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ESG PERFORMANCE

"Everyone here owns our results. All of us at WPX are accountable for identifying what we can do better, as well as the solutions to make it happen."

SEE REPORT

FREE CASH FLOW

Free cash flow (non-GAAP) was $166 million in 2Q. WPX now expects approximately $200 million of free cash flow in 2020, up from its prior estimate of $150 million.

NEWS

WPX'S CHANGE AGENT

Clay Gaspar, our President and COO, is a forward thinker who focuses on managing risk and finding new operational and organizational efficiencies.

BIO

solid performance

OUR 2Q HIGHLIGHTS

  • Hedging strategy provides certainty, stability
  • Cutting capital by $50 million; still targeting oil exit rate of 140,000 bbl/d at Dec. 31
  • Now expecting approximately $200 million of free cash flow in 2020
  • WPX completion design yields 35% improvement on Felix pad
  • 2Q oil volumes were 123,700 bbl/d after curtailments of ~20,000 bbl/d
  • Nearly 60,000 bbl/d of oil hedged at over $40 per bbl for 2021


WPX’s Delaware production in the Permian averaged 143.7 Mboe/d in the second quarter compared with 117.5 Mboe/d in the most recent quarter and 96.6 Mboe/d a year ago.

WPX completed eight Delaware wells during the second quarter (prior to the release of frac crews) including the six-well Huerfano pad associated with the Felix acquisition.

WPX began applying its own frac design to two of the wells on the Huerfano pad, making incremental changes to Felix’s design. The wells completed with the WPX design outperformed the others by 35 percent over 50 days at a lower cost.

The WPX design has fewer stages, longer stage lengths, additional clusters per stage and tighter spacing between clusters.

WPX continued to use Felix’s same progressive choke opening schedule, or slowback strategy, with regard to flowback. WPX will continue to monitor results and conduct more tests.

SUMMARY

2Q RESULTS

Adjusted EBITDAX (non-GAAP) hit a record $400 million in the 2Q, up 15% from $347 million a year ago. The same measure is at $779 million in the first half of 2020.

 

Transfer Agent

Our transfer agent is Computershare. Please contact them at:

P.O. Box 30170, College Station, TX 77842-3170
800.884.4225 or 781.575.2879
Website: www.computershare.com

Contact Investor Relations

David Sullivan
539.573.9360
WPXInvestorRelations@WPXEnergy.com



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Careers

Careers

In addition to a 401k match, WPX also makes annual contributions to employee 401k accounts ranging from 6-8% of salary based on age.

DIVERSE EXPERIENCE

DIVERSE EXPERIENCE

Young engineers can hit the ground running and make an immediate impact at WPX. Just ask Ashley Goletz.

We Are WPX

We Are WPX

Learn more about us, our history and our values. At WPX, we’re inspired, involved and determined.

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WPX: A Total Transformation

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