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WPX Energy Breakout Notes

Clay Gaspar, COO and senior vice president of WPX Energy, Inc., (ticker: WPX) presented today at EnerCom’s The Oil & Gas Conference® 22.

Tulsa-headquartered WPX Energy is an oil and gas producer with operations in the Delaware, Williston, and San Juan basins. The company’s development focus is currently on its Delaware assets, but it still has allocated portions of its capital budget to development in the Williston and San Juan basins.

During its second quarter update, the company announced that it had a net income of $72 million, and produced an average of 72,400 BPD of liquid—17% higher than its previous best, in 2015 which was 62,000 BPD. During Q2, WPX also entered into a joint venture with Howard Energy Partners in order to develop midstream capacity in the Delaware basin.

During the company’s breakout session, management was asked the following questions:

  • Having done a lot of exploration in the first half of the year, how much will operations change or evolve going into the second part of the year and into 2018?
  • Are you planning on increasing activity in the West Lateral Unit? Do you just place a rig there and plow away? How many wells will be at the location?
  • In terms of exploration, what is your position in Eddy County? Are you looking to explore more in the deeper wolf camp section?
  • Elaborate on the process of selling the North San Juan Basin gas assets?
  • Can you talk more about the sand issues that are being experienced in the Delaware basin? Also what is the liquidity status?
  • With improved production coming from higher stage spacing in the Bakken, what are you looking to test/try differently for further improvement?
  • What significant changes have you made in your completions program?
  • Where are the seven rigs located in the Permian? Where are they situated currently and what are the plans for mobilization? Are they within 80% Stateline?
  • How are you thinking of the regional sand coming into the Permian? Does this have any benefits or market value?
  • How do you feel about the crush strength of the regional sand?
  • What are the constraints experienced in getting truck drivers accessible?
  • What is your current ownership in the asset?
  • With your 100% ownership of gas assets, are you considering joint venture opportunities with associated shared costs?
  • With ownership of the natural gas pipeline, can you describe the investments made on the pipeline?
  • How do you treat slow-back wells which are experienced often in the field?
  • What is your minority interest in the pipeline?
  • Can you elaborate the on the pipeline gas distributions?

WPX Energy presented at EnerCom’s 2017 The Oil & Gas Conference®.

You can listen to the company’s presentation by clicking here.

You can view the company’s Q2 update by clicking here.

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