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WPX Hones Strategy for 2015; Will Target Three Resource Plays
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WPX Energy has announced a strategy to simplify its geographic focus and expand returns, margins and cash flow over the next five years.
Key to the company’s strategy are three core resource plays in North Dakota, New Mexico and Colorado where WPX has an estimated 16,000 remaining drillable locations on a gross basis, more than 14 trillion cubic feet of proved, probable and possible (3P) reserves at year-end 2013 and approximately 480,000 net acres.
President and Chief Executive Officer Rick Muncrief commented: "We’re confident we have the right building blocks in the Williston, San Juan and Piceance basins. We have upside in all three. Our strategy accelerates our oil development and capitalizes on what we can gain from technical excellence, new technology and greater economies of scale."
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