Williams Gives Birth to WPX Energy
In February of last year, Williams, one of the 10 largest natural gas producers in the U.S., announced that it would split the company and spin out the exploration & production (E&P) business into a new company (see this MDN story). True to their word, the split is now complete, and yesterday WPX Energy, the new company formed to take on the E&P division, began trading on the New York Stock Exchange.
Shares of WPX Energy (NYSE:WPX) will begin trading “regular way” on the New York Stock Exchange today [Jan. 3] 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.
WPX Energy is an exploration and production company focused on developing its significant natural gas, natural gas liquids and oil reserves, particularly in the Piceance Basin, Bakken Shale and Marcellus Shale. The company also has domestic operations in the Powder River and San Juan basins and the Barnett Shale, as well as international investments in Argentina and Colombia.*
*WPX Energy Press Release (Jan 3, 2011) – WPX Energy Makes Its Start as an Independent Company