William G. Lowrie to Become Lead Independent
Director
WPX Energy’s (NYSE: WPX) board of directors has unanimously
elected Richard E. “Rick” Muncrief as it next chairman, effective
Jan. 1, 2017. Muncrief also is WPX’s president and chief executive
officer, positions he has held since May 15, 2014.
Since joining WPX, Muncrief has led a comprehensive
transformation of the company. The turnaround entailed more than $5
billion of A&D activity and WPX’s entry in the Permian’s
Delaware Basin where it has an estimated 2.4 billion boe of net
resource potential and more than 5,500 gross drillable locations
across 102,000 net acres.
He succeeds William G. Lowrie, who will become the board’s lead
independent director. Lowrie has been WPX’s chairman since its
spinoff five years ago and played an instrumental role in
strengthening the senior management team.
Ten of WPX’s eleven board members are independent. Muncrief is
the sole inside director. The board believes that its new
leadership structure demonstrates its continuing commitment to
maintain independence and represent the interests of all
shareholders.
“Already, Rick has navigated WPX through one of the biggest
price pullbacks in industry history, personally invested heavily in
the future of the company, established accountability up and down
the organization, and emphasized technology and technical
excellence in our operations,” Lowrie said.
“I believe he’s done absolutely everything that our board and
investors expect of him. Today, WPX is on a clear and compelling
course, with challenging yet achievable goals on the immediate
horizon. As a board, we’re extremely confident that WPX is well
equipped to execute on its value-creation endeavors,” Lowrie
added.
Muncrief’s career spans more than 36 years covering leadership
roles at Continental Resources, ConocoPhillips, Burlington
Resources and their predecessor companies. In addition to WPX, he
serves on the board of the American Petroleum Institute and the
American Exploration & Production Council. He was also vocal in
the fight to lift the crude oil export ban in 2015, providing
testimony before the U.S. Senate.
Under Muncrief’s leadership, WPX’s strategy is to grow oil
production and EBITDAX at a compound annual growth rate of 20-35
percent over the next four years.
“It’s my distinct pleasure to be a part of something really
special that’s happening at WPX because we embraced the
opportunities and difficulties of implementing sweeping change,”
Muncrief said.
“This is WPX 2.0, and we recognize that our strategy is only as
good as our execution. We’re going to keep working tirelessly on
behalf of our shareholders.
“I appreciate our entire board for their support and the
guidance they provide to me and our leadership team,” Muncrief
added. “Mr. Lowrie has been a difference-maker here whose
contributions are highly regarded.”
Mr. Lowrie will continue to work closely with Mr. Muncrief as
set forth in a lead director charter the company has adopted. This
document is publicly available on WPX’s website.
Board governance also requires WPX’s independent directors to
assess the board’s performance and leadership structure annually
and to conduct performance evaluations for its chairman and lead
director. Mr. Muncrief’s performance review for his role as
chairman will be in addition to the performance review for his role
as CEO.
About WPX Energy, Inc.
WPX is an oil-focused energy company with operations in the
Permian, Williston and San Juan basins. The company posted
double-digit oil volume growth in each of the past four years and
is one of the 20 largest U.S. producers based on total assets and
market capitalization.
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 21810, Tulsa, Okla., 74102, or from the SEC’s
website at www.sec.gov.
Additionally, the SEC requires oil and gas companies, in filings
made with the SEC, to disclose proved reserves, which are those
quantities of oil and gas, which, by analysis of geoscience and
engineering data, can be estimated with reasonable certainty to be
economically producible – from a given date forward, from known
reservoirs, under existing economic conditions, operating methods,
and governmental regulations. The SEC permits the optional
disclosure of probable and possible reserves. From time to time, we
elect to use “probable” reserves and “possible” reserves, excluding
their valuation. The SEC defines “probable” reserves as “those
additional reserves that are less certain to be recovered than
proved reserves but which, together with proved reserves, are as
likely as not to be recovered.” The SEC defines “possible” reserves
as “those additional reserves that are less certain to be recovered
than probable reserves.” The Company has applied these definitions
in estimating probable and possible reserves. Statements of
reserves are only estimates and may not correspond to the ultimate
quantities of oil and gas recovered. Any reserve estimates provided
in this presentation that are not specifically designated as being
estimates of proved reserves may include estimated reserves not
necessarily calculated in accordance with, or contemplated by, the
SEC’s reserves reporting guidelines. Investors are urged to
consider closely the disclosure in our SEC filings that may be
accessed through the SEC’s website at www.sec.gov.
The SEC’s rules prohibit us from filing resource estimates. Our
resource estimations include estimates of hydrocarbon quantities
for (i) new areas for which we do not have sufficient information
to date to classify as proved, probable or even possible reserves,
(ii) other areas to take into account the low level of certainty of
recovery of the resources and (iii) uneconomic proved, probable or
possible reserves. Resource estimates do not take into account the
certainty of resource recovery and are therefore not indicative of
the expected future recovery and should not be relied upon.
Resource estimates might never be recovered and are contingent on
exploration success, technical improvements in drilling access,
commerciality and other factors.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161213006265/en/
WPX Energy, Inc.Media Contact:Kelly Swan,
539-573-4944orInvestor Contact:David Sullivan,
539-573-9360
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