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WPX Cutting Rigs Across All Plays in 2015; IDs Budget
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WPX Energy has announced a 2015 capital investment plan of approximately $725 million (midpoint), in line with the company’s projected operating cash flow.
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As part of its long-term strategy, WPX will continue to diversify its historically gas-weighted portfolio. WPX’s oil production grew 56 percent in 2014 year over year, far exceeding its plan for 40 percent growth last year.
In fourth-quarter 2014, oil volumes rose 6,500 barrels per day to approximately 32,300 barrels per day, accounting for nearly 20 percent of the company’s equivalent production. This marked a 25 percent sequential-quarter increase over third-quarter 2014 oil production of 25,800 barrels per day.
The company’s 2015 capital plan is roughly half the amount of its capital plan last year, excluding…
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