Shares of WPX Energy Inc (NYSE: WPX), a natural gas and oil exploration and production company, hit a new 52-week low of $2.53 after the company disclosed it has added more hedges to protect its cash flows.
Shares of WPX Energy were halted for trading three times and were trading lower by more than 25 percent by late Wednesday morning.
WPX Energy said that approximately 75 percent of its anticipated oil volumes for 2016 are hedged "well above" the current market price. The company expanded that it now has 29,380 barrels of oil per day hedged at $60.85 per barrel.
WPX Energy also noted that throughout the past two months, it has been active in reducing its long-term debt by repurchasing approximately $68 million in notes of a $400 million maturity due in early 2017 at a discount to par.
Finally, WPX Energy stated that it has been increasing its liquidity through asset sales and remains engaged in discussions with third parties in regards to its assets in the Piceance Basin.
"We continue to proactively manage our finances," stated Rick Muncrief, WPX president and chief executive officer. "This positions us to grow our portfolio when commodity prices rebound, especially our world-class Permian Delaware asset. The results of our early work in the basin are exceeding our expectations."
See more from Benzinga
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.