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|
|Total in Bcf equivalent||5,070||4,635|
|Natural Gas (Bcf)||90.4||87.6|
|Total in MMbbl oil equivalent||32.5||33.5|
|Natural Gas (Bcf)||4,073||4,002|
|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.