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WPX - WPX Energy - Hunkering Down And Generating Free Cash
WPX Energy Inc.
This is a Z4 Research quick update. We were in the process of writing a note on a guesstimate budget reduction of 15% when management dropped a release calling for the 25% cut in spending, joining a who's who of upstream names who have announced spending cuts just weeks after speaking to 2020 budgets on their 4Q calls.
Key points:
Last night, WPX cut their capital budget by 25% or $400 mm last night. We had expected a 15% cut.
However, for oil, despite the size of the cut, this does basically take them into