WPX Energy, Inc. operates as an independent oil and natural gas exploration and production company. The company engages in the exploitation and development of long-life unconventional properties. The company is focused on exploiting, developing and improving its oil positions in the Williston Basin in North Dakota and the Permian and San Juan Basins in the southwestern United States. The company’s proved reserves were 583 million barrels of oil equivalent, which included 304 million barrels of oil equivalent related to the Piceance Basin, which is subject to a divestiture process as of December 31, 2015. The company had seven gross (seven net) wells in the process of being drilled. Properties The company’s principal areas of operation are the Permian Basin in Texas and New Mexico, the Williston Basin in North Dakota, and the San Juan Basin in New Mexico and Colorado. Permian Basin In August 2015, the company acquired RKI Exploration & Production, LLC (RKI) (the ‘Acquisition’). The company operates 699 wells in the Permian Basin and also owns interests in 962 wells operated by others. The company holds approximately 94,000 net acres in the Permian Basin, and primarily in the Delaware Basin sub-area, with core operations located in Eddy, Lea and Chaves counties in New Mexico; and Loving, Pecos, Reeves, Ward and Winkler counties in Texas. Since the company’s acquisition of RKI, the company has operated an average of four drilling rigs in the Delaware Basin. As of December 31, 2015, another six gross operated wells were awaiting completion. The company’s activity in the Delaware Basin is primarily focused on the Bone Spring interval (which includes the Avalon sand and shales, and the Bone Springs sands, shales and carbonates), the shallower Delaware sand interval, and the Wolfcamp Shale formation. The company has a multi-year inventory of stacked plays on 94,000 net acres. Williston Basin The company owns leasehold positions of approximately 85,800 net acres in the Williston Basin. All of these properties are on the Fort Berthold Indian Reservation in North Dakota and the company is the primary operator. The company operates 204 wells in the Williston Basin and also owns interest in 72 wells operated by others. The company holds 84,735 net acres in the Williston Basin. During 2015, the company operated an average of 1.4 rigs on its Williston Basin properties. As of December 31, 2015, another 17 gross operated wells were awaiting completion. The company is developing oil reserves through horizontal drilling in the Middle Bakken and the Upper Three Forks Shale oil formations. The company’s acreage in the Williston Basin is leased to the company by or with the approval of the federal government or its agencies, and is subject to federal authority, the National Environmental Policy Act, the Bureau of Indian Affairs or other regulatory regimes that require governmental agencies to evaluate the environmental impacts of a proposed project on government owned lands. San Juan Basin In 2014, the company announced that it executed multiple transactions to own or control approximately 53,000 additional acres in the heart of the San Juan Basin’s Gallup oil window. As of December 31, 2015, the company’s leasehold position in the oil window of the San Juan Basin was approximately 96,000 net acres of which the company owns or controls, and the company is targeting additional acreage. The company’s San Juan Basin properties also include holdings across the basin producing primarily from the Mesaverde, Fruitland Coal and Mancos Shale formations, which are primarily gas bearing. The company operates four units in New Mexico (Rosa, Cox Canyon, Northwest Lybrook, and South Chaco) and also operates the Northeast Chaco CA (Communitized Area), as well as various non-unit properties. The company operates in three major areas of Colorado (Northwest Cedar Hills, Ignacio, and Bondad). The company operates 991 wells in the San Juan Basin and also owns interest in 2,322 wells operated by other operators in New Mexico and Colorado. The company holds approximately 130,000 net acres in the gas window of the basin. During 2015, the company operated an average of 1.5 rigs in the San Juan Basin on its oil properties. As of December 31, 2015, another five gross operated wells were awaiting completion. Some of the company’s acreage in the San Juan Basin is leased to the company by or with the approval of the federal government or its agencies, including the United States Forest Service, Bureau of Land Management, the Bureau of Indian Affairs, and the Federal Indian Minerals Office. These particular leases are subject to federal authority, including the National Environmental Policy Act, and require governmental agencies to evaluate the potential environmental impacts of a proposed project on government owned lands. Other Properties The company also has operations in the Piceance Basin of Colorado. Customers The company’s third-party customers include other producers, utility companies, power generators, banks, marketing and trading companies and midstream service providers. Divestitures In January 2015, the company completed the disposition of its international interests upon the merger of Apco Oil and Gas International Inc. with a subsidiary of privately held Pluspetrol Resources Corporation. Business Strategy The company’s business strategy is to increase shareholder value by increasing production over time of oil, natural gas, and NGLs; and finding and developing reserves. The company’s business strategy includes focused, long-term portfolio management; building asset scale; and continuing oil development and increasing optionality. Environmental Matters Other Occupational Safety and Health Act standards regulate specific worker safety aspects of the company’s operations. History WPX Energy, Inc. was founded in 2011. The company was incorporated in 2011.
wpx energy inc (WPX:New York)
3500 One Williams Center
Tulsa, OK 74172
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