WPX Energy Reaches Deal With Taconic Capital Advisors; To Increase Board Size

(RTTNews) - WPX Energy Inc. (WPX) announced Wednesday that it has reached an agreement with Taconic Capital Advisors LP, the company's second largest shareholder, which owns 13.8 million shares representing 6.9 percent of WPX's outstanding shares.

As part of this agreement, WPX will increase the size of its board of directors from 11 to 12 on or before January 10, 2014. The newly created board seat will be filled by one of two independent candidates with significant oil and gas exploration and production experience provided by Taconic and currently under consideration. The new member will be added to the existing search committee for WPX's new chief executive officer.

As per the terms of the agreement, Taconic has agreed to, among other things, vote their shares in support of all of the board's director nominees at WPX's 2014 annual meeting of shareholders.

On Tuesday, the company announced that Ralph Hill would step down as president and chief executive officer and board member of the company and that the board of directors has appointed James Bender as interim president, CEO and board member, effective December 31, 2013. Hill will remain with the company through March 31, 2014, to assist with the transition of his duties.