Markets reward companies making good transactions, but sometimes even the Permian can’t move the needle The most recent downturn in oil and gas prices has forced the industry to find the most economic acreage available in order to generate returns and attract investors. It’s no secret that for many companies, that has meant buying Permian acreage, particularly the stacked zones
Planning in the supply chain: industry expects service costs to rise 10%-15%, but WPX has a firm handle on costs in the Permian Everyone knew it would happen eventually: service costs are going on the rise. Halliburton (ticker: HAL) talked about it as early as July of 2016, and over the course of the EnerCom Dallas oil and gas investment
WPX Energy acquires 6.5 MBOEPD of production and 120,000 net acres in the Delaware Basin WPX Energy (ticker: WPX) announced today that the company has acquired Panther Energy Company II, LLC and Carrier Energy Partners, LLC, expanding its footprint in the Delaware Basin. The acquisitions includes approximately 6.5 MBOEPD (55% oil) of existing production from 23 producing wells (17 horizontals),
WPX Energy’s (ticker: WPX) board of directors has unanimously elected Richard E. “Rick” Muncrief as it next chairman, effective Jan. 1, 2017. Muncrief also is WPX’s president and chief executive officer, positions he has held since May 15, 2014. Since joining WPX, Muncrief has led a comprehensive transformation of the company. The turnaround entailed more than $5 billion of A&D
WPX focused on growing three prolific plays; projects 25% oil growth in 2017; 50% oil growth in 2018 WPX Energy released its Q3 numbers Wednesday, reporting a loss of $245 million, $238 million of which was due to the divestment of transportation contracts. The company continues to keep line-of-sight on growing its production, however, and is anticipating a 25% increase
An Oil & Gas 360® Exclusive Interview with WPX Energy VP of Drilling and Completions Tom Hellman Since 2014, WPX Energy (ticker: WPX) has been neck-deep in a full speed turnaround. Its management team has completed more than $5 billion in transactions under the leadership of CEO Rick Muncrief, who joined the company after developing a reputation as one of
WPX Energy reports 15% higher oil volumes in the Delaware WPX Energy (ticker: WPX) released its second quarter results today, reporting that the company joined the 100,000-acre club in the Delaware Basin. WPX undertook a $5.5 billion transformation to become a more oily company following Rick Muncrief’s appointment as CEO, after which the company made the Delaware its flagship basin. Following
WPX Energy Inc. (ticker: WPX; WPXEnergy.com) announced on February 9, 2016, that the Company will sell its WPX Energy Rocky Mountain subsidiary business, which focuses on the Piceance Basin of Colorado. The WPX Piceance subsidiary was acquired by Terra Energy Partners LLC for $910 million in cash. The assets consist of 200,000 net acres in the Piceance Basin with recent
Industry-wide divestiture levels were down on a year-over-year basis in 2015, but WPX Energy (ticker: WPX) did more than its fair share on the mergers and acquisitions front. On December 31, 2015, the Tulsa-based exploration and production company announced the sale of its gathering system in the San Juan Basin for approximately $309 million. In accordance with the transaction, WPX
Richard E. Muncrief, President and Chief Executive Officer of WPX Energy (NYSE: WPX), presented today at EnerCom’s The Oil & Gas Conference 20®. WPX Energy develops and operates oil and gas producing properties in North Dakota, New Mexico and Colorado. The company has a long history of innovation and stakeholder engagement, recognized through more than 40 local, state, federal and
ExxonMobil executes two deals for Permian acreage ExxonMobil (ticker: XOM) announced that it has acquired 48,000 acres in the core of the Midland Basin through the execution of two agreements. The agreements include an acquisition and farm-in adjoining XOM subsidiary XTO Energy’s existing acreage position in Martin and Midland Counties, providing rights to all intervals within the basin. The acreage
WPX Establishes Fourth Core Area Wells Provide 30% Return at $60/barrel WPX Energy (ticker: WPX) is moving into the most prolific oil play in the United States. On July 14, 2015, the Tulsa-based company announced the acquisition of privately held RKI Exploration & Production, LLC for $2.75 billion (including $0.4 billion of debt). In return, WPX receives 92,000 net acres
