TULSA, Okla., Dec. 6, 2011 /PRNewswire/ -- WPX Energy has
begun an investor road show as it prepares to become an
independent, publicly traded corporation pending a planned spinoff
from Williams (NYSE: WMB) at year-end.
Meetings will be led by Ralph A.
Hill, chief executive officer; Rodney J. Sailor, senior
vice president and chief financial officer effective
at spinoff; and Neal A. Buck,
senior vice president of business development and
land effective at spinoff.
The road show presentation is available in the investor center
at www.wpxenergy.com. It highlights the company's assets in the
oil-rich Bakken Shale, the natural
gas-producing Marcellus Shale and
the Piceance Basin where it produces both natural gas and natural
gas liquids.
Additionally, WPX's Form 10 Registration Statement for common
stock has been declared effective by the Securities and Exchange
Commission. It is available online via the WPX and SEC
websites.
During October, WPX had average daily production of 1.3 billion
cubic feet equivalent from its domestic and international
properties, including 14,800 barrels per day of oil and 26,800
barrels per day of natural gas liquids. International volumes come
via a 69 percent controlling interest that WPX owns in Apco Oil and
Gas International (NASDAQ: APAGF).
WPX's production for third-quarter 2011 was up 13 percent versus
the same period in 2010.
"When you look at our track record, we have achieved a
double-digit compound annual growth rate in production over the
past 10 years, all while establishing leading cost efficiencies and
applying technological improvements to our operations," CEO
Ralph Hill said.
"We believe we can apply that history of success to the growth
opportunities we have in our newly established liquids and
oil-producing areas. And financially, we have created a strong
balance sheet and a conservative capital structure."
WPX common stock is expected to begin trading on a "when-issued"
basis on the NYSE under the ticker symbol "WPX WI" (when-issued) on
or about Dec. 12, 2011. On
Jan. 3, 2012, WPX is expected to
begin trading "regular way" under the symbol "WPX."
Completion of the spinoff from Williams is subject to a number
of conditions which are described in the Form 10. The spinoff is
supported by lead financial advisers Barclays Capital and Citi, as
well as J.P. Morgan. Gibson, Dunn & Crutcher LLP is providing
legal advice.
Concurrent with the road show, WPX has unveiled its website
featuring original images of company operations and employees from
around the country.
"Our people don't just carry our brand, they define our brand,"
Hill said. "We want our website to be a place where our
stakeholders can see the heart and character of our people and the
passion they bring to their careers."
Visitors to www.wpxenergy.com can find company history,
state-by-state fact sheets, information about the company's
voluntary hydraulic fracturing disclosures, a candid letter from
the CEO and a summary of WPX's production growth. Today, WPX is one
of the nation's 10 largest producers of natural gas.
About WPX Energy, Inc.
WPX Energy is an exploration and production company focused on
developing its significant natural gas, natural gas liquids and oil
reserves, particularly in the Piceance Basin, Bakken Shale and Marcellus Shale. The company also has
domestic operations in the Powder River and San Juan basins and the Barnett Shale, as well
as international investments in Argentina and Colombia. Based in
Tulsa, Okla., WPX Energy is a
wholly owned subsidiary of Williams (NYSE:WMB) until a planned
spinoff at year-end 2011. Go to
http://www.wpxenergy.com/investor-center/subscribe-to-email/ to
join our e-mail list.
This press release includes "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that the company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company. Statements regarding future drilling
and production are subject to all of the risks and uncertainties
normally incident to the exploration for and development and
production of oil and gas. These risks include, but are not
limited to, the volatility of oil, natural gas and NGL prices;
uncertainties inherent in estimating oil, natural gas and NGL
reserves; drilling risks; environmental risks; and political or
regulatory changes. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. The forward-looking
statements in this press release are made as of the date of this
press release, even if subsequently made available by WPX Energy on
its website or otherwise. WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or
otherwise. Investors are urged to consider carefully the
disclosure in our filings with the Securities and Exchange
Commission, available from us at WPX Energy, Attn: Investor
Relations, P.O. Box 3102, Tulsa,
Okla., 74101, or from the SEC's website at
www.sec.gov.
MEDIA CONTACT:
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INVESTOR
CONTACT:
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Kelly Swan
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David Sullivan
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(918) 573-4944
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(918) 573-9360
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SOURCE WPX Energy, Inc.