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WPX Energy Makes Its Start As An Independent Company

Stocks in this article: WMB

Shares of WPX Energy (NYSE:WPX) will begin trading “regular way” on the New York Stock Exchange today following a successful spinoff from Williams (NYSE:WMB) that concluded on Dec. 31.

WPX Energy is an active developer and producer of oil, natural gas and gas liquids in resource-rich areas such as North Dakota’s Bakken Shale, Pennsylvania’s Marcellus Shale and Colorado’s Piceance Basin.

“We have a significant inventory of drilling opportunities in our existing acreage that we believe will allow us to continue to deliver solid results like double-digit production growth,” said Ralph Hill, chief executive officer.

“We’re also targeting a more balanced approach in our commodity mix. With that, we’re expecting approximately 37 percent of our 2012 revenues to come from oil and natural gas liquids,” Hill added.

Executives and guests of WPX Energy will celebrate the company’s new start as an independent, publicly traded company at the NYSE this morning when CEO Ralph Hill rings The Opening Bell.

Hill also is scheduled to appear on Bloomberg at approximately 10:45 a.m. Eastern this morning via a live interview from the NYSE trading floor.

WPX has total proved, probable and possible (3P) reserves of 15.9 trillion cubic feet equivalent as of year-end 2010; daily production of 1.3 billion cubic feet equivalent – including 14,800 barrels per day of oil and 26,800 barrels per day of natural gas liquids – as of October 2011; and more than 1.6 million net acres under lease.

WPX has its headquarters in Tulsa, Okla., and a regional office in Denver. Overall, the company employs more than 1,200 people. Its largest offices are in Tulsa, Denver, Parachute, Colo., and Gillette, Wyo.

Internationally, WPX has a 69 percent controlling interest in Apco Oil and Gas International (NASDAQ:APAGF). International reserves and production are included in the company’s key operating statistics.

The CUSIP number for WPX common stock is 98212B 10 3. WPX is also included in the S&P 500 index.

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