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 industry awards. It announced the $2.75 billion acquisition of Permian Basin properties in July and closed on the acreage the day before its presentation at TOGC.
In the company’s second quarter operational update, WPX reported lower D&C and operating costs in the Williston. WPX began using coil tubing drill outs that resulted in savings of approximately $145,000 per well, and lowered its LOE in the basin to $6.11 per BOE – 29% lower than one year ago.
During the company’s breakout session, management was asked the following questions:
- How do you see your overall liquidity in the Bakken assets?
- What methodology do you use for developing those assets?
- Can you talk about your recent acquisition – what did you get with it?
- Can you talk about your strategy in increasing proppant loading?
- What is your view on accessing capital markets given the current instability in commodity prices?
- What’s the well cost attached to 3 mile lateral?
