TULSA, Okla. – Richard E. (Rick) Muncrief officially takes the helm today as chief executive officer at WPX Energy (NYSE:WPX), one of the nation’s largest independent energy producers.
WPX has 16 drilling rigs deployed in the Piceance, Williston and San Juan basins as part of its $1.47 billion capital investment plan for 2014. The company reported first-quarter net income of $18 million, or $0.09 per share.
Muncrief, 55, is a petroleum engineer who has more than 30 years of upstream and midstream energy experience, most recently as senior vice president of operations and resource development at Continental Resources (NYSE:CLR) where he oversaw corporate engineering, reservoir development, drilling, production operations and supply chain management.
In a letter to WPX employees today, Muncrief said, “I believe in the future of WPX and want to lead a transformation of this company that we and our shareholders are proud of. That’s why I’m here.”
The full text of Muncrief’s letter to employees is available on the home page at www.wpxenergy.com. The new CEO is scheduled to visit each of WPX’s operating areas during his first three weeks.
He added, “There will always be urgency to deliver improved results and returns. At the same time, it’s important for us to get our arms around a company identity that contemplates who we are and where we want to be in three, five and 10 years. The results will go hand in hand with carrying out a clear company mission.”
WPX employs nearly 1,200 people in the United States, including 500 at its headquarters in Tulsa and 450 in Colorado.
WPX’s overall domestic and international production for first-quarter 2014 was 1,230 MMcfe/d, comparable to the sequential quarter and exceeding the company’s guidance for first-quarter volumes of 1,204-1,217 MMcfe/d.
Muncrief also will join the WPX board following the company’s annual meeting of shareholders on May 22. He succeeds James J. Bender who served as CEO and board member on an interim basis since the end of 2013. Bender plans to retire.
Muncrief received a Bachelor of Science degree in petroleum engineering technology from Oklahoma State University in 1980. He is a native of southern Oklahoma and has spent the majority of his career in the Rocky Mountain region.
WPX Energy is an independent exploration and production company formed during a spinoff two years ago. Overall, WPX has more than 30 years of experience in its sector along with 40 local, state and federal awards for efficiency, innovation and corporate social responsibility.
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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.