Form | 10-Q |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
WPX Energy, Inc. | ||
(Exact Name of Registrant as Specified in Its Charter) |
Delaware | 45-1836028 | |||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) | |||||||||||||
3500 One Williams Center | ||||||||||||||
Tulsa, | Oklahoma | 74172-0172 | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, $0.01 par value | WPX | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | þ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer |
¨ (Do not check if a smaller reporting company)
|
Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||||||||
Part I. | Financial Information | |||||||||||||
Item 1. | Financial Statements (Unaudited) | |||||||||||||
Consolidated Balance Sheets as of March 31, 2020 and
December 31, 2019 |
||||||||||||||
Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 | ||||||||||||||
Consolidated Statements of Changes in Equity for the three months ended March 31, 2020 and 2019 | ||||||||||||||
Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Part II. | Other Information | |||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. |
March 31,
2020 |
December 31,
2019 |
||||||||||||||||
(Millions) | |||||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 61 | $ | 60 | |||||||||||||
Accounts receivable, net of allowance | 447 | 450 | |||||||||||||||
Derivative assets | 868 | 57 | |||||||||||||||
Inventories | 30 | 41 | |||||||||||||||
Other | 39 | 39 | |||||||||||||||
Total current assets | 1,445 | 647 | |||||||||||||||
Investments | 45 | 48 | |||||||||||||||
Properties and equipment (successful efforts method of accounting) | 10,064 | 11,244 | |||||||||||||||
Less—accumulated depreciation, depletion and amortization | (1,588) | (3,654) | |||||||||||||||
Properties and equipment, net | 8,476 | 7,590 | |||||||||||||||
Derivative assets | 8 | 10 | |||||||||||||||
Other noncurrent assets | 122 | 118 | |||||||||||||||
Total assets | $ | 10,096 | $ | 8,413 | |||||||||||||
Liabilities and Equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 618 | $ | 556 | |||||||||||||
Accrued and other current liabilities | 220 | 251 | |||||||||||||||
Derivative liabilities | 24 | 91 | |||||||||||||||
Total current liabilities | 862 | 898 | |||||||||||||||
Deferred income taxes | 243 | 290 | |||||||||||||||
Long-term debt, net | 3,200 | 2,202 | |||||||||||||||
Derivative liabilities | 3 | — | |||||||||||||||
Other noncurrent liabilities | 697 | 508 | |||||||||||||||
Contingent liabilities and commitments (Note 8) | |||||||||||||||||
Preferred units of consolidated partnership | 11 | — | |||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Preferred stock (100 million shares authorized at $0.01 par value; no shares outstanding) | — | — | |||||||||||||||
Common stock (2 billion shares authorized at $0.01 par value; 559.4 million and 416.8
million shares issued and outstanding at March 31, 2020 and December 31, 2019)
|
6 | 4 | |||||||||||||||
Additional paid-in-capital | 8,643 | 7,692 | |||||||||||||||
Accumulated deficit | (3,569) | (3,181) | |||||||||||||||
Total stockholders’ equity | 5,080 | 4,515 | |||||||||||||||
Total liabilities and equity | $ | 10,096 | $ | 8,413 |
Three months
ended March 31, |
|||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Revenues: | (Millions, except per-share amounts) | ||||||||||||||||||||||||||||
Product revenues: | |||||||||||||||||||||||||||||
Oil sales | $ | 465 | $ | 449 | |||||||||||||||||||||||||
Natural gas sales | 13 | 25 | |||||||||||||||||||||||||||
Natural gas liquid sales | 24 | 33 | |||||||||||||||||||||||||||
Total product revenues | 502 | 507 | |||||||||||||||||||||||||||
Net gain (loss) on derivatives
|
869 | (207) | |||||||||||||||||||||||||||
Commodity management | 24 | 59 | |||||||||||||||||||||||||||
Other | 3 | — | |||||||||||||||||||||||||||
Total revenues | 1,398 | 359 | |||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Depreciation, depletion and amortization | 259 | 219 | |||||||||||||||||||||||||||
Lease and facility operating | 101 | 86 | |||||||||||||||||||||||||||
Gathering, processing and transportation | 62 | 42 | |||||||||||||||||||||||||||
Taxes other than income | 42 | 39 | |||||||||||||||||||||||||||
Exploration (Note 5) | 67 | 24 | |||||||||||||||||||||||||||
General and administrative (including equity-based compensation of $9 million and $8 million for the
respective periods)
|
51 | 47 | |||||||||||||||||||||||||||
Commodity management
|
34 | 49 | |||||||||||||||||||||||||||
Impairment of proved properties (Note 5)
|
967 | — | |||||||||||||||||||||||||||
Acquisition costs (Note 2) | 27 | — | |||||||||||||||||||||||||||
Other—net | 14 | 2 | |||||||||||||||||||||||||||
Total costs and expenses | 1,624 | 508 | |||||||||||||||||||||||||||
Operating loss | (226) | (149) | |||||||||||||||||||||||||||
Interest expense | (48) | (41) | |||||||||||||||||||||||||||
Gain on equity method investment transaction | — | 126 | |||||||||||||||||||||||||||
Equity earnings | 3 | 2 | |||||||||||||||||||||||||||
Other income | 4 | — | |||||||||||||||||||||||||||
Loss from continuing operations before income taxes | (267) | (62) | |||||||||||||||||||||||||||
Benefit for income taxes | (61) | (14) | |||||||||||||||||||||||||||
Loss from continuing operations | (206) | (48) | |||||||||||||||||||||||||||
Loss from discontinued operations (Note 3) | (180) | — | |||||||||||||||||||||||||||
Net loss | (386) | (48) | |||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | 2 | — | |||||||||||||||||||||||||||
Net loss attributable to WPX Energy, Inc.
|
$ | (388) | $ | (48) | |||||||||||||||||||||||||
Amounts attributable to WPX Energy, Inc. common stockholders: | |||||||||||||||||||||||||||||
Loss from continuing operations | $ | (208) | $ | (48) | |||||||||||||||||||||||||
Loss from discontinued operations | (180) | — | |||||||||||||||||||||||||||
Net loss | $ | (388) | $ | (48) | |||||||||||||||||||||||||
Basic and diluted loss per common share (Note 4):
|
|||||||||||||||||||||||||||||
Loss from continuing operations
|
$ | (0.46) | $ | (0.11) | |||||||||||||||||||||||||
Loss from discontinued operations
|
(0.39) | — | |||||||||||||||||||||||||||
Net loss
|
$ | (0.85) | $ | (0.11) | |||||||||||||||||||||||||
Weighted-average shares (millions)
|
458.0 | 421.0 | |||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock |
Common
Stock |
Additional
Paid-In- Capital |
Accumulated
Deficit |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | — | $ | 4 | $ | 7,692 | $ | (3,181) | $ | 4,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | (388) | (388) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of tax impact | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to an acquisition | 2 | 992 | 994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (44) | (44) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | — | $ | 6 | $ | 8,643 | $ | (3,569) | $ | 5,080 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | — | $ | 4 | $ | 7,734 | $ | (3,437) | $ | 4,301 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (48) | (48) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation, net of tax impact | (5) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | — | $ | 4 | $ | 7,729 | $ | (3,485) | $ | 4,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months
ended March 31, |
||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Operating Activities(a) | (Millions) | |||||||||||||||||||||||||
Net loss | $ | (386) | $ | (48) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation, depletion and amortization | 259 | 219 | ||||||||||||||||||||||||
Deferred income tax benefit | (47) | (13) | ||||||||||||||||||||||||
Provision for impairment of properties and equipment (including certain exploration expenses)
|
1,032 | 20 | ||||||||||||||||||||||||
Gain related to equity method investment transaction | — | (126) | ||||||||||||||||||||||||
Net (gain) loss on derivatives | (869) | 207 | ||||||||||||||||||||||||
Net settlements related to derivatives | 117 | 9 | ||||||||||||||||||||||||
Amortization of stock-based awards | 10 | 8 | ||||||||||||||||||||||||
Cash provided by (used in) operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable | 107 | (137) | ||||||||||||||||||||||||
Inventories | 14 | (4) | ||||||||||||||||||||||||
Other current assets | 6 | (6) | ||||||||||||||||||||||||
Accounts payable | (97) | 197 | ||||||||||||||||||||||||
Federal income taxes receivable | (19) | — | ||||||||||||||||||||||||
Accrued and other current liabilities | (66) | (37) | ||||||||||||||||||||||||
Liabilities related to discontinued operations
|
178 | (8) | ||||||||||||||||||||||||
Other, including changes in other noncurrent assets and liabilities | 17 | (9) | ||||||||||||||||||||||||
Net cash provided by operating activities(a) | 256 | 272 | ||||||||||||||||||||||||
Investing Activities(a) | ||||||||||||||||||||||||||
Capital expenditures(b) | (302) | (451) | ||||||||||||||||||||||||
Capital expenditures related to consolidated partnerships(c) | (12) | — | ||||||||||||||||||||||||
Proceeds from sales of assets and equity method investment transactions | — | 228 | ||||||||||||||||||||||||
Purchase of a business, net of cash acquired | (915) | — | ||||||||||||||||||||||||
Contributions to equity method investments | — | (18) | ||||||||||||||||||||||||
Distributions from equity method investments in excess of cumulative earnings | 4 | 4 | ||||||||||||||||||||||||
Net cash used in investing activities(a) | (1,225) | (237) | ||||||||||||||||||||||||
Financing Activities | ||||||||||||||||||||||||||
Proceeds from common stock | 1 | 1 | ||||||||||||||||||||||||
Payments for repurchases of common stock | (44) | — | ||||||||||||||||||||||||
Borrowings on credit facility | 413 | 609 | ||||||||||||||||||||||||
Payments on credit facility | (299) | (625) | ||||||||||||||||||||||||
Proceeds from long-term debt, net of discount | 889 | — | ||||||||||||||||||||||||
Taxes paid for shares withheld | (8) | (15) | ||||||||||||||||||||||||
Payments for debt issuance costs | (3) | — | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated partnerships | 18 | — | ||||||||||||||||||||||||
Other | 5 | 1 | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 972 | (29) | ||||||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash | 3 | 6 | ||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | 80 | 18 | ||||||||||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 83 | $ | 24 | ||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||
(a) Amounts reflect continuing and discontinued operations unless otherwise noted.
|
||||||||||||||||||||||||||
(b) Incurred capital expenditures were $313 million and $425 million for the respective periods. The difference between incurred and cash capital expenditures is due to
changes in related accounts payable and accounts receivable. |
||||||||||||||||||||||||||
(c) Incurred capital expenditures were $13 million for 2020. The difference between incurred and cash capital expenditures is due to changes in related accounts payable
and accounts receivable. |
Three months
ended March 31, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
(Millions) | |||||||||||||||||
Revenues | $ | 1,564 | $ | 489 | |||||||||||||
Net loss from continuing operations attributable to WPX Energy, Inc. | $ | (138) | $ | (26) |
Preliminary Purchase Price Allocation | ||||||||
(Millions) | ||||||||
Consideration: | ||||||||
Cash | $ | 939 | ||||||
Fair value of WPX common stock | 994 | |||||||
Total consideration | $ | 1,933 | ||||||
Fair value of liabilities assumed: | ||||||||
Accounts payable | $ | 141 | ||||||
Accrued liabilities | 7 | |||||||
Asset retirement obligation | 6 | |||||||
Total liabilities assumed | $ | 154 | ||||||
Fair value of assets acquired: | ||||||||
Cash and cash equivalents | $ | 24 | ||||||
Accounts receivable, net | 85 | |||||||
Derivative assets, current | 121 | |||||||
Other current and noncurrent assets | 5 | |||||||
Properties and equipment | 1,852 | |||||||
Total assets acquired | $ | 2,087 | ||||||
Net fair value of assets and liabilities | $ | 1,933 |
Three months
ended March 31, |
|||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
(Millions, except per-share amounts) | |||||||||||||||||||||||||||||
Loss from continuing operations attributable to WPX Energy, Inc. common stockholders for basic and diluted earnings (loss) per common share
|
$ | (208) | $ | (48) | |||||||||||||||||||||||||
Basic weighted-average shares | 458.0 | 421.0 | |||||||||||||||||||||||||||
Effect of dilutive securities(a) | — | — | |||||||||||||||||||||||||||
Diluted weighted-average shares | 458.0 | 421.0 | |||||||||||||||||||||||||||
Loss per common share from continuing operations:
|
|||||||||||||||||||||||||||||
Basic | $ | (0.46) | $ | (0.11) | |||||||||||||||||||||||||
Diluted | $ | (0.46) | $ | (0.11) |
Three months
ended March 31, |
|||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||
Weighted-average nonvested restricted stock units and awards
|
2.2 | 2.6 | |||||||||||||||||||||||||||
Nonvested restricted stock units and awards antidilutive under the treasury stock method
|
3.7 | 2.5 |
Three months
ended March 31, |
|||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||
Unproved leasehold property impairment and amortization
|
$ | 65 | $ | 23 | |||||||||||||||||||||||||
Geologic and geophysical costs | 2 | 1 | |||||||||||||||||||||||||||
Total exploration expenses | $ | 67 | $ | 24 |
March 31,
2020 |
December 31,
2019 |
||||||||||||||||
(Millions) | |||||||||||||||||
Material, supplies and other | $ | 22 | $ | 36 | |||||||||||||
Commodity production in transit or storage | 8 | 5 | |||||||||||||||
Total inventories | $ | 30 | $ | 41 |
March 31,
2020 |
December 31,
2019 |
||||||||||||||||
(Millions) | |||||||||||||||||
Credit facility agreement | $ | 114 | $ | — | |||||||||||||
6.000% Senior Notes due 2022 | 73 | 73 | |||||||||||||||
8.250% Senior Notes due 2023 | 406 | 406 | |||||||||||||||
5.250% Senior Notes due 2024 | 647 | 650 | |||||||||||||||
5.750% Senior Notes due 2026 | 500 | 500 | |||||||||||||||
5.250% Senior Notes due 2027 | 600 | 600 | |||||||||||||||
4.500% Senior Notes due 2030 | 900 | — | |||||||||||||||
Total debt | $ | 3,240 | $ | 2,229 | |||||||||||||
Less: Current portion of long-term debt, net(a) | — | — | |||||||||||||||
Total long-term debt | $ | 3,240 | $ | 2,229 | |||||||||||||
Less: Debt issuance costs on long-term debt(a) | 40 | 27 | |||||||||||||||
Total long-term debt, net(a)
|
$ | 3,200 | $ | 2,202 |
Three months
ended March 31, |
||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||
(Millions) | ||||||||||||||||||||||||||||||||
Current: | ||||||||||||||||||||||||||||||||
Federal | $ | (19) | $ | — | ||||||||||||||||||||||||||||
State | — | (1) | ||||||||||||||||||||||||||||||
(19) | (1) | |||||||||||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||||||||||
Federal | (30) | (12) | ||||||||||||||||||||||||||||||
State | (12) | (1) | ||||||||||||||||||||||||||||||
(42) | (13) | |||||||||||||||||||||||||||||||
Total provision (benefit) | $ | (61) | $ | (14) |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Millions) | (Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy derivative assets | $ | — | $ | 876 | $ | — | $ | 876 | $ | — | $ | 67 | $ | — | $ | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy derivative liabilities | $ | — | $ | 27 | $ | — | $ | 27 | $ | — | $ | 91 | $ | — | $ | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt(a) | $ | — | $ | 1,962 | $ | — | $ | 1,962 | $ | — | $ | 2,400 | $ | — | $ | 2,400 |
Commodity | Period | Contract Type (a) | Location | Notional Volume (b) |
Weighted Average
Price (c) |
|||||||||||||||||||||||||||
Crude Oil | ||||||||||||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | Fixed Price Swaps | WTI | (95,787) | $ | 56.17 | ||||||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | Basis Swaps |
Midland/Cushing
|
(35,782) | $ | 0.50 | ||||||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | Basis Swaps | Nymex CMA Roll | (8,909) | $ | 0.57 | ||||||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | Basis Swaps | Brent/WTI Spread | (5,000) | $ | 8.36 | ||||||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | Fixed Price Collars | WTI | (20,000) | $53.33 - $63.48 | |||||||||||||||||||||||||||
Crude Oil | 2021 | Fixed Price Swaptions | WTI | (20,000) | $ | 57.02 | ||||||||||||||||||||||||||
Crude Oil | 2021 | Basis Swaps | Brent/WTI Spread | (1,000) | $ | 8.00 | ||||||||||||||||||||||||||
Crude Oil | 2021 | Basis Swaps | Midland/Cushing | (15,000) | $ | 0.64 | ||||||||||||||||||||||||||
Crude Oil | 2022 | Basis Swaps | Brent/WTI Spread | (1,000) | $ | 7.75 | ||||||||||||||||||||||||||
Natural Gas | ||||||||||||||||||||||||||||||||
Natural Gas | Apr - Dec 2020 | Basis Swaps | Waha | (100) | $ | (1.14) | ||||||||||||||||||||||||||
Natural Gas | 2021 | Fixed Price Swaps | Henry Hub | (90) | $ | 2.49 | ||||||||||||||||||||||||||
Natural Gas | 2021 | Basis Swaps | Waha | (80) | $ | (0.65) | ||||||||||||||||||||||||||
Natural Gas | 2021 | Fixed Price Swaptions | Henry Hub | (50) | $ | 2.57 | ||||||||||||||||||||||||||
Natural Gas | 2022 | Basis Swaps | Waha | (70) | $ | (0.57) | ||||||||||||||||||||||||||
Natural Gas | 2023 | Basis Swaps | Waha | (70) | $ | (0.51) | ||||||||||||||||||||||||||
Natural Gas | 2024 | Basis Swaps | Waha | (40) | $ | (0.51) |
Gross Amount Presented on Balance Sheet | Netting Adjustments (a) | Net Amount | |||||||||||||||||||||||||||||||||
March 31, 2020 | (Millions) | ||||||||||||||||||||||||||||||||||
Derivative assets with right of offset or master netting agreements
|
$ | 876 | $ | (24) | $ | 852 | |||||||||||||||||||||||||||||
Derivative liabilities with right of offset or master netting agreements
|
$ | (27) | $ | 24 | $ | (3) | |||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Derivative assets with right of offset or master netting agreements
|
$ | 67 | $ | (45) | $ | 22 | |||||||||||||||||||||||||||||
Derivative liabilities with right of offset or master netting agreements
|
$ | (91) | $ | 45 | $ | (46) |
Production | Product Revenue |
Three months
ended March 31, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Sales Volume Data: | Per day | Per day | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil (MBbls) | 11,121 | 122.2 | 8,648 | 96.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas (MMcf) | 22,212 | 244.1 | 18,210 | 202.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NGLs (MBbls) | 3,097 | 34.0 | 2,288 | 25.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined equivalent volumes (MBoe)(a) | 17,921 | 196.9 | 13,971 | 155.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data (millions): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total product revenues | $ | 502 | $ | 507 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 1,398 | $ | 359 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (226) | $ | (149) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure activity | $ | 313 | $ | 425 |
Three months
ended March 31, |
Favorable (Unfavorable) $ Change | Favorable (Unfavorable) % Change | |||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Oil sales | $ | 465 | $ | 449 | $ | 16 | 4 | % | |||||||||||||||||||||
Natural gas sales | 13 | 25 | (12) | (48) | % | ||||||||||||||||||||||||
Natural gas liquid sales | 24 | 33 | (9) | (27) | % | ||||||||||||||||||||||||
Total product revenues | 502 | 507 | (5) | (1) | % | ||||||||||||||||||||||||
Net gain (loss) on derivatives | 869 | (207) | 1,076 | NM | |||||||||||||||||||||||||
Commodity management | 24 | 59 | (35) | (59) | % | ||||||||||||||||||||||||
Other | 3 | — | 3 | NM | |||||||||||||||||||||||||
Total revenues | $ | 1,398 | $ | 359 | $ | 1,039 | NM |
Three months
ended March 31, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
Oil sales (per barrel) | $ | 41.83 | $ | 51.92 | |||||||||||||
Impact of net cash paid related to settlement of derivatives (per barrel)(a)
|
10.09 | 0.04 | |||||||||||||||
Oil net price including derivative settlements (per barrel) | $ | 51.92 | $ | 51.96 | |||||||||||||
Oil production sales volumes (MBbls) | 11,121 | 8,648 | |||||||||||||||
Per day oil production sales volumes (MBbls/d) | 122.2 | 96.1 |
Three months
ended March 31, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
Natural gas sales (per Mcf) | $ | 0.56 | $ | 1.36 | |||||||||||||
Impact of net cash received related to settlement of derivatives (per Mcf)(a)
|
0.20 | 0.42 | |||||||||||||||
Natural gas net price including derivative settlements (per Mcf) | $ | 0.76 | $ | 1.78 | |||||||||||||
Natural gas production sales volumes (MMcf) | 22,212 | 18,210 | |||||||||||||||
Per day natural gas production sales volumes (MMcf/d) | 244.1 | 202.3 |
Three months
ended March 31, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
NGL net price (per barrel) | $ | 7.73 | $ | 14.47 | |||||||||||||
NGL production sales volumes (MBbls) | 3,097 | 2,288 | |||||||||||||||
Per day NGL production sales volumes (MBbls/d) | 34.0 | 25.4 |
Three months
ended March 31, |
Favorable (Unfavorable) $ Change | Favorable (Unfavorable) % Change | Per Boe Expense | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, depletion and amortization | $ | 259 | $ | 219 | $ | (40) | (18) | % | $14.48 | $15.68 | |||||||||||||||||||||||||||||||||||||
Lease and facility operating | 101 | 86 | (15) | (17) | % | $5.66 | $6.13 | ||||||||||||||||||||||||||||||||||||||||
Gathering, processing and transportation | 62 | 42 | (20) | (48) | % | $3.47 | $2.98 | ||||||||||||||||||||||||||||||||||||||||
Taxes other than income | 42 | 39 | (3) | (8) | % | $2.36 | $2.79 | ||||||||||||||||||||||||||||||||||||||||
Exploration | 67 | 24 | (43) | (179) | % | ||||||||||||||||||||||||||||||||||||||||||
General and administrative: | |||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expenses
|
42 | 39 | (3) | (8) | % | $2.33 | $2.81 | ||||||||||||||||||||||||||||||||||||||||
Equity-based compensation
|
9 | 8 | (1) | (13) | % | $0.52 | $0.56 | ||||||||||||||||||||||||||||||||||||||||
Total general and administrative
|
51 | 47 | (4) | (9) | % | $2.85 | $3.37 | ||||||||||||||||||||||||||||||||||||||||
Commodity management
|
34 | 49 | 15 | 31 | % | ||||||||||||||||||||||||||||||||||||||||||
Impairment of proved properties
|
967 | — | (967) | NM | |||||||||||||||||||||||||||||||||||||||||||
Acquisition costs | 27 | — | (27) | NM | |||||||||||||||||||||||||||||||||||||||||||
Other—net | 14 | 2 | (12) | NM | |||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | $ | 1,624 | $ | 508 | $ | (1,116) | NM | ||||||||||||||||||||||||||||||||||||||||
Operating loss | $ | (226) | $ | (149) | $ | (77) | 52 | % | |||||||||||||||||||||||||||||||||||||||
Three months
ended March 31, |
Favorable (Unfavorable) $ Change | Favorable (Unfavorable) % Change | |||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||
Operating loss | $ | (226) | $ | (149) | $ | (77) | (52) | % | |||||||||||||||||||||
Interest expense | (48) | (41) | (7) | (17) | % | ||||||||||||||||||||||||
Gain on equity method investment transaction | — | 126 | (126) | (100) | % | ||||||||||||||||||||||||
Equity earnings | 3 | 2 | 1 | 50 | % | ||||||||||||||||||||||||
Other income | 4 | — | 4 | NM | |||||||||||||||||||||||||
Loss from continuing operations before income taxes
|
(267) | (62) | (205) | NM | |||||||||||||||||||||||||
Benefit for income taxes | (61) | (14) | (47) | NM | |||||||||||||||||||||||||
Loss from continuing operations | (206) | (48) | (158) | NM | |||||||||||||||||||||||||
Loss from discontinued operations | (180) | — | (180) | NM | |||||||||||||||||||||||||
Net loss | $ | (386) | $ | (48) | (338) | NM | |||||||||||||||||||||||
Crude Oil | Apr - Dec 2020 | 2021 | |||||||||||||||||||||||||||||||||
Volume
(Bbls/d) |
Weighted Average
Price ($/Bbl) |
Volume
(Bbls/d) |
Weighted Average
Price ($/Bbl) |
||||||||||||||||||||||||||||||||
Fixed Price Swaps—WTI | 91,787 | $ | 57.88 | 9,959 | $ | 39.81 | |||||||||||||||||||||||||||||
Fixed Price Swaptions—WTI | — | $ | — | 25,041 | $ | 53.61 | |||||||||||||||||||||||||||||
Fixed Price Calls—WTI | — | $ | — | 5,000 | $ | 39.50 | |||||||||||||||||||||||||||||
Fixed Price Costless Collars—WTI | 20,000 | $53.33 - $63.48 | — | $ | — | ||||||||||||||||||||||||||||||
Basis Swaps—Midland/Cushing | 32,320 | $ | 0.56 | 15,000 | $ | 0.64 | |||||||||||||||||||||||||||||
Basis Swaps—Nymex Calendar Monthly Avg Roll | 40,073 | $ | (0.76) | — | $ | — | |||||||||||||||||||||||||||||
Basis Swaps—Brent/WTI Spread | 5,000 | $ | 8.36 | 1,000 | $ | 8.00 |
Natural Gas | Apr - Dec 2020 | 2021 | |||||||||||||||||||||||||||||||||
Volume
(BBtu/d) |
Weighted Average
Price ($/MMBtu) |
Volume
(BBtu/d) |
Weighted Average
Price ($/MMBtu) |
||||||||||||||||||||||||||||||||
Fixed Price Swaps—Henry Hub | — | $ | — | 190 | $ | 2.60 | |||||||||||||||||||||||||||||
Fixed Price Swaptions—Henry Hub | — | $ | — | 50 | $ | 2.57 | |||||||||||||||||||||||||||||
Basis Swaps—Waha | 100 | $ | (1.14) | 80 | $ | (0.65) | |||||||||||||||||||||||||||||
Three months
ended March 31, |
|||||||||||||||||
2020 | 2019 | ||||||||||||||||
(Millions) | |||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 256 | $ | 272 | |||||||||||||
Investing activities | (1,225) | (237) | |||||||||||||||
Financing activities | 972 | (29) | |||||||||||||||
Net increase in cash and cash equivalents and restricted cash | $ | 3 | $ | 6 |
Three months
ended March 31, |
||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
(Millions) | ||||||||||||||||||||
Incurred capital expenditures:
|
||||||||||||||||||||
Drilling, completions and facilities
|
$ | 292 | $ | 296 | ||||||||||||||||
Land acquisitions
|
1 | 102 | ||||||||||||||||||
Infrastructure | 13 | 25 | ||||||||||||||||||
Other
|
7 | 2 | ||||||||||||||||||
Total incurred capital expenditures
|
313 | 425 | ||||||||||||||||||
Changes in related accounts payable and accounts receivable | (11) | 26 | ||||||||||||||||||
Cash capital expenditures reported on the Consolidated Statements of
Cash Flows |
$ | 302 | $ | 451 |
Period | Total number of shares purchased as part of publicly announced plans or programs(a) | Average price paid per share | Maximum dollar value of shares that may yet be purchased under the plans or programs (in millions)(a) | |||||||||||||||||
January 1, 2020 to January 31, 2020: | ||||||||||||||||||||
February 1, 2020 to February 29, 2020: | ||||||||||||||||||||
March 1, 2020 to March 31, 2020: | ||||||||||||||||||||
Share repurchase program(a) | 10,391,031 | $ | 4.18 | $ | 298,435,060 | |||||||||||||||
Total for the quarter | 10,391,031 | $ | 4.18 | $ | 298,435,060 |
Exhibit No. | Description | ||||||||||
Agreement and Plan of Merger, dated as of July 13, 2015, by and among RKI Exploration & Production, LLC, WPX Energy, Inc. and Thunder Merger Sub LLC (incorporated herein by reference to Exhibit 2.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on July 14, 2015) | |||||||||||
2.2**
|
Membership Interest Purchase Agreement by and Among WPX Energy Holdings, LLC, as Seller, WPX Energy, Inc., solely for purposes of Section 14.15, and Terra Energy Partners LLC, as Purchaser, dated February 8, 2016 (incorporated herein by reference to Exhibit 2.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on February 9, 2016) | ||||||||||
2.3**
|
Purchase and Sale Agreement, dated as of January 12, 2017, by and among RKI Exploration & Production, LLC, Panther Energy Company II, LLC and CP2 Operating, LLC (incorporated herein by reference to Exhibit 2.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on March 13, 2017) | ||||||||||
Purchase and Sale Agreement, dated as of December 15, 2019, by and among Felix Investment Holdings II, LLC (incorporated herein by reference to Exhibit 2.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on December 16, 2019) | |||||||||||
Restated Certificate of Incorporation of WPX Energy, Inc. (incorporated herein by reference to Exhibit 3.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on January 6, 2012) | |||||||||||
Certificate of Amendment of Amended and Restated Certificate of Incorporation of WPX Energy, Inc. (incorporated herein by reference to Exhibit 3.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on July 14, 2015) | |||||||||||
Amended and Restated Bylaws of WPX Energy, Inc. (incorporated herein by reference to Exhibit 3.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on March 21, 2014) | |||||||||||
Indenture, dated as of November 14, 2011, between WPX Energy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.1 to The Williams Companies, Inc.’s Current Report on Form 8-K (File No. 001-04174) filed with the SEC on November 15, 2011) | |||||||||||
Indenture, dated as of September 8, 2014, between WPX Energy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on September 8, 2014) | |||||||||||
First Supplemental Indenture, dated as of September 8, 2014, between WPX Energy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.2 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on September 8, 2014) | |||||||||||
Second Supplemental Indenture, dated as of July 22, 2015, between WPX Energy, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on July 22, 2015) | |||||||||||
Third Supplemental Indenture, dated as of May 23, 2018, between WPX Energy, Inc. and the Bank of New York Mellon Trust Company, N.A. as trustee (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.'s Current Report on Form 8-K filed with the SEC on May 23, 2018) | |||||||||||
Fourth Supplemental Indenture, dated as of September 24, 2019, between WPX Energy, Inc. and the Bank of New York Mellon Trust Company, N.A. as trustee (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.'s Current Report on Form 8-K filed with the SEC on September 24, 2019) | |||||||||||
4.7 | Fifth Supplemental Indenture, dated as of January 7, 2020, between WPX Energy, Inc. and the Bank of New York Mellon Trust Company, N.A. as trustee (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.'s Current Report on Form 8-K filed with the SEC on January 10, 2020) | ||||||||||
Separation and Distribution Agreement, dated as of December 30, 2011, between The Williams Companies, Inc. and WPX Energy, Inc. (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2011) | |||||||||||
Employee Matters Agreement, dated as of December 30, 2011, between The Williams Companies, Inc. and WPX Energy, Inc. (incorporated herein by reference to Exhibit 10.2 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on January 6, 2012) | |||||||||||
Tax Sharing Agreement, dated as of December 30, 2011, between The Williams Companies, Inc. and WPX Energy, Inc. (incorporated herein by reference to Exhibit 10.3 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on January 6, 2012) | |||||||||||
Exhibit No. | Description | ||||||||||||||||
WPX Energy, Inc. 2013 Incentive Plan (incorporated herein by reference to Exhibit 4.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 29, 2013) (1) | |||||||||||||||||
10.5
|
WPX Energy, Inc. Amended 2011 Employee Stock Purchase Plan (incorporated herein by reference to Appendix B to WPX Energy, Inc.’s definitive proxy statement on Schedule 14A (File No. 001-35322) filed with the SEC on March 29, 2018) (1) | ||||||||||||||||
Form of Restricted Stock Agreement between WPX Energy, Inc. and Non-Employee Directors (incorporated herein by reference to Exhibit 10.13 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2011) (1) | |||||||||||||||||
Form of Restricted Stock Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.13 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014) (1) | |||||||||||||||||
Form of Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.14 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2014) (1) | |||||||||||||||||
Form of Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.15 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015) (1) | |||||||||||||||||
Form of Stock Option Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.15 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014) (1) | |||||||||||||||||
WPX Energy Nonqualified Deferred Compensation Plan, effective January 1, 2013 (incorporated herein by reference to Exhibit 10.16 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012) (1) | |||||||||||||||||
WPX Energy Board of Directors Nonqualified Deferred Compensation Plan, effective January 1, 2013 (incorporated herein by reference to Exhibit 10.17 to WPX Energy, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012) (1) | |||||||||||||||||
Employment Agreement, dated April 29, 2014, between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | |||||||||||||||||
Form of Nonqualified Stock Option Agreement between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.2 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | |||||||||||||||||
Form of 2014 Time-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.3 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | |||||||||||||||||
10.16
|
Form of 2014 Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.4 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | ||||||||||||||||
10.17
|
Form of Time-Based Restricted Stock Unit Inducement Award Agreement between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.5 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | ||||||||||||||||
10.18
|
Form of Performance-Based Restricted Stock Unit Inducement Award Agreement between WPX Energy, Inc. and Richard E. Muncrief (incorporated herein by reference to Exhibit 10.6 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on May 2, 2014) (1) | ||||||||||||||||
10.19
|
Form of Restricted Stock Unit Award between WPX Energy, Inc. and Non-Employee Directors (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on September 3, 2014) (1) | ||||||||||||||||
Exhibit No. | Description | |||||||||||||
10.20
|
Amended and Restated Credit Agreement, dated as of October 28, 2014, by and among WPX Energy, Inc., the lenders party thereto, and Citibank, N.A., as Administrative Agent and Swingline Lender (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on November 3, 2014) | |||||||||||||
First Amendment to the Amended and Restated Credit Agreement, dated as of July 16, 2015, by and among WPX Energy, Inc., the lenders party thereto, and Citibank, N.A., as existing Administrative Agent and existing Swingline Lender, and Wells Fargo Bank, National Association, as successor Administrative Agent and successor Swingline Lender (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on July 22, 2015) | ||||||||||||||
10.22
|
Commitment Increase Agreement for Amended and Restated Credit Agreement, dated as of July 31, 2015, among WPX Energy, Inc., the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the Issuing Banks thereto (incorporated by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on August 6, 2015) | |||||||||||||
10.23
|
Second Amendment to the Amended and Restated Credit Agreement, dated as of March 18, 2016, by and among WPX Energy, Inc., as the borrower thereunder, the financial institutions party thereto from time to time, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on March 22, 2016)
|
|||||||||||||
10.24
|
Form of Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.32 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016) (1) | |||||||||||||
10.25
|
Form of Amended and Restated Change in Control Agreement between WPX Energy, Inc. and CEO (incorporated herein by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on November 16, 2016) (1)
|
|||||||||||||
10.26
|
Form of Amended and Restated Change in Control Agreement between WPX Energy, Inc. and Tier One Executives (incorporated herein by reference to Exhibit 10.32 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018) (1) | |||||||||||||
10.27
|
Amended and Restated WPX Energy Executive Severance Pay Plan (incorporated herein by reference to Exhibit 10.33 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018) (1) | |||||||||||||
10.28
|
Purchase and Sale Agreement by and Among WPX Energy Production, LLC and Enduring Resources IV, LLC dated January 30, 2018 (incorporated by reference to Exhibit 2.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on February 5, 2018) | |||||||||||||
10.29
|
WPX Energy, Inc. 2013 Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on February 19, 2018) | |||||||||||||
10.30
|
Form of Amended and Restated Restricted Stock Agreement between WPX Energy, Inc. and Executive Officers (incorporated by reference to Exhibit 10.2 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on February 19, 2018) | |||||||||||||
10.31
|
Form of Amended and Restated Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated by reference to Exhibit 10.3 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on February 19, 2018) | |||||||||||||
10.32
|
Amendment No. 3 to the WPX Energy, Inc. 2013 Incentive Plan (incorporated by reference to Appendix A to WPX Energy, Inc.’s definitive proxy statement on Schedule 14A (File No. 001-35322) filed with the SEC on March 29, 2018) | |||||||||||||
10.33
|
Second Amendment to the Second Amended and Restated Credit Agreement and First Amendment to Guaranty and Collateral Agreement dated April 17, 2018, by and among the Company and certain of its wholly-owned subsidiaries signatory thereto, Wells Fargo Bank, National Association, as lender, Swingline Lender and Administrative Agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on April 20, 2018) | |||||||||||||
10.34
|
Form of Amendment to Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.40 to WPX Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018)(1) | |||||||||||||
Form of Amended and Restated Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (Incorporated by reference to Exhibit 10.35 to WPX Energy, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2018) | ||||||||||||||
Exhibit No. | Description | ||||||||||||||||
Third Amendment to the Second Amended and Restated Credit Agreement dated April 22, 2019, by and among the Company and certain of its wholly-owned subsidiaries signatory thereto, Wells Fargo Bank, National Association, as lender, Swingline Lender and Administrative Agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to WPX Energy, Inc.’s Current Report on Form 8-K filed with the SEC on April 23, 2019) | |||||||||||||||||
Form of Restricted Stock Agreement between WPX Energy, Inc. and Non-Employee Directors (incorporated herein by reference to Exhibit 10.37 to WPX Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019)(1) | |||||||||||||||||
Form of Restricted Stock Unit Award Agreement between WPX Energy, Inc. and Non-Employee Directors(incorporated herein by reference to Exhibit 10.38 to WPX Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019)(1) | |||||||||||||||||
Form of amended Exhibit B to Amended and Restated Performance-Based Restricted Stock Unit Agreement between WPX Energy, Inc. and Executive Officers (incorporated herein by reference to Exhibit 10.39 to WPX Energy, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 201)(1) | |||||||||||||||||
Stockholders Agreement, by and among WPX Energy, Inc., Felix Investment Holdings II, LLC, EnCap Energy Capital Fund X, L.P. and certain members of Felix Energy Holdings II, LLC’s management team, dated as of March 6, 2020 (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 6, 2020). | |||||||||||||||||
Registration Rights Agreement, by and between WPX Energy, Inc. and Felix Investment Holdings II, LLC, dated as of March 6, 2020 (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on March 6, 2020). | |||||||||||||||||
31.1*
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Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
31.2*
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Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
32.1*
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Certification by the Chief Executive Officer and the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||||||||||
101.INS* | XBRL Instance Document - the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document | ||||||||||||||||
101.SCH* | XBRL Taxonomy Extension Schema | ||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase | ||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase | ||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase | ||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase |
* | Filed herewith | ||||
** | All schedules to the Agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request | ||||
(1) | Management contract or compensatory plan or arrangement |
WPX Energy, Inc.
(Registrant) |
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By: | /s/ Stephen L. Faulkner | ||||||||||||||||
Stephen L. Faulkner
Controller (Principal Accounting Officer) |
/s/ Richard E. Muncrief | ||
Richard E. Muncrief
Chief Executive Officer |
/s/ J. Kevin Vann | ||
J. Kevin Vann
Chief Financial Officer |
/s/ Richard E. Muncrief | ||
Richard E. Muncrief
Chief Executive Officer |
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May 7, 2020 |
/s/ J. Kevin Vann | ||
J. Kevin Vann
Executive Vice President and Chief Financial Officer |
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May 7, 2020 |