Nine newly elected directors join existing Chairman TULSA, Okla.--(BUSINESS WIRE)--January 09, 2012--
WPX Energy (NYSE:WPX), an active developer and producer of oil, natural gas and gas liquids in resource-rich areas, makes its start as an independent company with a 10-member board of directors.
WPX Energy was spun-off from Williams (NYSE:WMB) at year-end 2011. Nine of the 10 members were elected on Dec. 30, joining Chairman William G. Lowrie effective immediately prior to the spinoff.
The newly elected directors include Kimberly S. Bowers, John A. Carrig, William R. Granberry, Don J. Gunther, Robert K. Herdman, WPX Chief Executive Officer Ralph A. Hill, Henry E. Lentz, George A. Lorch and David F. Work
Mr. Lorch will serve as chair of the board's nominating and governance committee. Mr. Granberry was appointed to serve as chair of the compensation committee. Mr. Herdman was named chair of the audit committee.
Additional information about committee charters and membership is available on the company's website at www.wpxenergy.com. Certain biographical information for each director also follows in this news release.
"The names are well-known in energy and regulatory circles. We're talking about outstanding credentials, recognized leadership, a depth of executive experience and an appreciation for the dynamics in the E&P space," said CEO Ralph Hill.
"The caliber of our board demonstrates the commitment we're making to facilitate the future of a company that is filled with drive, determination and an ambitious spirit. We have a substantial drilling inventory and 1.6 million acres under lease."
Board Biographical Profiles
Kimberly S. Bowers is the executive vice president and general counsel for Valero Energy Corporation, with responsibility for Valero's legal, ad valorem tax, health, safety and environmental, energy and gases, reliability, and project execution departments.
John A. Carrig is the former President and Chief Operating Officer of ConocoPhillips, where he was responsible for global operations, including exploration and production, refining and transportation, project development and procurement, and health, safety and environmental matters.
William R. Granberry is a member of Compass Operating Company LLC, a small, private oil and gas exploration, development and producing company. From 1996 to 1999, Mr. Granberry was president and chief operating officer of Tom Brown, Inc., a public oil and gas company. Overall, he has 44 years of experience in the oil and gas industry.
Don J. Gunther is the former Vice Chairman and Director of the Bechtel Group, Inc., where he spent his entire 39-year career before retiring. Bechtel is an engineering, construction and project management company. As Vice Chairman, Mr. Gunther had responsibility for all of the global industry units and for all corporate functions.
Robert K. Herdman is a managing director of Kalorama Partners LLC, a Washington, D.C., consulting firm specializing in advice on corporate governance, risk assessment, crisis management and related matters. Prior to joining Kalorama, Mr. Herdman was the chief accountant of the Securities and Exchange Commission from October 2001 to November 2002.
Ralph A. Hill is the WPX Energy CEO. He has more than 30 years of energy experience -- all with divisions of Williams prior to the WPX spinoff. At Williams, he led the evolution and development of the company's exploration and production business which became WPX. He also serves as the chairman and CEO of Apco Oil and Gas International (NASDAQ:APAGF).
Henry E. Lentz retired from the investment banking firm Lazard Freres & Co., where he was a managing director. Over his career, he was associated with Lehman Brothers Inc. for more than 30 years in both leadership and advisory roles, including serving as head of the firm's worldwide energy practice.
George A. Lorch is Chairman Emeritus of Armstrong Holdings, Inc., the holding company for a manufacturer and marketer of floors, ceilings and cabinets. Mr. Lorch had 37 years of sales and marketing experience at Armstrong, including 17 years of experience as a head of operations, with responsibility for profit and loss statements, balance sheets and stockholder relations.
William G. Lowrie retired as deputy chief executive officer and director of BP Amoco PLC where he spent his entire 33-year career developing expertise in drilling, reservoir engineering and financial analysis. He also managed hydrocarbon hedging functions, environmental health and safety program design, and a process for managing capital investments during his tenure.
David F. Work retired from BP Amoco as a regional president, where his responsibilities included coordinating the company's seven exploration and production business units, as well as the leaders of the gas, power, oil and chemical businesses. He also had been a group vice president in exploration and production and a member of its executive committee.
About WPX Energy, Inc.
WPX Energy is an exploration and production company focused on developing its significant natural gas, natural gas liquids and oil reserves, particularly in the Piceance Basin, Bakken Shale and Marcellus Shale. The company also has domestic operations in the Powder River and San Juan basins and the Barnett Shale, as well as international investments in Argentina and Colombia. Go to http://www.wpxenergy.com/investors/subscribe-to-email/ to join our e-mail list
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by WPX Energy on its website or otherwise. WPX Energy does not undertake and expressly disclaims any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC's website at www.sec.gov.
CONTACT: WPX Energy, Inc.
Kelly Swan, 918-573-4944
David Sullivan, 918-573-9360
SOURCE: WPX Energy, Inc.