WPX Energy’s board of directors has unanimously elected Richard E. "Rick" Muncrief as it next chairman, effective Jan. 1, 2017. Muncrief also is WPX’s president and CEO, positions he has held since May 15, 2014.
OGFJ spoke with Muncrief in November about the company's turnaround. The turnaround entailed more than $5 billion of A&D activity and WPX’s entry in the Permian’s Delaware Basin where it has an estimated 2.4 billion boe of net resource potential and more than 5,500 gross drillable locations across 102,000 net acres.
He succeeds William G. Lowrie, who will become the board’s lead independent director. Lowrie has been WPX’s chairman since its spinoff five years ago.
Ten of WPX’s eleven board members are independent. Muncrief is the sole inside director.