THIRD-QUARTER 2015 SUMMARY
WPX’s third-quarter 2015 results reflect the successful close of the company’s acquisition of Permian Basin properties in mid-August and continued operational improvements in its portfolio.
WPX set a new high for liquids production including a partial quarter of Permian volumes, averaging 56,500 barrels per day of oil and NGL in third-quarter 2015. Oil production alone surpassed 35,000 barrels per day for the first time and accounted for 21 percent of total equivalent production, up from 15 percent a year ago.
Enhanced completion designs on wells in the Permian and Williston basins are also yielding early-time results that exceed existing type curves, pointing to opportunities for increased shareholder value. WPX will continue to aggressively test and evaluate larger stimulations.
WPX reduced cash operating expenses by 21 percent in the third-quarter and continued to make progress on deleveraging with the signing of a $185 million agreement to sell a North Dakota gathering system and closing an $80 million divestiture of Wyoming interests. WPX expects to close the sale of the North Dakota gathering system this month.
WPX is now more than half of the way toward its goal of $400-$500 million in divestitures by the end of the year. The company also has processes under way to market a San Juan Basin gathering system and to evaluate opportunities for accelerating value in the Piceance Basin.
“We continue to rapidly execute on our plans to reduce debt, drive down costs and bring more balance to our commodity mix,” said Rick Muncrief, president and chief executive officer.
“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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