Exploration & Production | Industry News | Capital Markets | Capital Expenditure
WPX to Escalate Oil Focus in 2013
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WPX Energy reported that it is forecasting production of 1,261 MMcfe/d to 1,295 MMcfe/d for 2013 inclusive of ethane rejection. Bakken oil volumes are expected to grow 25 to 30 percent. Marcellus natural gas volumes are expected to climb 75 to 80 percent.
WPX also expects to continue lowering well costs, particularly in the Bakken. Recent Bakken costs have decreased 10 to 20 percent through multi-well pad drilling and completion efficiencies.
This improvement in well costs places WPX essentially equal to or better than the industry average in the Bakken on the Fort Berthold Indian Reservation, where WPX’s costs also include the use of ceramic proppant which provides stronger well performance.
"We’re focused on increasing oil production, being disciplined in our gas drilling while…
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