WPX Energy (NYSE:WPX) today announced that Senior Vice President and
Chief Financial Officer Rod Sailor will resign from the company
effective March 31 to accept a position at another company.
The Board of Directors appointed J. Kevin Vann, who serves as the
company’s Vice President, Controller and Chief Accounting Officer, to be
interim Senior Vice President and Chief Financial Officer. Vann will
also replace Sailor as director for Apco Oil and Gas International.
“We’re going to miss Rod and wish him well in his future endeavors,”
said President & CEO Jim Bender. “He was instrumental in our launch as a
company and in our transition period to new leadership.”
Bender said, “I’m pleased that we have a strong bench of finance and
accounting personnel. Kevin’s financial experience in stewardship will
help us to further strengthen the WPX portfolio of oil and natural gas
properties. We look forward to working with and benefiting from Kevin’s
experience.”
Vann began his career with Arthur Andersen in Tulsa before coming to
Williams in 1998. He held positions responsible for accounting and risk
management. In 2006, he became Controller for the Exploration &
Production business of Williams, which later spun off as independent
company WPX Energy.
Vann is a graduate of Oklahoma State University and member of the
Oklahoma State Accounting Alumni Council. He served on the Board for
Youth Services of Tulsa and the Advisory Council for the American Lung
Association.
About WPX Energy, Inc.
WPX Energy is an independent exploration and production company formed
during a spinoff two years ago. Overall, WPX has more than 30 years of
experience in its sector, with nearly 40 local, state and federal awards
for efficiency, innovation and corporate social responsibility. The
company is actively developing its domestic oil and gas reserves in
North Dakota, Colorado and New Mexico.
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.
Additionally, the SEC requires oil and gas companies, in filings made
with the SEC, to disclose proved reserves, which are those quantities of
oil and gas, which, by analysis of geoscience and engineering data, can
be estimated with reasonable certainty to be economically producible –
from a given date forward, from known reservoirs, under existing
economic conditions, operating methods, and governmental regulations.
The SEC permits the optional disclosure of probable and possible
reserves. From time to time, we elect to use “probable” reserves and
“possible” reserves, excluding their valuation. The SEC defines
“probable” reserves as “those additional reserves that are less certain
to be recovered than proved reserves but which, together with proved
reserves, are as likely as not to be recovered.” The SEC
defines“possible” reserves as “those additional reserves that are less
certain to be recovered than probable reserves.” The Company has applied
these definitions in estimating probable and possible reserves.
Statements of reserves are only estimates and may not correspond to the
ultimate quantities of oil and gas recovered. Any reserve estimates
provided in this presentation that are not specifically designated as
being estimates of proved reserves may include estimated reserves not
necessarily calculated in accordance with, or contemplated by, the SEC‘s
reserves reporting guidelines. Investors are urged to consider closely
the disclosure in our SEC filings that may be accessed through the SEC’s
website at www.sec.gov.
The SEC’s rules prohibit us from filing resource estimates. Our
resource estimations include estimates of hydrocarbon quantities for (i)
new areas for which we do not have sufficient information to date to
classify as proved, probable or even possible reserves, (ii) other areas
to take into account the low level of certainty of recovery of the
resources and (iii) uneconomic proved, probable or possible reserves.
Resource estimates do not take into account the certainty of resource
recovery and are therefore not indicative of the expected future
recovery and should not be relied upon. Resource estimates might never
be recovered and are contingent on exploration success, technical
improvements in drilling access, commerciality and other factors.
Copyright Business Wire 2014