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

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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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