WPX Reducing Activity and Maintaining Free Cash Flow
WPX ENERGY (WPX)
Last wpx energy earnings: 2/26 04:15 pm
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US:NYSE Investor Relations:
wpxenergy.com/investors.aspx
Company Research
Source: Business Wire
$400 million of capital reductions under wayMaintaining flexibility to adjust further Strength of hedge book protects 2020 cash flowStill targeting at least $150 MM of free cash flow with upside potentialPlanning to maintain ~150,000 bbl/d of oil productionNo significant debt maturity due until August 2023 with $406 MM outstanding TULSA, Okla.--(BUSINESS WIRE)--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.“We will continue to assess the market and adjust our activity levels as necessary. You can expect us to be flexible and focused on generating free cash flow,” said WPX Chairman and Chief Executive Officer Rick Muncrief.For 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.The revised capital plan of $1,275 million t
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