Tulsa, Okla.-based WPX has put in motion infrastructure, natural gas contingencies and a strategy to drill itself out of debt. The company is scrutinizing its March purchase of Panther Energy for $775 million and has set in place agreements and investments in pipeline.
And in exploration, WPX has revealed many surprises, including what the company needs and what it doesn’t. A cache of New Mexico dry gas is clearly a ‘doesn’t’ for WPX.
On Aug. 15, WPX COO Clay Gaspar told a packed room at EnerCom’s The Oil and Gas Conference that it plans to sell about 130,000 net acres in the northern portion of its San Juan Basin assets.
While some investors have urged a sale for a while, the southern San Juan will remain in the portfolio. But the north was always a backup for a time when natural gas might return to competitive pricing.
That changed as WPX explored the Delaware position it bought two years ago from RKI Exploration & Production for $2.75 billion.
