2019.12 Upstream – WPX-Felix (Executive Deal Summary)

WPX ENERGY ACQUIRES
DELAWARE BASIN PURE PLAY
FELIX ENERGY

Report Highlights:
  • Covers 58,500 net acres (86% WI, 75% NRI operated) in an over pressured, oily portion of the basin with six productive benches across Winkler Co., Ward Co., Loving Co., and Reeves Co., TX
  • Estimated Production (Q2 2020): ~60 MBOE/d (70% oil)
  • Includes 1,500 gross operated drilling locations averaging 10,000 feet
  • The acquisition will increase WPX’s Permian production by 60% to ~160 MBOE/d, acreage by 47% to 184,000 net acres, and its gross operated Permian locations by 44% to 4,900
  • Felix Energy II (backed by EnCap Investments) will receive a total of $2.5 billion which includes $900 million in cash and 153 million shares of WPX stock valued at $1.6 billion

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