$400 million of capital reductions under way WPX reducing activity and maintaining free cash flow. (Credit: John R Perry from Pixabay) WPX Energy (NYSE:WPX) is revising its plan for 2020, cutting $400 million – or approximately 25 percent – of its capital budget, with the flexibility to cut further.“We will continue to assess the market and adjust our activity levels as necessary. You can expect us to be flexible and focused on generating free cash flow,” said WPX Chairman and Chief Executive Officer Rick Muncrief.For 2020, WPX has 95,978 bbl/d of oil hedged with fixed price swaps at a weighted average price of $56.27 per barrel and 20,000 bbl/d with fixed price collars at a weighted average floor price of $53.33.The revised capital plan of $1,275 million to $1,400 million maintains WPX’s current oil production of roughly 150,000 bbl/d for the balance of the year, which benefits from the March 6 acquisition of Felix Energy.Based on the revised capital plan and today’s strip pricing, WPX expects to generate at least $150 million of free cash flow in 2020, not including savings for potential service price deflation.Discussions with vendors about service costs are actively occurring, which presents known opportunities for WPX to lower capital further and increase its free cash flow target.WPX plans to provide additional details and updates during its first-quarter 2020 press release and investor webcast.Adds Muncrief, “Our balance sheet, liquidity, commodity hedges, and track record gives WPX an edge in a very difficult period. We’re also grateful for our business partners, service providers and vendors. We never take lightly how our decisions affect others.” Source: Company Press Release
Southampton manager Ronald Koeman hopes goalkeeper Fraser Forster can get back to his best in time for Euro 2016. The 27-year-old England goalkeeper returned to the starting line-up for Saints in their 2-0 win over Watford in the Premier League on Wednesday after being out with a serious knee injury since last March. Asked if Forster could now force his way back into Roy Hodgson’s plans for the tournament in France in the summer, Koeman said: “I hope so. He was part of the national team and he was out for a long time. “It’s all about winning, I wasn’t unhappy about the performances of the team. “I think most of the games we lost, we played our level but the win against Watford was a difficult question.” Victor Wanyama is back in contention for Southampton. The 24-year-old midfielder is available again after suspension following his red card against Norwich but Koeman was not giving anything away as to whether he will start. The Saints’ manager has no fresh injury worries ahead of the game but Gaston Ramirez is still out with a hamstring injury and Florian Gardos remains on the sidelines with a knee problem. “He will get the chances if he plays at this level and I think it is not too difficult for him. He is back and he played his first 90 minutes for the first team, the clean sheet is important for goalkeepers, important for the defenders. That makes him mentally stronger than he already was so it was a good match for Fraser.” Southampton have scored six and conceded none in their last two home games in the Premier League but Koeman knows they will have a tough time against West Brom. He said: “In the last two home games we have created a lot of chances, four goals against Arsenal is a big result, last Wednesday (against Watford), the team performance was very good. “We need that level against West Brom, it’s a difficult game for us. “In the last three matches (against the Baggies) we haven’t scored any goals against them and because they are strong and very well organised it is tough to beat and tough to score goals.” In the game against Watford, Koeman chose to change his system from the usual 4-2-3-1 to five at the back with three centre-halves to deal with Troy Deeney and Odion Ighalo and the Dutch manager believes it is important to be able to change the style of play in a team. Koeman said: “We played different than the normal system, I think it’s good to change it sometimes. It makes it difficult for the opponents and if you have players who can play out of that system then you can change. “We have our own system to play but sometimes the situation asks you to change something and (on Saturday) we will see. Press Association
highlights Arsenal have a poor away record in the Europa League.Napoli will be determined to overcome the deficit in their home leg.Aaron Ramsey continued his great form for Arsenal. London: Unai Emery warned Arsenal to expect a strong response from Napoli after his side seized the initiative with a 2-0 win in their Europa League quarter-final first leg on Thursday. Emery’s men took control of the tie with a dominant first-half performance at the Emirates Stadium. Aaron Ramsey opened the scoring with a cool finish to cap a flowing move and the Gunners were further ahead before half-time when Napoli defender Kalidou Koulibaly deflected Lucas Torreira’s shot into his own net. Arsenal couldn’t add to the lead after the break, but they had done enough to put themselves in pole position ahead of the second leg in Naples on April 18. However, Emery is well aware that Arsenal has a wretched away record this season, while Napoli should be a more formidable force in front of their vociferous fans at the San Paolo Stadium. “The first leg was very important to take a good result. We deserved to win, but we know it is going to be very difficult there,” Emery said.RELATED “Their performances at home are usually very strong. We will plan to win the match, but we need to have a lot of respect for them. It is still 50-50. Our challenge is to be competitive away. Sometimes away we lost the spirit we have at home.” Napoli boss Carlo Ancelotti remains confident of a second-leg comeback. “The first half we were really bad. We weren’t brave enough to control the game as we wanted,” he said. “The result is difficult to change but we have 90 minutes left. In the second half, we showed we create chances. It will be a different environment with our home crowd behind us. I’m confident.” It was a much-needed success for Emery, who this week called on his players to embrace the pressure of regaining their Champions League status after two successful seasons out of Europe’s elite club competition. With Arsenal sitting fifth in the Premier League after Sunday’s damaging defeat at Everton, the Gunners can no longer rely on their domestic fortunes to qualify for the Champions League. Winning the Europa League is Arsenal’s other route back into the Champions League. Having won the Europa League three times during his tenure as Sevilla boss, Emery knows the value of a first-leg lead and he sent out an attacking line-up featuring Pierre-Emerick Aubameyang, Alexandre Lacazette and Mesut Ozil. A fired-up Arsenal needed just 15 minutes to take the lead. Stylish move A stylish move carved Napoli open as Ramsey and Ozil exchange passes in midfield before Lacazette fed Ainsley Maitland-Niles. Ramsey had continued his run into the Napoli area and the Wales midfielder met Maitland-Niles’ pass with a composed close-range finish for his sixth goal of the season. It was the perfect way for Ramsey to announce himself to an Italian audience ahead of his close-season move to Juventus. Torreira is one of the midfielders who will take over from Ramsey and the Uruguayan showed why that should be a smooth transition as he helped double Arsenal’s advantage in the 25th minute. Tigerishly dispossessing Fabian Ruiz inside the Napoli half, Torreira accelerated towards the penalty area, cleverly checked back to open up more space and drilled a low shot that took a hefty deflection off Koulibaly as it looped into the net. Without a win in seven visits to England, Napoli’s hopes of ending that barren run dwindled even further when Lorenzo Insigne blazed over from close range. Napoli tried to rally after the interval, but Koulibaly’s header was tipped over by Petr Cech, while Piotr Zielinski blew their best chance when he missed the target with only the keeper to beat. Arsenal remained dangerous and it took a good save from Alex Meret to deny Ramsey before Maitland-Niles was also frustrated by the over-worked Napoli keeper. Ramsey should have put the result beyond doubt when he shot over in the closing stages, but Arsenal will still travel to Italy in confident mood next week. For all the Latest Sports News News, Football News News, Download News Nation Android and iOS Mobile Apps.
PREMIERSHIPManchester City yesterday stretched its lead at the top of the table to 11 points and created English Premier League history with a 14th successive victory this season as the Citizens overcame Manchester United at Old Trafford.Pep Guardiola’s side also ended United’s 40-match unbeaten run at home – which stretched back to the win in September 2016 – to strike a potentially decisive blow against its closest rivals in the title race. City took the deserved lead when man-of-the-match David Silva hooked home from close range after confusion at a corner on 42 minutes, only for United to be handed a lifeline in first-half stoppage time when poor defending from Nicolas Otamendi and Fabian Delph allowed Marcus Rashford to steal in for a composed finish.Otamendi made amends nine minutes after the break when Romelu Lukaku – who had a nightmare game – lashed at a clearance in the area and the City defender pounced on the rebound to score.City, who have dropped only two points in their first 16 games, had opportunities to extend their lead but it was keeper Ederson who made the decisive late intervention with a miraculous double late save from the luckless Lukaku and substitute Juan Mata.Guardiola’s side become the first team to win 14 successive Premier League games in a single season, also levelling Arsenal’s outright top-flight record, set between between February and August 2002.It is a brave call to declare the Premier League title race over in early December – but the statistics and evidence is piling up to suggest the chase is on for second place behind Manchester City.City will effectively have to lose four games while all of their rivals need to keep winning, tough to see with Guardiola’s team having won every league match since Everton took a point at Etihad Stadium in the second game of the season.The trip to Old Trafford, and the renewal of old rivalries between Guardiola and Mourinho, was the most eagerly awaited game of the season between the two teams at the top of the table and was seen as the acid test of City’s apparent infallibility.And those looking for cracks in the Guardiola armour pointed to City having to secure three wins against Huddersfield Town, Southampton and West Ham United with late, late goals in their most recent league games.If City’s confidence had been shaken at all by having to fight for victories, there was no sign here as they played with a composure and positivity that was a level above Mourinho’s Manchester United.They needed Ederson’s late heroics but there can be no doubt they were deserved winners and even showed the street-wisdom of champions to run down the clock in the closing seconds, to the fury and frustration of Old Trafford.The Premier League title race may not be over – but there was no escaping the feeling that a crucial blow has been inflicted on United and the rest of Manchester City’s pursuers.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram