- WPX Energy (NYSE:WPX -24.6%) plunges to all-time lows amid three separate trading halts after saying it added more hedges to protect cash flows and repurchased a portion of notes due in early 2017.
- WPX says ~75% of 2016 anticipated oil volumes are hedged "well above" current prices, and now has 29,380 bbl/day of oil hedged at $60.85/bbl in 2016.
- WPX also says it has reduced its long-term debt by repurchasing $68M in notes (17%) of a $400M maturity due in early 2017 at a discount to par; its next debt maturity does not occur until 2020.