WPX – Oil & Gas 360

Devon-WPX deal offers a playbook for future shale consolidation

September 29, 2020

Reuters The latest business combination in the U.S. shale patch is signaling a path forward for the troubled sector. In contrast to the bankruptcies of the past three months, Devon Energy DVN.N‘s $2.56 billion all-stock, low premium deal for rival WPX Energy WPX.N brings together two companies with assets in a few oil-producing basins and relatively low debt levels. Investors supported the idea

Stock market rout doubles pain for energy firms that took shares for deals

March 16, 2020

Reuters Energy investor EnCap Investments pulled off a rarity in the U.S. shale business earlier this month, the $2.5 billion sale of oil producer Felix Energy to rival WPX Energy Inc, striking a deal at a time when energy mergers have all but dried up. EnCap’s big payday, 153 million WPX shares valued at $1.6 billion plus $900 million in

Generating Cash: WPX Expects $100 Million in Free Cash Flow in 2019

May 2, 2019

Cash flow positive at current prices, midstream assets provide uplift By Richard Rostad, analyst, Oil & Gas 360 WPX Energy (ticker: WPX) announced first quarter earnings today, showing a net loss of $48 million, or ($0.11) per share. The rising oil prices resulted in a $207 million derivative loss this quarter, if this and other special charges are excluded WPX

Permian Basin: Stonepeak Buys Oryx Midstream for $3.6 Billion Cash - Oryx Midstream pipe and storage - Permian Basin - Oil & Gas 360

New Permian Deal: Stonepeak Buys Oryx Midstream for $3.6 Billion Cash

April 2, 2019

Permian Basin E&Ps WPX, Concho to cash in on transaction Oryx plans to “aggressively grow our footprint in the Permian Basin” “Oryx is the most attractive private Permian midstream asset Stonepeak has evaluated” Affiliates of Quantum Energy Partners, Post Oak Energy Capital, Concho Resources (stock ticker: CXO, $CXO), WPX Energy (stock ticker: WPX, $WPX) and other investors announced today that

WPX: “We Are Upping Our Game”

February 21, 2019

CapEx plan drops 23%, funded at $50 WTI By Richard Rostad, analyst, Oil & Gas 360 WPX Energy (ticker: WPX) announced fourth quarter results and reserves today, showing net income of $353 million, or $0.83 per share. This result was primarily due to derivatives, and if these and other special charges are excluded, WPX earned an adjusted net income of

Control of Infrastructure Shifting in the Permian

February 4, 2019

Crude, NGL, Natural gas pipeline ownership changing By Richard Rostad, analyst, Oil & Gas 360 Several Permian midstream assets changed hands today, changing the landscape for producers that are only now seeing relief from the punishing differentials of 2018. EPIC Midstream, which is building a crude and NGL pipeline transporting production from the Permian to the Gulf, has seen ownership

WPX Slashes 2019 CapEx

February 4, 2019

Spending down 23% production growth down 8% By Richard Rostad, analyst, Oil & Gas 360 WPX Energy (stock ticker: WPX) is tapping the brakes on its growth plans, becoming the latest oil company to moderate guidance in the face of lower oil prices. WPX first released 2019 guidance in its Q3 earnings report in late October. WTI was $65.31 at

WPX Plans 30% Production Growth and Free Cash in 2019

November 1, 2018

May sell pipeline interests to fund additional CapEx WPX Energy (ticker: WPX) announced third quarter results today, showing a net loss of $7 million, or ($0.01) per share. This loss was due to WPX’s derivative losses, as if these and other special charges are excluded the company earned an adjusted $29 million in Q3. WPX produced 123.8 MBOEPD in Q3,

WPX Energy: Daily Production 76% Higher than Year Ago

May 3, 2018

WPX Energy, Inc. (ticker: WPX) reported a net loss of $119 million, or $(0.30) per common share for the first quarter of 2018. Production for the quarter reached 102.7 MBOEPD, a 6% sequential increase over Q4 2017 and 76% higher than Q1 2017. WPX had oil volumes of 65,800 BOPD. WPX completed 36 gross operated wells (34 net) in its

Closed and Closed: WildHorse, WPX Divest Assets

April 2, 2018

WPX Energy (ticker: WPX) has closed the San Juan Basin oil play sale to Enduring Resources IV, LLC for $700 million. A significant portion of the proceeds are slated for debt reduction, WPX said, and the company 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

WPX Energy Adds Firepower to its Board

March 16, 2018

WPX Energy (ticker: WPX) announced that Valerie M. Williams has been elected to the company’s board of directors effectively immediately. According to WPX, Williams has more than 35 years of audit and public accounting experience with Ernst & Young, LLP, most recently as the Southwest Region Assurance Managing Partner where she had responsibility for a $500 million audit practice encompassing

WPX Grows Oil Production 47% in Q4, Forecasts $1 Billion 2018 Drilling CapEx

February 22, 2018

WPX Energy (ticker: WPX) reported Q4 2017 oil volumes of 75,200 BOPD, which was 68% higher than a year ago, and 16% higher than Q3 2017. WPX’s first two North Sunday Island wells in the Williston Basin have 120-day cumulative production of more than 576,000 BOE (81% oil), consisting of 298,000 BOE from the Hidatsa North 14-23HX well and 278,000

Premium Content