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MID-YEAR OUTLOOK

For the remainder of 2020, WPX has 91,700 bbl/d of oil hedged with fixed price swaps at a weighted average price of $53.05 per barrel and 20,000 bbl/d with fixed price collars at a weighted average floor price of $53.33.

For 2021, WPX now has 59,878 bbl/d of oil hedged with fixed price swaps at a weighted average price of $40.78 per barrel and 240,000 MMBtu/d of natural gas hedged with fixed price swaps at a weighted average price of $2.62 per MMBtu.

Consistent with a scenario WPX outlined in its first-quarter slide deck, the company plans to exit the year at 140,000 bbl/d of oil. Most of the planned completions in the back half of the year are scheduled to occur in the fourth quarter.

WPX completed 12 wells in the second quarter prior to releasing all four of its completion crews. In July, the company redeployed one crew in the Delaware Basin and one in the Williston Basin. WPX plans to add one more frac crew in the Delaware Basin near the end of August.

WPX now expects total capital spending of $1,050 to $1,150 million this year, down another $50 million from the most recent target. Total capital spending in the first half of 2020 was $501 million, including $188 million in the second quarter following a pullback in activity.

The company could maintain the same level of oil production in 2021 – approximately 140,000 bbl/d – with an estimated maintenance capital budget of $800 to $850 million next year and generate approximately $200 million of free cash flow at current commodity prices.

disciplined

2020 TARGETED CAPEX IS NOW $1.1 BILLION, DOWN $600 MILLION



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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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