A lot has changed since the closing of WPX Energy Inc.’s acquisition of Felix Energy in March. However, President and COO Clay Gaspar said, despite the unforeseen plunge in oil prices, the company had already made preparations.
“We didn’t see 2020 coming or manifesting the way it has, like anyone else, but we know we’re in a cyclical business,” Gaspar told Hart Energy’s Jessica Morales. “So, we did a few proactive things ahead of 2020 as a matter of regular course of how we run our business. We were very aggressive hedgers, we took care of our balance sheet, we thought about our own liquidity and made sure that whenever the storm clouds brewed for whatever reason that we were going to be protected.”
With rig counts changing so much in 2020, Gaspar says WPX Energy has been transparent about what's to come.
“We will be running seven rigs in the Permian Basin through most of the balance of the year, and then we’re going to be dropping from two rigs to one rig in the Wiliston Basin sometime later this summer,” he said. “Our completion crews are starting back up. So, we’ll see some acceleration or some activity, production benefits related to them.”
Clay Gaspar will be a keynote speaker at Hart Energy's combined virtual DUG Permian Basin and DUG Eagle Ford conference in September. Registration is now open.
Jump to a topic:
- Felix Energy acquisition (0:33)
- Success at $40 oil (1:32)
- Capex/rig counts outlook (2:53)
- ESG importance (3:57)
- ESG messaging (5:23)
- Managing risk and finding new opportunities (6:29)
- Technology focus (8:09)
- Industry’s path forward (10:08)
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.