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 Central Basin Acquisition EDA 1

EDA 3

EDA 2

Monument Butte Greater Monument Butte Unit

Natural Buttes
~10 Miles

Uinta Basin Timeline (Cumulative acreage)

Monument Butte Horseshoe Bend

EDA 1/ Fee

Central Basin Acquisition EDA 2 EDA 3

2004
88,000 Net Acres

2005
114,000 Net Acres

2006

2007
162,000 Net Acres

2008

2009
173,000 Net Acres

2010

2011
250,000 Net Acres

Historical Look Back

Proven growth history
Production (MMBOE)

8.0

Driven by shallow Green River oil development

6.0 4.0

Strong future growth

Developing material upside in new plays

2.0 0.0 2007 2008 2009 2010

Best in class operational execution

Proved Reserves (MMBOE)

Capital Investments ($MM)

180 150 120 90 60 30 0 2007 2008 2009 2010

350 300 250 200 150 100 50 0 2007 2008 2009 2010

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 Utahs total daily production 42% of Basins 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

Green River
Altamont / Bluebell
UTAH

HIGHLIGHTS
Operated, high working interest

2,100 wells drilled to date > 4,000 remaining locations

Vertical integration of services in field Drill time: 4-5 days

Regional increase in refining capacity

Early stages of waterflood development Estimated activity: Natural Buttes
~10 Miles

Greater Monument Butte Unit

2011 300 wells 2012 250-300 wells

Play Type

Net Acres

Locations

Avg. EUR MBOE

Avg. Well Cost $MM $0.93

Avg. WI %

Avg. NRI % 8/8ths 82%

Net Resource Potential MMBOE 360*

ECONOMIC ASSUMPTIONS
30-Day Avg. LOE/well/month Tax (% of Revenue) Fuel Gas % 82 BOEPD $1,700 4 7% 4%

Green River

165,000

>4,000

75

73%

* Includes developed and undeveloped waterflood potential

6

NFXs Green River Resource Summary

UTAH

Altamont / Bluebell

Approximately 5.4 billion Bbls OOIP,

16% or more estimated recovery

Natural Buttes
~10 Miles

Area

Gross OOIP MMBOE

Category Primary Rec (%) 1% 5% 6% 0% 6% 6% 5%

GMBU Green River

Cumulative Production Net Remaining Potential

Primary Reserves MMBOE 17 94 111 5 92 97 187

Estimated Secondary Rec (%) 1% 9% 10% 0% 0% 0% 5%

Secondary Recovery MMBOE 18 168 186 0 6 6 174

Estimated Total Rec (%) 2% 14% 16% 0% 6% 6% 10%

Total Resource MMBOE 35 262 297 5 98 103 360

Total GMBU :

2,800

Central Basin Green River

Estimated Ultimate Rec Cumulative Production Net Remaining Potential

Total Central Basin Total:

2,600 5,400

Estimated Ultimate Rec Net Remaining Potential

Uteland Butte
Altamont / Bluebell
UTAH

HIGHLIGHTS
Large aerial extent Horizontal assessment results encouraging

IP 466 BOEPD IP 326 BOEPD

Recent wells 24-hour average IP: ~500 BOEPD

Early completion optimization yielding >50% improvement in 30-day averages Geo-pressured upside

IP 503 BOEPD

Greater Monument Butte482 BOEPD IP Unit

IP 298 BOEPD

Estimated activity: Natural Buttes 2011 10 wells 2012 >30 wells

~10 Miles

IP 395 BOEPD

Play Type

Net Acres

Locations

Avg. EUR MBOE 300

Avg. Well Cost $MM $2.8

Avg. WI %

Avg. NRI % 8/8ths 81%

Net Resource Potential MMBOE 300

ECONOMIC ASSUMPTIONS
30-Day Avg. 370 BOEPD LOE/well/month $4,500 Tax (% of Revenue) 4 7% Fuel Gas % 4%

Uteland Butte

200,000

>1,800*

67%

* Assumes 160-acre spacing

8

Wasatch
Altamont / Bluebell
UTAH
IP 1359 BOEPD IP 1479 BOEPD

HIGHLIGHTS
IP 799 BOEPD
IP 805 BOEPD

Southerly Extension of Altamont/ Bluebell

Productive throughout Central Basin

Basin experience; early drilling efficiency gains Specific Wasatch target or commingled with Green River Estimated activity: Natural Buttes 2011 25 wells 2012 >50 wells

IP 520 BOEPD IP 1076 BOEPD IP 822 BOEPD

Recent wells 24-hour average IP: Greater Monument > Butte Unit 1,000 BOEPD

~10 Miles

Play Type

Net Acres 70,000

Locations

Avg. EUR MBOE >260

Avg. Well Cost $MM $2.6

Avg. WI % 58%

Avg. NRI % 8/8ths 78%

Net Resource Potential MMBOE >45

ECONOMIC ASSUMPTIONS
30-Day Avg. 470 BOEPD LOE/well/month $6,000 Tax (% of Revenue) 4 7% Fuel Gas % 4%

Wasatch

>380*

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

9

NFXs Uinta Basin Summary

Altamont / Bluebell
UTAH

HIGHLIGHTS
Extension of Altamont/ Bluebell and Monument Butte

BTAX IRR: >100%*

Greater Monument Butte Unit

Productive throughout entire position in multiple oil zones Deep natural gas potential HBP through oil production Natural Buttes Additional oil zones untested, i.e. Black Shale, etc.

~10 Miles

Play Type

Net Acres

Locations

Avg. EUR MBOE

Avg. Well Cost $MM

Avg. WI%

Avg. NRI % 8/8ths

PV10 $MM*

BTAX IRR %*

Net Resource Potential MMBOE

Green River
Uteland Butte Wasatch Deep Gas

165,000
200,000 70,000 250,000

>4,000
>1,800 >380 >3,000

75
300 >260 -

$0.93
$2.8 $2.6 -

73%
67% 58% ~70%

82%
81% 78% ~80%

$1.2
$5.0 $4.5 -

>100%
>100% >100% -

360
300 >45 >10 TCFE

* $100/Bbl NYMEX WTI

10

Uinta Basin / Play Economics

250

Green River
200

Uteland Butte Wasatch

Historic realized oil price: 75-85% of NYMEX WTI

BTAX IRR (%)

150

100

50

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 $400MM 550MM

HIGHLIGHTS
Multiple play types allow for flexible invests to optimize production yields Additional drilling efficiency gains allow for higher well count per rig line Significant infrastructure investments in 11 and 12 Services secured to execute 2012 plan

$500

$400

5-6 Rigs ~$370MM

$300

$200

$100

$0 2011e 2012e

12

Uinta Basin / Capacity and Permitting

Total Wax Capacity
60,000

Permits Per Year

600

20,000

# Permits

40,000
BOPD

400

200

0
2006 2007 2008 2009 2010 2011 2012

0 2008 2009 2010 2011e 2012e

BLM/BIA

State/Fee

NFX production utilizes total wax capacity Regional increase in refining capacity Arrangements with five area refiners Quality oil 33 API gravity
o

Ability to permit on State and Federal lands Increased permits leads to higher rig count Flexibility in capital deployment

2012 portfolio optimization capability

13

NFXs Uinta Basin / Growth Profile

ESTIMATED FUTURE PRODUCTION GROWTH Net Average Daily Production (BOEPD)

HIGHLIGHTS

Refining capacity Infrastructure

in line with growth plans expansion to support future growth relieved with additional new state acreage

30,000 25,000 20,000

Permit constraints

15,000

Multiple play types

drive optimum production yield

2009

2010

2011e

2012e

14

Uinta Basin / Greater Monument Butte Area

ADDITIONAL INFORMATION
15

Green River

Green River - Well Profile

100 90

75 MBOE Avg GOR ~500 scf/stb

50,000

70

60 50 40 30 20 10 0 0

30,000

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

20,000

10,000

20%
1

30%
2

37%
3

43%
4

48%
5

52%
6

56%
7

59%
8

62%
9

65%
10

Year
Cumulative % EUR

BOPD

Cumulative Oil
16

Gross Cumulative BO

80

40,000

Gross BOPD

Uteland Butte

Uteland Butte Horizontal - Well Profile

600 500 400 300 200 100 0 0

300 MBOE Avg GOR ~1650 scf/bbl

160,000 140,000 120,000

100,000

PV10 = $5.0MM at $100 NYMEX CWC = $2.8MM

80,000 60,000 40,000 20,000

21%
1

30%
2

36%
3

41%
4

46%
5

50%
6

53%
7

56%
8

59%
9

62%
10

Year
Cumulative % EUR

BOPD

Cumulative Oil

Gross Cumulative BO

Gross BOPD

17

Wasatch

Average Wasatch - Well Profile

450 400

260 MBOE Avg GOR ~1100 scf/stb

250,000

Gross BOPD

300 150,000 250 200 100,000 150 100 50 0 0 50,000

26%
1

36%
2

44%
3

50%
4

54%
5
Year

58%
6

62%
7

65%
8

68%
9

71%
10

Cumulative % EUR

BOPD

Cumulative Oil
18

Gross Cumulative BO

350

PV10 = $4.5MM at $100 NYMEX CWC = $2.6MM

200,000

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 Newfields 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 Newfields 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 SECs 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 SECs guidelines strictly prohibit in SEC filings. Investors are urged to consider closely the oil and gas disclosures in Newfields 2010 Annual Report on Form 10-K, available at www.newfield.com, www.sec.gov or 19 by writing Newfield at 363 N. Sam Houston Pkwy E., Suite 100, Houston, Texas 77060 Attn: Investor Relations.