Hedge Fund Shareholder Joins WPX Energy Board
WPX Energy, a Tulsa-based energy company specializing in the production of natural gas, natural gas liquids and oil, has added hedge fund shareholder Taconic Capital Advisors LP to its board.
Taconic Capital is the second-largest shareholder in WPX, which has suffered from a steep slide in natural gas prices over the last eight years and has reported seven quarterly losses in a row.
WPX, spun off from pipeline operator Williams Cos Inc. in 2011, said the new board member would assist in the search for a new company head, as WPX’s CEO Ralph Hill is stepping down.
Taconic, an $8.2 billion hedge fund co-founded by former Goldman Sachs executive Kenneth Brody, is the second-largest shareholder in WPX with a 6.9% stake, WPX said.
WPX holds assets in the Piceance basin of Colorado, the Bakken shale in North Dakota, and the Marcellus shale in Pennsylvania. It has suffered as gas prices fell to below $2 per million British thermal units (BTUs) last year from $14 per million BTU in 2005. They have since recovered to around $4.Source: Oil & Gas Financial Journal