FILE PHOTO: A WPX Energy natural gas drilling rig in Parachute, Colorado, December 10, 2014. REUTERS/Jim Urquhart
“This cycle was driven by COVID, but you never know when the next cycle will happen, so we’re building a combined company that has the capabilities to withstand all the headwinds but can really prosper in better times,” Rick Muncrief, chief executive of WPX, told Reuters.WPX’s largest shareholder, EnCap Investments, will back the combination and vote its 27.3% stake against any alternative proposal that WPX might receive, according to a filing.
The combined company, in which Devon will own 57% stake, will hold 400,000 net acres in the Delaware Basin of West Texas and southern New Mexico, and can produce 277,000 barrels of oil per day.
Wonder how much government subsidies this will get them?
RT : Devon Energy to buy shale-oil rival WPX Energy for $2.56 billion
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