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While WPX Energy came into existence after it was spun off from the Williams Companies, to say that its story began in 2011 is unfair. This is because the story goes as far back as 1983 when its parent company ventured into the energy and petroleum sector. At that point in time, it was just a tiny part of a large organization. It eventually became a department within the company and as a result of its impressive growth, graduated into a subsidiary. Under great management, the subsidiary continued to exceed expectations as far as its growth was concerned, ushering in a period of rapid growth in the company’s history.
By 1999, its gas reserves had grown past the one trillion cubic feet mark. With this growth came more opportunities. This included acquisition opportunities. In 2001, it announced its entry into the Piceance Basin by spending about $2.8 billion on Barrett resources.
This achievement didn’t slow down the company. The company was in full swing and by the time 2003 came, WPX Energy, as a subsidiary, had reached the $950 million mark in property sales. This relentless growth and pursuit of success didn’t go unnoticed. In recognition of the role that the company had played in the energy sector, it received the honor of being named the Global Hydrocarbon Producer of the Year. Eventually, the subsidiary grew to a point where spinning it off was the best strategy. This took place in 2011, which gave the company the opportunity to go public.
As a publicly traded company, WPX Energy hasn’t slowed down in terms of its pursuit for new opportunities. Its success in discovering natural gas and establishing a Gallup Sandstone oil development is testament to this.
The business model that WPX Energy has adopted is quite simple. As an independent natural gas and oil exploration company, it ventures into uncharted territories. It dedicates a vast majority of its resources on developing unconventional properties. So far, this strategy has proved to be effective. The company has consistently posted impressive growth figures. The company has also managed to spread its operations beyond Delaware. Right now it owns in excess of 500,000 acres in the San Juan, Williston and Delaware basins.
However, sound business strategy isn’t the only thing responsible for much of the success that WPX Energy has enjoyed. Part of the secret to the company’s success has been a willingness to innovate when faced with a problem. In a bid to create a way to drill a narrow and steep box canyon, the company came up with the split-rig drilling setup. This setup allowed them to avoid the added expenses of cutting up and filling up the area, while also giving it the opportunity to prevent extensive environmental destruction. This, in addition to the fact that the company has always been willing to form strategic partnerships where necessary, is at the heart of this company’s success.
Most of the strides that the company has had are due to its able CEO, Richard Muncrief. Since coming on board, he has been instrumental in reshaping the company’s portfolio. One of his major contributions was focusing the company’s resources on oil. He also ensured that the company had geographical focus by insisting on exploration of the San Juan, Williston and Permian basins. This type of focus is what has largely contributed to the double-digit growth figures that the company is consistently posting.
His dedication to putting his 36 years of experience to serve the company and industry at large has been noted by industry insiders. According to Hart Publishing, his efforts have earned him the right to be recognized as the Executive of the Year. The Institutional Investor also agrees that in leading WPX Energy, Richard Muncrief has earned the right to be recognized as one of the best CEOs in the energy and petroleum industry.
With a strong management team at the reins, WPX Energy is on an impressive run. The rich history that the companies enjoys, coupled with strong values like transparency and the commitment to go the extra mile when it comes to protecting the environment, makes this company a sure bet when it comes to future success.
One Williams Center
Tulsa, OK 74172