WPX Energy Cuts Back Marcellus Rigs, Focused on Oil & NGLs

Early this year, Williams officially spun off it’s exploration and production operation into a new company called WPX Energy (see this MDN story). The new company inherited one of the top 10 drilling operations in the Marcellus and Utica Shales.

Yesterday, WPX announced their capital spending plans for 2012 and it’s no surprise, given similar announcements from other major drillers, that WPX is scaling back drilling in the Marcellus from seven rigs to three due to the low commodity price for natural gas. WPX is shifting capital resources to the Bakken Shale where they are drilling for oil and to those geographies rich with natural gas liquids (NGLs).

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