WPX Energy announces a 2015 capital investment plan of ~725 mln, in-line with co's projected operating cash flow: Co announced a 2015 capital investment plan of approximately $725 million (midpoint), in line with the company's projected operating cash flow.
- As part of its long-term strategy, WPX will continue to diversify its historically gas-weighted portfolio.
- The company's 2015 capital plan is roughly half the amount of its capital plan last year, excluding acquisition capital.
- WPX expects its oil production to climb again in 2015. The company is targeting 15 to 20 percent oil growth this year even as it decreases capital spending and builds an inventory of wells awaiting completion for when commodity prices are more favorable.
- The company's 2015 capital program includes $275 million to $300 million for San Juan Basin development, $200 million to $225 million for Williston Basin activity, $200 million to $225 million for Piceance Basin development and $25 million for land and exploration.