WPX’s 2014 financial highlights include $190 million higher oil sales, $106 million higher natural gas sales, and a 68 percent increase in net cash provided by operating activities vs. 2013 results.
During the fourth quarter, oil and natural gas liquids (NGL) sales accounted for 50 percent of WPX’s product revenues and 28 percent of production volumes. Diversifying the company’s historically gas-weighted production is part of WPX’s long-term, multi-year strategy.
Oil volumes were 32,300 barrels per day in fourth-quarter 2014, up 71 percent over a year ago and 25 percent higher than the sequential quarter.
During the year, WPX also entered into six agreements with an aggregate value of more than $1 billion to narrow the company’s business focus, increase scalability of core assets, bring value forward and further strengthen its balance sheet.
Operationally, WPX increased proved oil reserves by 28 million barrels in 2014 and achieved a 40 percent improvement in drilling times on Gallup oil wells in the San Juan Basin.
“We executed extremely well last year, delivered on our word and took timely action to start the transformation of the company,” said Rick Muncrief, president and chief executive officer.
“We divested non-core operations, sharpened our geographic focus, boosted oil production, increased cash flow, put a new credit facility in place and launched a long-term strategy to expand margins and profitably grow the company.
“Today, we are well positioned for the challenges and opportunities presented by lower commodity prices. Being successful in this environment means staying proactive and opportunistic,” 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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