Newspaper article THE JOURNAL RECORD

CEO: Tulsa-Based WPX Energy to Make Most of Full Portfolio

Newspaper article THE JOURNAL RECORD

CEO: Tulsa-Based WPX Energy to Make Most of Full Portfolio

Article excerpt

WPX Energy Inc. is all about execution this year rather than buying more properties, said Ralph Hill, CEO of WPX Energy.

Hill discussed the outlook for the company, an exploration and production spinoff by Williams Cos., to more than 200 people at the Oklahoma Independent Petroleum Association's Wildcatter luncheon Wednesday at the Tulsa Country Club.

"We have a full portfolio," said Hill, during a 21-minute presentation. "The way we are handling our balance sheet is to focus on execution. We would have to have a property that is really compelling to purchase. We have the capability to purchase; we really believe in execution this year."

M. "Jake" Dollarhide, president of Tulsa-based Longbow Asset Management, saw the logic in that strategy of making the most of the properties already in the portfolio.

"WPX Energy will strengthen their overall footprint" while adding to the company's own value in the process, Dollarhide said. "This is a company built to sell."

Dollarhide described WPX Energy as the apple of some exploration and production company's eye.

"It could be a foreign buyer, as we have seen that a lot lately," Dollarhide said.

For example, two Oklahoma City-based energy giants announced deals this month with foreign companies. On Jan. 3 Devon Energy Corp. announced a $2.2 billion deal with China's Sinopec for a one- third interest in five new ventures. On the same day, French company Total acquired a $2.3 billion stake in the Utica Shale play from Chesapeake Energy Corp.

WPX Energy was part of Williams until Dec. 31, when Williams officially spun off the exploration and production segment. WPX Energy employs more than 600 people in Tulsa and a total of 1,214 nationwide, Hill said.

The company trades on the New Stock Exchange under the ticker symbol WPX. Shares of the company slipped 47 cents per share on Wednesday, or 2. …

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