The Story of WPX Energy's History and Growth

WPX Energy was founded in 2008 by a group of experienced oil and gas professionals who saw an opportunity to create a new kind of energy company.

The company was originally known as Goodfellow Petroleum and was based in Tulsa, Oklahoma. It operated primarily in the Anadarko Basin.

WPX Energy's early years were marked by steady growth and expansion, with a focus on developing its existing assets and exploring new opportunities.

In 2011, the company changed its name to WPX Energy and began to shift its focus towards the Permian Basin in Texas and New Mexico.

A fresh viewpoint: Permian Basin Royalty Trust

WPX Energy has a rich history that spans several years. The company became a public company after completing a corporate spin-off from the Williams Companies in January 2012.

In 2014, the company made its first major sale, divesting a working interest in some of its wells in the Piceance Basin to Legacy Reserves LP for $355 million. This sale marked a significant shift in the company's focus and strategy.

WPX Energy continued to grow and expand its operations through strategic acquisitions and sales. Some notable deals include the acquisition of RKI Exploration & Production, LLC, which gave the company assets in the Permian Basin in August 2015, and the sale of its remaining mature coalbed methane properties in Wyoming's Powder River Basin for $80 million in September 2015.

Here's a brief timeline of some of the company's major milestones:

WPX Energy's headquarters is being relocated from Tulsa to Oklahoma City. This change comes as a result of the company's acquisition by Devon Energy.

The new headquarters is currently under construction in Greenwood, a suburb of Oklahoma City. This move is expected to bring significant changes to the company and its employees.

WPX Energy's chairman and CEO, Rick Muncrief, expressed confidence in the merger, stating that it will strengthen the company's position and allow it to achieve its five-year targets more quickly and efficiently.

A fresh viewpoint: Oklahoma State Banking Department

WPX Energy had a significant history of mergers and acquisitions before being acquired by Devon Energy. In January 2012, WPX Energy completed its corporate spin-off from Williams Companies and became a public company.

WPX Energy made several notable sales and acquisitions between 2014 and 2018. It sold a working interest in some of its wells in the Piceance Basin to Legacy Reserves LP for $355 million in June 2014. In April 2016, WPX Energy sold its assets in the Piceance Basin to Terra Energy Partners for $911 million.

WPX Energy also acquired several assets during this period. In August 2015, the company acquired RKI Exploration & Production, LLC, giving it assets in the Permian Basin. In January 2017, WPX Energy acquired assets in the Permian Basin for $775 million.

In 2018, WPX Energy sold its assets in the San Juan Basin for $775 million. This marked a significant shift in the company's focus and assets.

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WPX Energy's acquisition by Devon Energy was announced in September 2020. The combined company, which will be named Devon Energy, will benefit from enhanced scale, improved margins, and higher free cash flow. Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock for each share of WPX common stock owned.

Curious to learn more? Check out: Devon General

WPX Energy acquired the Permian Basin assets of Devon Energy in 2021. This acquisition brought a significant amount of oil and gas production to WPX Energy.

The deal was valued at $2.6 billion and included approximately 100,000 net acres in the Permian Basin. WPX Energy has been expanding its presence in the Permian Basin since the acquisition.

The acquisition has helped WPX Energy increase its oil production and reduce its costs. WPX Energy has reported a significant increase in oil production since the acquisition.