Spinoff Process from Williams Is Complete
TULSA, Okla.--(BUSINESS WIRE)--Jan. 3, 2012-- Shares of WPX Energy (NYSE:WPX) will begin trading “regular way” on the New York Stock Exchange today following a successful spinoff from Williams (NYSE:WMB) that concluded on Dec. 31.
WPX Energy is an active developer and producer of oil, natural gas and gas liquids in resource-rich areas such as North Dakota’s Bakken Shale, Pennsylvania’s Marcellus Shale and Colorado’s Piceance Basin.
“We have a significant inventory of drilling opportunities in our existing acreage that we believe will allow us to continue to deliver solid results like double-digit production growth,” said Ralph Hill, chief executive officer.
“We’re also targeting a more balanced approach in our commodity mix. With that, we’re expecting approximately 37 percent of our 2012 revenues to come from oil and natural gas liquids,” Hill added.
Executives and guests of WPX Energy will celebrate the company’s new start as an independent, publicly traded company at the NYSE this morning when CEO Ralph Hill rings The Opening Bell.
Hill also is scheduled to appear on Bloomberg at approximately 10:45 a.m. Eastern this morning via a live interview from the NYSE trading floor.
WPX has total proved, probable and possible (3P) reserves of 15.9 trillion cubic feet equivalent as of year-end 2010; daily production of 1.3 billion cubic feet equivalent – including 14,800 barrels per day of oil and 26,800 barrels per day of natural gas liquids – as of October 2011; and more than 1.6 million net acres under lease.
WPX has its headquarters in Tulsa, Okla., and a regional office in Denver. Overall, the company employs more than 1,200 people. Its largest offices are in Tulsa, Denver, Parachute, Colo., and Gillette, Wyo.
Internationally, WPX has a 69 percent controlling interest in Apco Oil and Gas International (NASDAQ:APAGF). International reserves and production are included in the company’s key operating statistics.
The CUSIP number for WPX common stock is 98212B 10 3. WPX is also included in the S&P 500 index.
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/investor-center/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.
Source: WPX Energy, Inc.
WPX Energy, Inc.
Kelly Swan, 918-573-4944
David Sullivan, 918-573-9360