

  7. 100% ? 50 - 60 3 - 5 Stealth 67% 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  8. 100% ? Gulf Coast Dev. 30 - 50 50 - 120 67% Gulf Coast Expl. 15 - 20 90 - 150 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  9. East Texas • Active in 4 Fields • High WI – operated • 10-12 wells in 2004 • NFX WI: 90-100% • 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 • Val Verde Basin • 22 Development Wells in ’03 • 5-8 planned in ’04 • 80,000 Lease Acres • Moose • Drilling • PTD: 23,500’ • NFX WI: 25% • Val Verde Basin • 4-7 Exploration Concepts • Packenham Drilling • 60% NFX • Success Sets Up Devp. Drilling • Significant Potential • Galveston Bay • Re-processing 3-D • 2 Wells 2H04 • Wharton County • Exploratory Ideas • 2H04 Drilling • Destino Deep • Deep Target Below Destino • 2H04 Spud • Evaluating Test Results • Zapata County / Duval County • Ongoing Exploration • 5-10 Wells in 2004 Development Exploration • La Reforma / La Rucia • Development Drilling • Recent Drilling Successes • 2-Rig Program - Ongoing • Duval County / South Texas Wilcox • Tres Des 3-D Survey • Loma Novia 2004 Onshore Gulf Coast Activity

  10. 100% ? 67% Bohai Bay 1 - 2 55 - 65 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  11. Bohai Bay – China Block 05/36 3-D seismic area • CFD 12-1 Field • 10 wells with significant oil pay • 12-1-7 adds significant new reserves • Extends onto block 04/36 • Development planning underway • NFX owns 35% interest, outside operated Remaining Prospects 04/36 05/36 BZ 6-1 BZ 6-2 CFD 11-1 CFD 12-1 Field CFD 12-1-2 Successful CFD 12-1-1 Successful CFD 12-1-3 Successful CFD 11-6-2 Successful CFD 12-1-4 Successful 1.9 km CFD 11-6-1 Successful # 6 2.6 km 5.3 km # 5 CHINA HZ-5 CFD South #1 Tested: 5,000 BOPD 05/36 CFD 12-1-7 Successful Found major new sand CFD South #4 Successful CFD South #2 Successful

  12. 100% ? 67% 15 - 20 100 - 150 Traditional GOM 33% 100 - 250 6 - 8 Deep Shelf 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

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

  14. NFX Apparent High Bidder Lease Sale 190 Summary March 17, 2004 M I S S I S S I P P I 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 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 Gulf of Mexico

  15. 100% ? 67% North Sea 2 100 - 120 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  16. Windermere/Chiswick U.K. SOUTHERN GAS BASIN • New focus area • Acquired non-op interest in Windermere, Chiswick • Windermere production: 12 MMcfe/d (gross) • Chiswick undeveloped discovery • Cumbria (49/4b) 2003 License Area • Working interest: Windermere 20% Chiswick 40% Cumbria Core Area

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

  18. 100% ? 67% 3 - 4 125 - 150 Deepwater GOM 33% 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Spud 1 Treasure Island Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  19. NFX Lease Sale 190 – Apparent High Bidder Deepwater GOM - A New Focus Area M I S S I S S I P P I SUCCESS CASE CAPITAL (in MM$) DEEPWATER WORKING NET RESERVE PROJECTS INTEREST POTENTIAL, BCFE 2003 2004 2005 Llano ORRI - - - ~3 DVP. Glider 25% 60 40 22 - Nelson 50% 20 9 14 - • RIGEL • Under Development • First Prod: 1H05 • NFX WI: 25% Rigel 25% 25 7 8 4 EXPL. Sleeper 100% 40 8 10 27 Dalmatian 37.50% 60 - - 25 23 208 64 79 54 • NELSON • 2003 Lease Sale • Est. Spud: 2Q04 • NFX WI: 50% JACOBS MC 73 • SLEEPER • 2003 Lease Sale • Est. Spud: 2H04 • NFX WI: 100% WRIGLEY MC 506 • LLANO • On-line • ORRI • ~3 Bcfe Net Exposure • DALMATIAN • Est. Spud: 2004 • NFX WI: 37.5% • La Femme • Est. Spud: 2H04 • NFX WI: 50% • GLIDER • Joint Venture Development • Est. Spud: April 04 • Tie Back an Existing Well • First Prod: 2H04 • NFX WI: 25% WILDEBEAST GC 429 Gulf of Mexico

  20. 100% ? 67% 33% Spud 1 Treasure Island 0% 40 20 >60 Balanced Portfolio - 2004 Net Unrisked Reserve Potential # Wells (BCFE) Mid-Cont. “Gas Mining” 100 150 - 160 50 - 60 3 - 5 Stealth 30 - 50 50 - 120 Gulf Coast Dev. Bohai Bay 1 - 2 55 - 65 15 - 20 100 - 150 Traditional GOM North Sea 2 100 - 120 Chance of Success 3 - 4 125 - 150 Deepwater GOM 15 - 20 90 - 150 Gulf Coast Expl. 100 - 250 6 - 8 Deep Shelf Significant Development Programs Glider - Deepwater GOM Potential (Gross BCFE) Rigel - Deepwater GOM CFD 12-1 - Bohai Bay, China

  21. Treasure Prospect JB Mtn. TREASURE PROSPECT CretaceousShelf Edge DEEPWATER FLEX TREND (Shelf Edge) SHELF S N Thunder Horse Typical Shelf ST172 Tahiti Llano Jason Conger Hickory Pleistocene Pliocene 10,000’ Miocene Mid. Miocene 20,000’ Low. Miocene Paleogene 30,000’ Mesozoic Salt Salt Basement Rock

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

  23. Track Record of Growth Production (BCFE) Proved Reserves (BCFE) 1,320 225-235 220.6* 1,206 184 175 936 140 687 113 595 513 Oil Gas * Production from continuing operations Production is 80% natural gas

  24. Forward-Looking Statements 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.

  25. IPAA Oil & Gas Investment Symposium April 20, 2004

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