No. 15: WPX Energy, Inc.: WPX gaining energy
By KYLE ARNOLD World Business Writer on Sep 15, 2013, at 2:29 AM Updated on 9/15/13 at 7:52 AM
Investment Guide
Strong management and a good track record are just a couple of reasons why some investment professionals ranked Laredo Petroleum Holdings Inc. among their top picks.
SemGroup Corp. has been navigating in unchartered territory since the company filed for bankruptcy in 2008, but the energy products transportation and storage firm will soon be without the leader who guided it through choppy waters.
WPX Energy, Inc. had a lackluster 2012 during its first year of public trading after Williams Cos. spun off the exploration and production unit.
Last year the company had a net loss of $211 million as natural gas prices flopped and WPX Energy aggressively expanded its presence in key energy regions such as the Piceance Basin and Marcellus and Bakken Shales.
But 2014 is looking up, and local investment advisers say the exploration and production firm is poised for a solid year.
WPX still had a rough first quarter of 2013 with a $116 million loss, but turned it around for an $18 million gain the second quarter. Revenues were up during the April-to-June period of 2013 by 5 percent as the company has moved to diversify its holdings to a mix of natural gas and crude oil.
"WPX is focused on continuing to grow its production through both natural gas and oil development," said Jim Huntzinger, chief investment officer for BOK Financial Corp.
WPX's stock price sputtered during its first full year of trading, dropping from $18.17 at the beginning of 2012 to $15.22 by the end of that year. For 2013, however, the share price has spiked nearly 23 percent since January to around $19 a share.
Longbow Asset Management Co. CEO Jake Dollarhide said WPX stock may have suffered from post spin-off blues after Williams shareholders sold off the stock during initial trading.
"Shareholders of WPX have been doing very well this year and most of 2013 was a below-average year for energy stocks," Dollarhide said.
WPX Energy, Inc.
Address: One Williams Center, Tulsa, OK, 74172-0172
Phone: 855-979-2012
Web: www.wpxenergy.com
Chairman: William Lowrie
President/CEO: Ralph Hill
Symbol (Exchange): WPX (NYSE)
Operation: Energy exploration and production
Kyle Arnold 918-581-8380
kyle.arnold@tulsaworld.com
Original Print Headline: WPX gaining energy
Investment Guide
Strong management and a good track record are just a couple of reasons why some investment professionals ranked Laredo Petroleum Holdings Inc. among their top picks.
SemGroup Corp. has been navigating in unchartered territory since the company filed for bankruptcy in 2008, but the energy products transportation and storage firm will soon be without the leader who guided it through choppy waters.
