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
