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SCALING BACK ACTIVITY

As previously announced in March, WPX cut its original 2020 capital plan by $400 million. The company has since developed scenarios to cut another $150 million to $450 million. These cuts reduce WPX’s capital spending by roughly 40 percent vs. its original plan.

WPX is suspending its detailed guidance for production and other metrics given the volatility in the market and the fluid nature of how the company is responding. Any prior guidance for 2020 should not be relied upon.

WPX had 15 rigs running after integrating the Felix acquisition and plans to exit the year with six rigs, comprised of five in the Delaware Basin and one in the Williston Basin.

WPX also has dropped all four of its completion crews. Second-quarter first sales will be limited to a few wells that were completed prior to the release of the frac crews. 

WPX plans to build an inventory of one to two quarters of drilled-but-uncompleted wells. Additional background on 2020 capital cuts and their impact on production and projected DUCs at year-end are provided in the first-quarter slide deck.

WPX also plans to achieve $100 million in cost savings during the year through reductions to operating expenses such as LOE and GP&T, as well as lower G&A expenses.

cutting capital

WPX PLANS TO REDUCE ITS RIG FLEET BY 60% IN 2020



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Annual Report

Annual Report

CEO: The turbulence in energy demand & the financial markets requires a thoughtful response.

OUR People

OUR People

Learn what it’s like to work at WPX. We’re always looking for great people to join our team.

Proved Reserves

Proved Reserves

At year-end 2019, we had 527.6 MMboe of proved reserves in our operating areas.

We Are WPX

We Are WPX

Learn more about us, our history and our values. At WPX, we value courage, results & relationships.

WPX: A Total Transformation

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The $WPX 2Q webcast takes place on July 30 starting at 10 a.m. EDT. You can catch the event at… https://twitter.com/i/web/status/1280152070201446400
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