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Oil And NGL Boost Proved Reserves At WPX Energy To 5.26 TCFE

Stocks in this article: WPX

WPX Energy (NYSE:WPX) announced today that its total proved reserves as of Dec. 31, 2011, increased to a company high of nearly 5.3 trillion cubic feet equivalent – up approximately 9 percent vs. 2010.

Approximately 77 percent of WPX’s 2011 total proved reserves are natural gas and 23 percent natural gas liquids (NGL) and crude oil. At year-end 2010, natural gas accounted for 83 percent of the company’s reserves using a standard ratio of 6-to-1 to convert oil and NGL to natural gas equivalent.

2011 Year-End Proved Reserves       2011       2010
Natural Gas (Bcf) 3,983 3,914
NGL (MMbbl) 134.1 95.9
Oil (MMbbl)   47.1     24.3  
Total in Bcf equivalent   5,070     4,635  
Natural Gas (Bcf) 90.4 87.6
NGL (MMbbl) 1.2 1.5
Oil (MMbbl)   16.2     17.4  
Total in MMbbl oil equivalent   32.5     33.5  
Natural Gas (Bcf) 4,073 4,002
NGL (MMbbl) 135.3 97.4
Oil (MMbbl)   63.3     41.7  
Total in Bcf equivalent   5,265     4,836  

“Oil and gas liquids are rapidly taking a more prominent space in our portfolio, becoming the primary driver for reserves growth,” CEO Ralph Hill said.

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