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. We have quickly amassed more than 100,000 net acres in the Delaware portion of the play and more than 5,500 gross drillable 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 posted 2Q 2016 oil production averaging 41,900 barrels per day. Total liquids volumes including NGL accounted for 60 percent of 2Q 2016 production.
Based on current operating conditions, WPX believes it has ample cash on-hand to accelerate drilling and completion activities if conditions warrant, for midstream infrastructure development in the Delaware Basin, and to fully fund planned operating capital expenditures in excess of operating cash flows through 2018.
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