Transforming
Transforming
W X
Who We Are
Quick Facts
Defining Our Future
WPX Energy is a tremendous turnaround story. We have reached more than $5 billion in transactions to transform the company.
•E xpected capital spending of $400-$450 million in 2016
There’s a single word to describe what’s happening at WPX: transformation.
•M ore than half of our D&C spending is in the Permian’s Delaware Basin
Our most pivotal moment happened when we entered the Permian Basin, and more specifically, the Delaware portion of the play which is in the early stages of development.
Today, we are one of the newest players in the oil-rich Permian Basin. We have quickly amassed more than 100,000 net acres in the basin across stacked pay intervals. This represents decades of drilling opportunities. Second-quarter 2016 oil production averaged 40,900 barrels per day.
Our Core Areas WPX is in the Permian, Williston and San Juan basins. We expect oil to comprise about half of our future production volumes, up from roughly 20 percent in 2015.
•W PX has more than 30,000 barrels per day of oil hedged at more than $60 per barrel in 2016 • F ollowing our Piceance sale, we’re fully hedged on natural gas at $3.93 per MMBtu for the rest of 2016 • Grew oil production by 41% in 2015 •W PX participated in 223 new wells in 2015 •N et cash from operations for full-year 2015 was $811 million •W e reduced cash operating expenses by $143 million last year vs. 2014 •C EO Rick Muncrief has more than 35 years of experience in oil and gas
Honors and Awards • T he Restore New Mexico Award from the state BLM •O klahoma Energy Explorers Honoree for Contributions to state and industry
The acquisition resulted from executing our multi-year strategy to enhance returns by balancing our production mix with more oil and profoundly building the depth of our oil drilling inventory. Our geological, petro physical and reservoir engineering staff analyzed basins all over the country. We were drawn to the stacked pay reservoirs in the Delaware Basin and the potential to apply our operational experience to add value. Our position in the basin represents an estimated 2.4 billion barrels of equivalent net resource potential. WPX plans to increase its rig count in the Delaware from two to three during the second half of 2016. We are targeting EURs of 900 Mboe from these wells.
•D eal of the Year award from Oil & Gas Investor magazine for our acquisition in the Permian Basin •B est Management Practices Award from the Three Affiliated Tribes
www.wpxenergy.com © 2016 WPX Energy, Inc. All rights reserved.
W X
Who We Are
Quick Facts
Defining Our Future
WPX Energy is a tremendous turnaround story. We have reached more than $5 billion in transactions to transform the company.
•E xpected capital spending of $400-$450 million in 2016
There’s a single word to describe what’s happening at WPX: transformation.
•M ore than half of our D&C spending is in the Permian’s Delaware Basin
Our most pivotal moment happened when we entered the Permian Basin, and more specifically, the Delaware portion of the play which is in the early stages of development.
Today, we are one of the newest players in the oil-rich Permian Basin. We have quickly amassed more than 100,000 net acres in the basin across stacked pay intervals. This represents decades of drilling opportunities. Second-quarter 2016 oil production averaged 40,900 barrels per day.
Our Core Areas WPX is in the Permian, Williston and San Juan basins. We expect oil to comprise about half of our future production volumes, up from roughly 20 percent in 2015.
•W PX has more than 30,000 barrels per day of oil hedged at more than $60 per barrel in 2016 • F ollowing our Piceance sale, we’re fully hedged on natural gas at $3.93 per MMBtu for the rest of 2016 • Grew oil production by 41% in 2015 •W PX participated in 223 new wells in 2015 •N et cash from operations for full-year 2015 was $811 million •W e reduced cash operating expenses by $143 million last year vs. 2014 •C EO Rick Muncrief has more than 35 years of experience in oil and gas
Honors and Awards • T he Restore New Mexico Award from the state BLM •O klahoma Energy Explorers Honoree for Contributions to state and industry
The acquisition resulted from executing our multi-year strategy to enhance returns by balancing our production mix with more oil and profoundly building the depth of our oil drilling inventory. Our geological, petro physical and reservoir engineering staff analyzed basins all over the country. We were drawn to the stacked pay reservoirs in the Delaware Basin and the potential to apply our operational experience to add value. Our position in the basin represents an estimated 2.4 billion barrels of equivalent net resource potential. WPX plans to increase its rig count in the Delaware from two to three during the second half of 2016. We are targeting EURs of 900 Mboe from these wells.
•D eal of the Year award from Oil & Gas Investor magazine for our acquisition in the Permian Basin •B est Management Practices Award from the Three Affiliated Tribes
www.wpxenergy.com © 2016 WPX Energy, Inc. All rights reserved.
