![]() The revised capital plan of $1,275 million to $1,400 million maintains WPX’s current oil production of roughly 150,000 bbl/d for the balance of the year, which benefits from the March 6 acquisition of Felix Energy.īased on the revised capital plan and today’s strip pricing, WPX expects to generate at least $150 million of free cash flow in 2020, not including savings for potential service price deflation.ĭiscussions with vendors about service costs are actively occurring, which presents known opportunities for WPX to lower capital further and increase its free cash flow target. You can expect us to be flexible and focused on generating free cash flow,” said WPX Chairman and Chief Executive Officer Rick Muncrief.įor 2020, WPX has 95,978 bbl/d of oil hedged with fixed price swaps at a weighted average price of $56.27 per barrel and 20,000 bbl/d with fixed price collars at a weighted average floor price of $53.33. “We will continue to assess the market and adjust our activity levels as necessary. WPX Energy (NYSE:WPX) is revising its plan for 2020, cutting $400 million – or approximately 25 percent – of its capital budget, with the flexibility to cut further. No significant debt maturity due until August 2023 with $406 MM outstanding.Planning to maintain ~150,000 bbl/d of oil production.Still targeting at least $150 MM of free cash flow with upside potential.Strength of hedge book protects 2020 cash flow. ![]() ![]()
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