3/29/2018
A significant portion of the proceeds are slated for debt reduction. WPX now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019.
The transaction completes WPX’s exit from operations in the
“Our path forward is clear and compelling. It’s about consistent
execution, sticking with our multi-year plan and continuing to create
value by looking ahead,” said
WPX’s production is now approximately 80 percent liquids (oil and NGL)
and 20 percent natural gas. Five years ago, it was the opposite at 80
percent gas and 20 percent liquids. WPX has aggressively transformed its
portfolio through nearly
CIBC Griffis & Small provided advisory services to WPX for the
transaction.
About
WPX is an independent energy producer with core positions in the Permian
and Williston basins. WPX’s production is approximately 80 percent
oil/liquids and 20 percent natural gas. The company also has an emerging
infrastructure portfolio in the
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
Additionally, the
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180329005850/en/
Source:
WPX Energy
Media Contact:
Kelly Swan, 539-573-4944
or
Investor
Contact:
David Sullivan, 539-573-9360