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WPX Energy Inc.'s Board of Directors has named Richard E. Muncrief as WPX’s next president and CEO. The appointment is effective May 15, 2014.
He also will join the WPX board following the company’s annual meeting of shareholders on May 22.
Muncrief, 55, is a petroleum engineer who has more than 30 years of upstream and midstream energy experience, most recently as senior vice president of operations and resource development at Continental Resources where he oversaw corporate engineering, reservoir development, drilling, production operations and supply chain management.
During his tenure with Continental – where he worked since June 2009 until his appointment at WPX – Muncrief helped Continental increase reserves, production and share price by more than four-fold while lowering production expense by more than 15 percent.
WPX Chairman William G. Lowrie commented: "Rick has an accomplished record of sizing things up and driving plans that produce exceptional results, profitable growth and lower costs. He has prior experience in our growth areas, particularly the Williston and San Juan basins, and is ready to hit the ground running.
"Our board believes that Rick is going to connect very well with investors and employees alike as he charts a strategic course for WPX. His technical acumen, driven nature, operations experience and character are a great fit for shaping the future of the company."
Muncrief has worked in organizations of differing size ranging from independents to a large super-major, notably 27 years with ConocoPhillips, Burlington Resources and their predecessor companies in various technical and leadership capacities.