FOURTH-QUARTER 2015 SUMMARY
Net cash provided by operating activities for full-year 2015 was $811 million, including $182 million in the fourth quarter. At Dec. 31, 2015, WPX had approximately $38 million in unrestricted cash and cash equivalents. WPX’s total liquidity at year-end was approximately $1.5 billion including its revolver capacity.
In addition to its year-end liquidity, WPX is scheduled to receive approximately $1.2 billion cash (prior to closing adjustments) from the previously announced sales of its Piceance subsidiary and its San Juan Basin gathering system. The sale of the San Juan Basin gathering system is expected to close in the first quarter, followed by the anticipated close of the Piceance transaction in the second quarter.
Total company production volumes were 173.1 Mboe per day in the fourth quarter. Oil volumes accounted for 23 percent of production, reaching a new company best of 40,000 barrels per day in the quarter. Year-over-year oil volumes increased 41 percent. NGL volumes increased 17 percent year-over-year. Total liquids volumes in the fourth quarter were 62,000 barrels per day.
Piceance Basin production accounted for approximately 53 percent of total fourth-quarter volumes. Piceance Basin operations will be reclassified as discontinued operations in future periods as a result of the announced sale subsequent to year-end.
WPX’s proved reserves at Dec. 31, 2015, were 583 MMBoe, or approximately 3.5 trillion cubic feet equivalent. Fifty-two percent of proved reserves are associated with the Piceance subsidiary that is being divested.
Permian proved reserves were 92.3 MMBoe. Williston proved reserves were 93.1 MMBoe. San Juan proved reserves were 86.2 MMBoe. WPX also has 7.7 MMBoe of proved reserves in noncore areas. Reserve levels reflect the impact of low commodity prices.
“This is a transformative opportunity that fits perfectly with our strategy to increase our oil production and high-quality oil inventory,” said Rick Muncrief, WPX CEO. View Video
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