TULSA, Okla.--(BUSINESS WIRE)--
WPX Energy (NYSE:WPX) today announced that Ralph A. Hill will step down
as president, chief executive officer and board member of the company
and that the board of directors has appointed James J. Bender as interim
president, CEO and board member, effective Dec. 31, 2013. Hill will
remain with the company through March 31, 2014, to assist with the
transition of his duties.
Hill spent over 32 years with Williams (NYSE:WMB) and WPX, working in
various facets of the energy business. Over the past decade, he and his
team were instrumental in building WPX into one of the nation's largest
domestic natural gas producers, culminating in WPX's successful spinoff
from Williams as of Jan. 1, 2012.
Bender is an experienced executive and has served as WPX's senior vice
president and general counsel and as a member of the company's executive
leadership team since the company spun off from Williams. Prior to WPX,
Bender served for nine years as senior vice president and general
counsel of Williams.
A search committee of the board of directors - currently consisting of
four directors - has been established and the executive recruiting firm
of Spencer Stuart has been retained to assist in an external CEO search.
Bender will serve as the interim CEO until the selection process is
Dennis C. Cameron will replace Bender as WPX's senior vice president and
general counsel. Cameron joined the company in January 2012 after nearly
25 years in private practice and most recently served as vice president
and deputy general counsel of WPX. The company does not expect to make
any additional senior leadership changes as this time.
Speaking on behalf of the board, WPX Chairman William G. Lowrie said,
"We very much appreciate Ralph's dedicated service to WPX Energy and
wish him well in his future endeavors. Finding the right individual to
lead the company at this pivotal time is one of the board's highest
"The new CEO will be expected to critically review the strategic
direction of the company and enhance its operating and financial
performance, driving improved returns for all of our stakeholders. We
are also fortunate to have an executive of Jim's caliber to step into
the leadership role at this time," Lowrie added.
About WPX Energy, Inc.
WPX Energy is an exploration and production company focused on
developing its significant oil and gas reserves, particularly in the
Piceance, Williston and Appalachian basins. WPX also has domestic
operations in the San Juan and Powder River basins, as well as a 69
percent interest in Apco Oil and Gas International. Go to http://www.wpxenergy.com/investors.aspx
to join our e-mail list.
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements.Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company.Statements regarding future drilling
and production are subject to all of the risks and uncertainties
normally incident to the exploration for and development and production
of oil and gas.These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes.Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise. WPX Energy does not undertake and expressly
disclaims any obligation to update the forward-looking statements as a
result of new information, future events or otherwise.Investors
are urged to consider carefully the disclosure in our filings with the
Securities and Exchange Commission, available from us at WPX Energy,
Attn:Investor Relations, P.O. Box 21810, Tulsa, Okla., 74102, or
from the SEC's website at www.sec.gov.
Source: WPX Energy