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PERMIAN BASIN

Permian proved reserves increased 56% from a year ago to 143.5 MMBoe at year-end 2016. WPX plans to deploy 7 rigs in the basin this year and invest $480-$510 million on drilling and completion activity.

 

Williston Basin

According to publicly reported information, WPX’s new Williston wells in 2016 ranked first in the basin for cumulative oil production over 90-day and 180-day periods.

SAN JUAN BASIN

Subsequent to the close of fourth-quarter 2016, WPX drilled its fastest well in the basin to date. The company drilled a 1.5-mile lateral in just 5.8 days. WPX has 8 drilling pads in the basin that are rig-ready for 2017.

 

 

double-digit oil growth

oil growth canvassWPX HAS POSTED TREMENDOUS OIL VOLUME GROWTH FIVE YEARS RUNNING.

2016 RESULTS

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. 

 

A DETERMINED LEADER

Our Chairman & CEO Rick Muncrief (center) transformed WPX's culture and completely overhauled the company's portfolio, placing our emphasis on the world-class Permian Basin. Institutional Investor recently named Rick as one of the best CEOs in the Midcap E&P space.

SEE RICK'S BIO


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The Strength of Our People

The Strength of Our People

Learn what it’s like to work at WPX. We’re always looking for great people to join our team.

Shared Interests

Shared Interests

We’re committed to the environment and quality of life in all of our communities.

Williston Basin

Williston Basin

WPX has reduced cycle times in the Williston Basin by more than 30% since we entered the Bakken Shale oil play.

Our Values

Our Values

The need to speak with integrity, clarity and transparency is the only way we know to do business. You can count on the strength of our word.

WPX: A Bias For Action

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$WPX's Alan Killion talks about supply chain management and how it helps keep costs in check. See the interview at… https://twitter.com/i/web/status/844271094026686464
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Alan Killion leads our supply chain management function. He says, "The environment at WPX is an advantage because there’s so much emphasis on planning and forecasting. Since things are more predictable, we can make more of an impact." See what else Alan has to say about how we control costs at http://bit.ly/2nxVaxP
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$2.75 billion acquisition of Permian Basin properties

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Copyright 2014 WPX Energy

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