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Stock Market & Financial Investment News

News Breaks
March 18, 2014
17:01 EDTWPXWPX Energy Announces appoints Kevin Vann as interim CFO
WPX Energy announced that Senior Vice President and CFO Rod Sailor will resign from the company effective March 31 to accept a position at another company. The Board of Directors appointed J. Kevin Vann, who serves as the company's Vice President, Controller and Chief Accounting Officer, to be interim Senior Vice President and CFO. Vann will also replace Sailor as director for Apco Oil and Gas International.
News For WPX From The Last 14 Days
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June 25, 2015
07:16 EDTWPXWPX Energy to increase activity, EURs in Williston Basin
WPX Energy plans to increase its activity in the Williston Basin during the second half of 2015 by resuming completions and increasing its rig count from one to three before year-end. The decision follows significant process improvements, structural changes to lower costs, successful discussions with key vendors, a technical analysis of WPX’s well performance that led to higher estimated ultimate recoveries and favorable results from larger stimulations. WPX has rapidly driven costs out of its Williston operations. The company’s estimated drilling and completion costs in the basin are approaching $8 million per well with 6 million pound completions, representing a decrease of more than 30 percent vs. its average in 2014. The company is now recognizing a blended type curve of approximately 750 Mboe for its wells in the Middle Bakken and Three Forks formations, up 25 percent per well from previous estimates of 600 Mboe. This is based on historical well performance and the success of incremental completion changes WPX performed in late 2014. The company currently has an inventory of 14 Williston wells awaiting completion. This work is scheduled to resume in August, starting with a four-well pad. WPX is scheduled to test 10-million-pound stimulations with more stages, more entry points and a higher pump rate in the second half of 2015 using 100 percent sand on its Williston wells. The company previously used a combination of sand and ceramic proppant. WPX’s completion modifications include moving toward a higher intensity slick-water design targeting the potential to increase initial production rates and EURs even further. The company estimates $9 million drilling and completion costs per well to perform the larger 10-million-pound stimulations. Funding for additional Williston activity primarily is derived by redeploying cost savings the company is incurring and reallocating capital from its Piceance Basin operations to its Williston development. WPX plans to move to a one-rig program in the Piceance during the second half of the year and evaluate the extent of Piceance-related completions based on commodity prices. Total planned capital investments for full-year 2015 remain in line with the company’s previous guidance of staying within its projected operating cash flow.

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