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WPX Closes $169 Million Non-Core Asset Sale

12/21/2017

TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE: WPX) has completed the divestiture of its legacy natural gas position in the San Juan Basin. The sales price was $169 million, subject to typical closing adjustments.

The transaction includes WPX’s operated and non-operated gas properties in the basin. The sale does not include WPX’s oil operations in the basin’s Gallup play.

WPX expects to finish 2017 with approximately $200 million cash on-hand and no borrowings against its credit revolver. All of WPX’s $1.2 billion revolver capacity is available, with the exception of $70 million in outstanding letters of credit.

CIBC Griffis & Small provided financial and technical advisory services to WPX for the transaction.

About WPX Energy, Inc.

WPX has posted double-digit oil volume growth for five straight years. The company is active in the Delaware, Williston and San Juan basins. The Delaware Basin is the western portion of the greater Permian Basin.

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.

Media Contact:

Kelly Swan, 539-573-4944

or

Investor Contact:

David Sullivan, 539-573-9360



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