In this article we give a systematic treatment of Newton polygons of exponential sums. The Newton polygon is a nice way to describe p-adic values of the zeroes or poles of zeta functions and L functions. Our main objective is to show that the Adolphson-Sperber conjecture 12], which asserts that under a simple condition the generic Newton polygon of L functions coincides with its lower bound, is false in its full form, but true in a slightly weaker form. We also show that the full form is true in various important special cases. For example, we show that for a generic projective hypersurface of degree d, the Newton polygon of the interesting part of the zeta function coincides with its lower bound (the Hodge polygon). This gives a p-adic proof of a recent theorem of Illusie, conjectured by Dwork and Mazur. For more examples, let us consider the family of affine hypersurfaces of degree d or the family of affine hypersurfaces defined by polynomials f(xi, . . ., x7n) of degree di with respect to xi (1 < i < n), where the di are fixed positive integers. Then, for all large prime numbers p, the generic Newton polygon for the zeta functions of each of the two families of hypersurfaces coincides with its lower bound. We obtain our main results, namely several decomposition theorems, using certain maximizing functions from linear programming. Our work suggests a possible connection between Newton polygons and the resolution of singularities of toric varieties. Let p be a prime, q = pa, and let Fq be the finite field of q elements and Fqm its extension of degree m. Fix a nontrivial additive character qP of Fp. For any Laurent polynomial f(xi, . . ., xn) E Fq[xl, xj1,.. . ., x, xi1] we form