Isotopic compositions were determined for hydrothermal quartz, calcite, and siderite from core samples of the Newberry 2 drill hole, Oregon. The ??15O values for these minerals decrease with increasing temperatures. The values indicate that these hydrothermal minerals precipitated in isotopic equilibrium with water currently present in the reservoirs. The ??18O values of quartz and calcite from the andesite and basalt flows (700-932 m) have isotopic values which require that the equilibrated water ??18O values increase slightly (- 11.3 to -9.2???) with increasing measured temperatures (150-265??C). The lithic tuffs and brecciated lava flows (300-700 m) contain widespread siderite. Calculated oxygen isotopic compositions of waters in equilibrium with siderite generally increase with increasing temperatures (76-100??C). The ??18O values of siderite probably result from precipitation in water produced by mixing various amounts of the deep hydrothermal water (- 10.5 ???) with meteoric water (- 15.5 ???) recharged within the caldera. The ??13C values of calcite and siderite decrease with increasing temperatures and show that these minerals precipitated in isotopic equilibrium with CO2 of about -8 ???. The ??18O values of weakly altered (<5% alteration of plagioclase) whole-rock samples decrease with increasing temperatures above 100??C, indicating that exchange between water and rock is kinetically controlled. The water/rock mass ratios decrease with decreasing temperatures. The ??18O values of rocks from the bottom of Newberry 2 show about 40% isotopic exchange with the reservoir water. The calculated ??18O and ??D values of bottom hole water determined from the fluid produced during the 20 hour flow test are -10.2 and -109???, respectively. The ??D value of the hydrothermal water indicates recharge from outside the caldera. ?? 1987.