WPX Energy, Inc. (NYSE:WPX) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 03, 2018 • 10:00 am ET


WPX Energy, Inc. (NYSE:WPX) Q1 2018 Earnings Conference Call - Preliminary Transcript


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Good day, ladies and gentlemen, and welcome to the First Quarter 2018 WPX Energy Earnings Conference Call. (Operating Instructions) I would now like to introduce your host for today's conference Mr. David Sullivan, Director of Investor Relations. Please go ahead, sir.

David Sullivan

Thank you. Good morning, everybody. Welcome to the WPX Energy first quarter 2018 call. We appreciate your interest in WPX Energy. Rick Muncrief, our Chairman and CEO, and Clay Gaspar, our President and COO, and Kevin Vann, our CFO, will review the prepared slide presentation this morning. Along with Rick, Clay, and Kevin, Bryan Guderian, our Senior Vice President of Business Development, will be available for questions after the presentation.

On our website, wpxenergy.com, you can -- you will find today's presentation and the press release that was issued after market closed yesterday. Also, our Q will be filed later today. Please review the forward-looking statement and disclaimer of oil and gas reserves at the end of the presentation. They are important and integral to our remarks, so please review them.

So, with that, Rick, I'll turn it over to you.

Richard E. Muncrief

Thank you, David, and good morning to everyone who is listening to our webcast. As always, we're grateful for your time, your thoughtful analysis of our company, and your interest in our future. Now, with the recent close of our remaining San Juan Basin assets, we're more focused than ever before, and I'll be right to the point and very candid. I'm more energized about WPX than I've ever been before. The proactive approach we've always taken in reshaping our company in putting critical assets and systems in place to support our disciplined growth is clearly paying off.

As I recently said in my annual letter to shareholders, I'm confident WPX will emerge as one of the winners in the Delaware and Williston basins, and that's no small task as everyone knows, that Delaware is the most exciting area in the world for resource development. With this excitement comes high activity levels and the corresponding competition for services, equipment, infrastructure and takeaway capacity. We're certainly not immune to the challenges, but thus far, we've been able to remain a step or two ahead of our competition. And we intend to keep it that way while remaining focused on continuous improvement.

One of the things that has separated our strategy from our peers is our emphasis on midstream infrastructure and marketing. This is a vantage point that comes from our management team's experience that we've gained over the last 20 to 30 years. Our ability to move a product from the wellhead into favorable pricing environments will continue to distinguish us in the days ahead. Our deep, capable and creative marketing experience is clearly a competitive advantage that benefits our shareholders.

Now let's turn to page 2. At WPX, our outlook is clear and quite compelling. We produce energy in the top two oil basins in North America. I'm very pleased to say that our company is producing some of