WPX has received nearly
“We have a long-term strategy to build returns, margins and cash flow,”
“In the near-term, there’s obviously going to be a lot of effort aimed at driving down controllable costs. We’re evaluating everything as we position the company for a rebound in commodity prices,” Muncrief added.
The sale to
WPX’s remaining operations in the
Since May of last year, WPX entered into six significant agreements to narrow the company’s business focus, increase scalability of core assets, bring value forward and further strengthen its balance sheet.
WPX has closed five of the six transactions. The sole agreement
outstanding involves the sale of its
WPX plans to discuss its fourth quarter and year-end 2014 financial and operations results during a webcast on Thursday morning, Feb. 26, beginning at 10 a.m. Eastern.
Participants are encouraged to access the event and the corresponding slides at www.wpxenergy.com. A replay of the webcast will be available on WPX’s website for one year following the event.
WPX Energy develops and operates oil and gas producing properties
in North Dakota, New Mexico and
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