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.
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.
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.