May 21, 2018 5:20 PM ET

Oil, Gas and Consumable Fuels

Company Overview of WPX Energy, Inc.

Company Overview

WPX Energy, Inc., an independent oil and natural gas exploration and production company, engages in the exploitation and development of unconventional properties in the United States. The company’s principal areas of operation include the Delaware Basin in Texas and New Mexico; the Williston Basin in North Dakota; and the San Juan Basin in New Mexico and Colorado. As of December 31, 2017, it had proved reserves of 436 million barrels of oil equivalent. The company was incorporated in 2011 and is headquartered in Tulsa, Oklahoma.

3500 One Williams Center

Tulsa, OK 74172

United States

Founded in 2011

650 Employees

Phone:

855-979-2012

Key Executives for WPX Energy, Inc.

WPX Energy, Inc. does not have any Key Executives recorded.

WPX Energy, Inc. Key Developments

WPX Energy Commences Tender Offers for Senior Notes Due 2022 and 2023

WPX Energy announced that it has commenced cash tender offers to purchase up to $400,000,000 aggregate principal amount of its outstanding 6.000% Senior Notes due 2022 and 8.250% Senior Notes due 2023. The terms and conditions of the Tender Offers are described in an Offer to Purchase, dated May 9, 2018. WPX intends to fund the Tender Offers with the net proceeds of its proposed offering of debt securities (the Debt Financing) and, if necessary, any other sources of available funds, which may include borrowings under its revolving credit facility. The Tender Offers will expire at midnight, New York City time, at the end of June 6, 2018, unless extended or earlier terminated by WPX (the Expiration Date). No tenders submitted after the Expiration Date will be valid. Holders of Notes that are validly tendered (and not validly withdrawn) at or prior to May 22, 2018 (such date and time, as it may be extended, the Early Tender Date) and accepted for purchase pursuant to the Tender Offers will receive the applicable Total Consideration for such series, which includes the early tender premium for such series of Notes set out in the table above (with respect to each series of Notes, the Early Tender Premium). Holders of Notes tendering their Notes after the Early Tender Date will only be eligible to receive the applicable tender offer consideration for such series of Notes set out in the table above (with respect to each series of Notes, the Tender Offer Consideration), which is the applicable Total Consideration less the Early Tender Premium.

WPX Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2018

WPX Energy, Inc. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenues of $374 million compared to $395 million a year ago. Operating income was $6 million compared to $173 million a year ago. Loss from continuing operations before income taxes was $41 million compared to income of $128 million a year ago. Net loss available to company common stockholders was $119 million or $0.30 per diluted share compared to net income attributable to common stockholders of $88 million or $0.23 per diluted share a year ago. The adjusted net loss from continuing operations in first-quarter 2018 was $22 million, or a loss of $0.06 per share compared to $56 million or $0.15 a year ago. Adjusted EBITDAX was $200 million compared to $85 million a year ago. Net cash provided by operating activities was $145 million compared to $22 million a year ago. Capital expenditures were $321 million compared to $237 million a year ago. For the first quarter of 2018, the company reported total production of 102.7 Mboe/d compared to 58.3 Mboe/d a year ago.

WPX Energy Announces Early Results and Early Settlement of Cash Tender Offers

WPX Energy announced the early results and early settlement of its previously announced cash tender offers to purchase up to $500.0 million aggregate principal amount of its outstanding 7.500% Senior Notes due 2020, 6.000% Senior Notes due 2022 and 8.250% Senior Notes due 2023. The company expects to accept for purchase $328.7 million aggregate principal amount of the 2020 Notes and $171.3 million aggregate principal amount of the 2022 Notes validly tendered at or prior to the Early Tender Date. Because the aggregate amount of 2020 Notes and 2022 Notes validly tendered at or prior to the Early Tender Date together exceeded the Aggregate Maximum Tender Amount, 2022 Notes validly tendered at or prior to the Early Tender Date will be accepted on a pro rata basis, subject to a proration factor of approximately 27.3%. Because the aggregate principal amount of the 2020 Notes and the 2022 Notes validly tendered at or prior to the Early Tender Date together exceeded the Aggregate Maximum Tender Amount, none of the 2023 Notes will be accepted for purchase and no Notes tendered after the Early Tender Date will be accepted for purchase. Holders of the Purchased Notes will receive total consideration of $1,092.50 per $1,000 principal amount of 2020 Notes accepted for purchase and $1,052.50 per $1,000 principal amount of 2022 Notes accepted for purchase, which amounts include the early tender premium of $50.00 per $1,000 principal amount of 2020 Notes and $50.00 per $1,000 principal amount of 2022 Notes. Holders of the Purchased Notes will also receive accrued and unpaid interest from the last interest payment with respect to their Purchased Notes to, but not including, April 17, 2018, the early settlement date for the Tender Offers.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 21, 2018
WhiteWater Midstream LLC
Merger/Acquisition
February 21, 2018
Certain Non-Operated Mineral Interests in the Williston Basin of WPX Energy, Inc.
Merger/Acquisition
November 1, 2017
Legacy Natural Gas Position In San Juan Basin
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