Since joining WPX, Muncrief has led a comprehensive transformation of
the company. The turnaround entailed more than
Ten of WPX’s eleven board members are independent. Muncrief is the sole inside director. The board believes that its new leadership structure demonstrates its continuing commitment to maintain independence and represent the interests of all shareholders.
“Already, Rick has navigated WPX through one of the biggest price pullbacks in industry history, personally invested heavily in the future of the company, established accountability up and down the organization, and emphasized technology and technical excellence in our operations,” Lowrie said.
“I believe he’s done absolutely everything that our board and investors expect of him. Today, WPX is on a clear and compelling course, with challenging yet achievable goals on the immediate horizon. As a board, we’re extremely confident that WPX is well equipped to execute on its value-creation endeavors,” Lowrie added.
Muncrief’s career spans more than 36 years covering leadership roles at
Under Muncrief’s leadership, WPX’s strategy is to grow oil production and EBITDAX at a compound annual growth rate of 20-35 percent over the next four years.
“It’s my distinct pleasure to be a part of something really special that’s happening at WPX because we embraced the opportunities and difficulties of implementing sweeping change,” Muncrief said.
“This is WPX 2.0, and we recognize that our strategy is only as good as our execution. We’re going to keep working tirelessly on behalf of our shareholders.
“I appreciate our entire board for their support and the guidance they provide to me and our leadership team,” Muncrief added. “Mr. Lowrie has been a difference-maker here whose contributions are highly regarded.”
Mr. Lowrie will continue to work closely with Mr. Muncrief as set forth in a lead director charter the company has adopted. This document is publicly available on WPX’s website.
Board governance also requires WPX’s independent directors to assess the board’s performance and leadership structure annually and to conduct performance evaluations for its chairman and lead director. Mr. Muncrief’s performance review for his role as chairman will be in addition to the performance review for his role as CEO.
WPX is an oil-focused energy company with operations in the Permian, Williston and San Juan basins. The company posted double-digit oil volume growth in each of the past four years and is one of the 20 largest U.S. producers based on total assets and market capitalization.
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
The SEC’s rules prohibit us from filing resource estimates. Our resource estimations include estimates of hydrocarbon quantities for (i) new areas for which we do not have sufficient information to date to classify as proved, probable or even possible reserves, (ii) other areas to take into account the low level of certainty of recovery of the resources and (iii) uneconomic proved, probable or possible reserves. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors.
WPX Energy, Inc.
Kelly Swan, 539-573-4944
David Sullivan, 539-573-9360