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MarketScreener Homepage  >  Equities  >  Nyse  >  WPX Energy, Inc.    WPX

WPX ENERGY, INC.

(WPX)
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WPX ENERGY, INC. : Other Events (form 8-K)

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02/28/2020 | 06:15am EDT

e>2020-02-27</xbrli:endDate>

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<p style="margin: 0"> </p>

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<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt"> </div></div><!-- Field: /Rule-Page -->

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>


<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Form <span id="xdx_90A_edei--DocumentType_c20200226__20200227_z861PHCaiKne"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
reported):</b>  <b><span id="xdx_90E_edei--DocumentPeriodEndDate_c20200226__20200227_zwFzm8MFqw6l"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">February 27, 2020</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90B_edei--EntityRegistrantName_c20200226__20200227_zF2vH786mK9g"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityRegistrantName">WPX Energy, Inc.</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90B_edei--EntityIncorporationStateCountryCode_c20200226__20200227_zuOuYViyeiAl"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Delaware</ix:nonNumeric></span></b></span></td>

<td style="vertical-align: bottom; width: 2%"> </td>

<td style="vertical-align: top; width: 32%; text-align: center"><span id="xdx_90F_edei--EntityFileNumber_c20200226__20200227_zEX73WRwsYah" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityFileNumber"><b>1-35322</b></ix:nonNumeric></span></td>

<td style="vertical-align: bottom; width: 2%"> </td>

<td style="vertical-align: top; width: 32%; text-align: center"><span id="xdx_90F_edei--EntityTaxIdentificationNumber_c20200226__20200227_ziT2C30grrIg" style="font: 10pt Times New Roman, Times, Serif"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityTaxIdentificationNumber"><b>45-1836028</b></ix:nonNumeric></span></td></tr>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(State

or other jurisdiction of</b></span></td>

<td style="vertical-align: bottom"><b> </b></td>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Commission</b></span></td>

<td style="vertical-align: bottom"><b> </b></td>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(IRS

Employer</b></span></td></tr>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>incorporation)</b></span></td>

<td style="vertical-align: bottom"><b> </b></td>

<td style="vertical-align: top; text-align: center"><b>File Number)</b></td>

<td style="vertical-align: bottom"><b> </b></td>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Identification

No.)</b></span></td></tr>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>


    <td style="vertical-align: top; width: 49%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20200226__20200227_zkzPqvftDF22"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityAddressAddressLine1">3500 One Williams Center</ix:nonNumeric></span>, <span id="xdx_90C_edei--EntityAddressCityOrTown_c20200226__20200227_ztYvPg9sznoc"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityAddressCityOrTown">Tulsa</ix:nonNumeric></span>, <span id="xdx_90B_edei--EntityAddressStateOrProvince_c20200226__20200227_zIMxBI2P3YE7"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">Oklahoma</ix:nonNumeric></span></b></span></td>

<td style="vertical-align: bottom; width: 2%"> </td>

<td style="vertical-align: top; width: 49%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_908_edei--EntityAddressPostalZipCode_c20200226__20200227_z5YLxLfitLf2"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:EntityAddressPostalZipCode">74172-0172</ix:nonNumeric></span></b></span></td></tr>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Address

of principal executive offices)</b></span></td>

<td style="vertical-align: bottom"><b> </b></td>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>(Zip

Code)</b></span></td></tr>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"> </p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>Registrant’s Telephone Number, Including
Area Code:</b>  <b>(<span id="xdx_909_edei--CityAreaCode_c20200226__20200227_zKwW7PsdzXta"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:CityAreaCode">855</ix:nonNumeric></span>)</b><b> <span id="xdx_902_edei--LocalPhoneNumber_c20200226__20200227_zORYGOfvkaU5"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:LocalPhoneNumber">979-2012</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Wingdings"><span id="xdx_90F_edei--WrittenCommunications_c20200226__20200227_zxVqoIk9W7hb"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:booleanfalse" name="dei:WrittenCommunications">¨</ix:nonNumeric></span></span>  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Wingdings"><span style="font-family: Wingdings"><span id="xdx_907_edei--SolicitingMaterial_c20200226__20200227_zyL3y0OwpO51"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:booleantrue" name="dei:SolicitingMaterial">x</ix:nonNumeric></span></span></span>  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Wingdings"><span style="font-family: Wingdings"><span id="xdx_90D_edei--PreCommencementTenderOffer_c20200226__20200227_z9EpD6TOyJid"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">¨</ix:nonNumeric></span></span></span>   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Wingdings"><span style="font-family: Wingdings"><span id="xdx_902_edei--PreCommencementIssuerTenderOffer_c20200226__20200227_zgoL3v5LZVVd"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">¨</ix:nonNumeric></span></span></span>   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Title of each class</b></span></td>

<td style="vertical-align: bottom; width: 2%"> </td>

<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Trading Symbol(s)</b></span></td>

<td style="vertical-align: bottom; width: 2%"> </td>

<td style="vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-image: none; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b>Name

    of each exchange<br />
on which registered</b></span></td></tr>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_904_edei--Security12bTitle_c20200226__20200227_z7WhXOwJBhal"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:Security12bTitle">Common

Stock, $0.01 par value</ix:nonNumeric></span></b></span></td>

<td style="vertical-align: bottom"> </td>

    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90F_edei--TradingSymbol_c20200226__20200227_zXSSy8OUYJQc"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" name="dei:TradingSymbol">WPX</ix:nonNumeric></span></b></span></td>

<td style="vertical-align: bottom"> </td>

<td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90C_edei--SecurityExchangeName_c20200226__20200227_zVXNaxhJgtY8"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New

York Stock Exchange</ix:nonNumeric></span></b></span></td></tr>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>


<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth
company </span><span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_908_edei--EntityEmergingGrowthCompany_c20200226__20200227_zdJdYm7GeOic"><ix:nonNumeric contextRef="From2020-02-26to2020-02-27" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">¨</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  </span><span style="font-family: Wingdings"><span style="font-family: Wingdings">¨</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt"> </div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

<div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt"> </p></div>

<div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt"> </p></div>

<!-- Field: /Page -->

<p style="margin-top: 0pt; margin-bottom: 0pt"><b> </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 8.01 Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 15, 2019, WPX Energy, Inc.
(the “Company”), and Felix Investments Holdings II, LLC, a Delaware limited liability company (the
“Seller”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) pursuant to which
Seller will sell, and the Company will purchase, one hundred percent (100%) of the issued and outstanding membership
interests of Felix Energy Holdings II, LLC, a Delaware limited liability company (“Felix”), in accordance with Delaware law and upon
the terms and subject to the conditions of the Purchase Agreement. Pursuant to and subject to the terms and conditions of the
Purchase Agreement, Felix will become a wholly-owned subsidiary of the Company (the “Acquisition”). On February
5, 2020, the Company filed a proxy statement on Schedule 14A (the “Proxy Statement”), relating to the special
meeting of the stockholders of the Company to approve certain matters related to the Acquisition, which will be held on March
5, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since the filing of the Proxy Statement, three actions, including two putative class actions, have been filed in state and federal court in Delaware and federal court in New York by purported Company stockholders in connection with the Acquisition: <i>Hudson v. Muncrief, et al.</i>, No. 2020-0095-JRS (Del. Ch., filed February 14, 2020) (the “Hudson Action”); <i>Post v. WPX Energy, Inc., et al.</i>, No. 20-cv-0225 (D. Del., filed February 17, 2020) (the “Post Action”); and <i>Bushansky v. WPX Energy, Inc., et al.</i>, No. 20-cv-01426 (S.D.N.Y., filed February 19, 2020) (the “Bushansky Action”). Each of the Hudson Action, the Post Action, and the Bushansky Action names the Company and its directors as defendants. The Hudson Action alleges that the Company’s directors breached their fiduciary duties by, among other things, filing a Proxy Statement that is false and misleading and/or omits material information concerning the Acquisition. The Post Action and the Bushansky Action allege, among other things, that the Proxy Statement is false and misleading and/or omits material information concerning the Acquisition in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated under the Exchange Act. Each of the Hudson Action, the Post Action, and the Bushansky Action seeks, among other things, injunctive relief, including enjoining the Acquisition, and an award of attorneys’ fees and expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SUPPLEMENT TO PROXY STATEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><i>This supplemental information should be read in conjunction with the Proxy Statement, which should be read in its entirety. Page references in the below disclosures are to pages in the Proxy Statement, and defined terms used but not defined herein have the meanings set forth in the Proxy Statement. To the extent the following information differs from or conflicts with the information contained in the Proxy Statement, the information set forth below shall be deemed to supersede the respective information in the Proxy Statement. The Company denies the allegations in the Hudson,

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 3 180 M
EBIT 2020 135 M
Net income 2020 -270 M
Debt 2020 2 982 M
Yield 2020 -
P/E ratio 2020 -14,9x
P/E ratio 2021 -11,6x
EV / Sales2020 1,98x
EV / Sales2021 2,41x
Capitalization 3 323 M
Chart WPX ENERGY, INC.
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WPX Energy, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends WPX ENERGY, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 33
Average target price 8,08 $
Last Close Price 5,94 $
Spread / Highest target 169%
Spread / Average Target 36,0%
Spread / Lowest Target -24,2%
EPS Revisions
Managers
NameTitle
Richard E. Muncrief Chairman & Chief Executive Officer
Clay M. Gaspar President, Chief Operating Officer & Director
J. Kevin Vann Chief Financial Officer & Senior Vice President
Angela E. Kouplen Chief Information Officer & VP-Administration
John A. Carrig Independent Director
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