WPX CEO Riffs on Company Strategy Change from Gas to Oil Drilling

bad timingSome people, and some companies, just have plain old bad luck and rotten timing. Like WPX Energy. WPX didn’t like the business it was in–drilling for natural gas in Pennsylvania, so they’ve sold off 46,700 acres and 63 operational wells in northeastern PA to Southwestern Energy for $300 million (see WPX Finalizes Sale of NEPA Marcellus Leases/Wells to Southwestern). They still have some acreage in southwest PA they’re trying to dump. What has WPX’s attention these days? What’s the all-fire hurry to get out of the northeast? They’re trying to convert the company from gas to oil drilling–just in time for oil prices to go as low as they’ve been in a generation. Talk about bad timing!…

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