CEO PERSPECTIVE ON 3Q RESULTS
“A more focused and more balanced WPX is emerging,” said Rick Muncrief, WPX president and chief executive officer. “We’re simplifying our story, leveraging the optionality in our portfolio and pursuing a long-term margin expansion strategy.”
“We have a clear vision for creating value,” Rick says, referring to WPX’s five-year plan that aims to increase oil production five-fold and triple its margins and company value by the year 2020.
“Already this year, we’ve entered into a series of transactions to reposition WPX that represent an aggregate value of more than $1 billion. We’re going to remain aggressive, creative and opportunistic as we execute our plan.
“It’s also important for us to stay focused on the long-term as we see volatility in the markets. For 2015, we’ve locked in about half of our projected oil volumes at an average of nearly $95 per barrel and about half of our expected natural gas production at just over $4.25 per MMbtu.
“We’re directly linking our hedging to our capital plan, which gives us confidence in the cash flow that supports our drilling program,” Muncrief added.
“We’re defining what success looks like and providing a means to track our progress. This is part of creating a high accountability culture at WPX.” View Video >
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