WPX Energy reaches agreement with Taconic Capital Advisors

WPX Energy

WPX Energy (NYSE:WPX) has reached an agreement with Taconic Capital Advisors LP, the company’s second largest shareholder, which owns 13.8 million shares representing 6.9% of WPX’s outstanding shares.

As part of this agreement, WPX will increase the size of its board of directors from 11 to 12 on or before Jan. 10, 2014. The newly created board seat will be filled by one of two independent candidates with significant oil and gas exploration and production experience provided by Taconic and currently under consideration. The new member will be added to the existing search committee for WPX’s new chief executive officer.

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