WPX Energy is a tremendous turnaround story. Since mid 2014, we have reached more than $5 billion in transactions to transform the company under the leadership of CEO Rick Muncrief.
Today, we are one of the newest players in the oil-rich Permian Basin after completing a company-defining acquisition in summer 2015. We have approximately 92,000 net acres under lease in the Delaware portion of the play and more than 3,600 gross risked drilling locations across stacked pay intervals. This represents decades of drilling opportunities.
WPX also has core acreage in North Dakota’s Williston Basin and New Mexico’s San Juan Basin, where we have been active in the Gallup oil play. WPX set a new high for oil production in first-quarter 2016, averaging 41,500,000 barrels per day. Total liquids volumes including NGL accounted for 62 percent of 1Q 2016 production.
At current commodity prices, WPX plans to execute a capital budget ranging from $350 million to $450 million in 2016, nearly all for drilling and completion activity. Over half of the capital is targeted for development in the Permian’s Delaware Basin.
WPX recently increased its estimated ultimate recoveries (EURs) for its Delaware wells to 900 Mboe, up 34 percent from its acquisition type curve of 670 Mboe.
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WPX has a long history of innovation and stakeholder engagement, recognized through more than 40 local, state, federal and industry awards. Last year we received 5 awards for ethics, exploration, air quality, best practices and wildlife habitat improvements.HISTORY