TRANSFORMING WPX: THE PERMIAN ACQUISITION
Here’s what our CEO Rick Muncrief says about WPX’s definitive merger agreement to acquire RKI Exploration & Production:
“We have a plan in place, we’re executing very well and it shows in our results. We believe this transaction will help us take our plan further and execute it faster.
This is a transformative opportunity that fits perfectly with our strategy to increase our oil production and high-quality oil inventory. RKI’s asset scale and concentrated acreage position allows for efficient, low-cost, multi-decade development in a world-class oil play.
For our shareholders, this further drives high-margin oil growth, accelerates our portfolio transition to more liquids, and solidifies our premier position in the western United States, which enjoys the advantages of established infrastructure and higher realized commodity prices.
This transaction drives significant, measurable value for shareholders. RKI’s wells generate 30 percent returns at $60 WTI prices and we look forward to capturing upside beyond that by employing additional completion technology.
I want to personally acknowledge RKI’s Founder, President and CEO, Ronnie Irani, and his team for the successful company they’ve built and for recognizing our ability to take these assets to the next level. We’re excited to bring two companies together to create a new one that will have a deep oil inventory, massive natural gas optionality and long-term growth visibility.”
“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
Our transfer agent is Computershare. Please contact them at:
P.O. Box 30170, College Station, TX 77842-3170
800.884.4225 or 781.575.2879
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