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WPX Energy, Inc. (WPX)

  • Tue, Jul. 14, 7:07 AM
    • WPX Energy (NYSE:WPX) agrees to acquire privately held RKI Exploration & Production for $2.35B, in a deal that will give it access to the liquids-rich Permian Basin in Texas and New Mexico.
    • RKI’s Permian leaseholds include 22K boe/day of existing production, roughly half of which is oil; 92K net acres in the core of the Permian’s Delaware Basin; and 375 miles of gas gathering and water infrastructure.
    • With the purchase, WPX says oil will account for ~22% of equivalent production this year, 30% next year and 36% in 2017, after rising from 8% over the last three years.
    • To help fund the deal, WPX plans to sell $1.2B in debt, 27M common shares and $300M in preferred stock.
  • Oct. 3, 2014, 11:56 AM
    • The buyer of Apco (APAGF +13.9%) for $427M in cash is privately-held Pluspetrol Resources Corporation, and the price represents a 52% premium to the May 1, 2013 closing price - the day WPX Energy (WPX +0.4%), the majority owner, signaled its interest in a sale.
    • Source: Press Release
    | 1 Comment
  • Jul. 14, 2014, 2:21 PM
    • Whiting Petroleum's (WLL +7.4%) $6B buyout of Kodiak Oil & Gas (KOG +5.1%) is renewing investor attention on independent energy firms with operations in the Bakken Shale, especially those significantly owned by hedge funds; Paulson & Co. is the single biggest owner of KOG stock, with just under 10% of shares outstanding as of the last filing date.
    • While many of the largest Bakken producers are huge companies or parts of huge companies - Hess (NYSE:HES), EOG, Statoil (NYSE:STO), Marathon Oil (NYSE:MRO), XTO Energy (NYSE:XOM) - a few small and mid-cap independent players show hedge fund interest, CNBC's Brian Sullivan writes.
    • The single biggest holder of Oasis Petroleum (OAS +0.5%) also is John Paulson's hedge fund, which owns 9.9M shares (~9.8% of shares outstanding), Jana Partners owns 16M-plus shares in QEP Resources (QEP +1.4%), and WPX Energy (WPX +1.1%) has substantial hedge fund ownership.
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Company Description
WPX Energy Inc is an independent natural gas and oil exploration and production company engaged in the exploitation and development of long-life unconventional properties.