STRENGTH AND STABILITY
WPX’s total liquidity at the close of business on Dec. 31, 2016, was approximately $1.45 billion, including $959 million of available revolver capacity and $496 million in unrestricted cash and cash equivalents.
For 2017, WPX has 39,554 barrels per day of oil hedged at a weighted average price of $50.93 per barrel. WPX also has 170,000 MMBtu per day of natural gas hedged at a weighted average price of $3.02 per MMBtu.
For 2018, WPX has 30,000 barrels per day of oil hedged at a weighted average price of $54.61 per barrel. WPX also has 155,000 MMBtu per day of natural gas hedged at a weighted average price of $2.98 per MMBtu.
The company’s next debt maturity does not occur until 2020. In the fourth quarter of 2016, WPX redeemed the remaining balance ($125 million) of its 2017 notes ahead of schedule.
We plan to invest $870-$940 million in drilling and completions in 2017 to fund a 10-rig program in our three core operating areas.
More than half of the capital is targeted for development in the Delaware Basin, where we also plan to spend an additional $35-$45 million to continue building an oil gathering system that supports our new production.