New CEO Rick Muncrief Starts at WPX Energy

  New CEO Rick Muncrief Starts at WPX Energy

Business Wire

TULSA, Okla. -- May 15, 2014

Richard E. (Rick) Muncrief officially takes the helm today as chief executive
officer at WPX Energy (NYSE:WPX), one of the nation’s largest independent
energy producers.

WPX Energy (NYSE:WPX) CEO Richard E. Muncrief (Photo: Business Wire)

WPX Energy (NYSE:WPX) CEO Richard E. Muncrief (Photo: Business Wire)

WPX has 16 drilling rigs deployed in the Piceance, Williston and San Juan
basins as part of its $1.47 billion capital investment plan for 2014. The
company reported first-quarter net income of $18 million, or $0.09 per share.

Muncrief, 55, is a petroleum engineer who has more than 30 years of upstream
and midstream energy experience, most recently as senior vice president of
operations and resource development at Continental Resources (NYSE:CLR) where
he oversaw corporate engineering, reservoir development, drilling, production
operations and supply chain management.

In a letter to WPX employees today, Muncrief said, “I believe in the future of
WPX and want to lead a transformation of this company that we and our
shareholders are proud of. That’s why I’m here.”

The full text of Muncrief’s letter to employees is available on the home page
at The new CEO is scheduled to visit each of WPX’s
operating areas during his first three weeks.

He added, “There will always be urgency to deliver improved results and
returns. At the same time, it’s important for us to get our arms around a
company identity that contemplates who we are and where we want to be in
three, five and 10 years. The results will go hand in hand with carrying out a
clear company mission.”

WPX employs nearly 1,200 people in the United States, including 500 at its
headquarters in Tulsa and 450 in Colorado.

WPX’s overall domestic and international production for first-quarter 2014 was
1,230 MMcfe/d, comparable to the sequential quarter and exceeding the
company’s guidance for first-quarter volumes of 1,204-1,217 MMcfe/d.

Muncrief also will join the WPX board following the company’s annual meeting
of shareholders on May 22. He succeeds James J. Bender who served as CEO and
board member on an interim basis since the end of 2013. Bender plans to

Muncrief received a bachelor of science degree in petroleum engineering
technology from Oklahoma State University in 1980. He is a native of southern
Oklahoma and has spent the majority of his career in the Rocky Mountain

About WPX Energy, Inc.

WPX Energy is an independent exploration and production company formed during
a spinoff two years ago. Overall, WPX has more than 30 years of experience in
its sector along with 40 local, state and federal awards for efficiency,
innovation and corporate social responsibility.

This press release includes “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included in this press release that
address activities, events or developments that the company expects, believes
or anticipates will or may occur in the future are forward-looking statements.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company. Statements
regarding future drilling and production are subject to all of the risks and
uncertainties normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks; environmental
risks; and political or regulatory changes. Investors are cautioned that any
such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. The forward-looking statements in this press
release are made as of the date of this press release, even if subsequently
made available by WPX Energy on its website or otherwise. WPX Energy does not
undertake and expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our filings with
the Securities and Exchange Commission, available from us at WPX Energy, Attn:
Investor Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC’s
website at

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WPX Energy, Inc.
Media Contact:
Kelly Swan, 539-573-4944
Investor Contact:
David Sullivan, 539-573-9360
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