Managing Partner Larry Pitkowsky of GoodHaven Capital Management says his firm has always believed WPX Energy Inc (WPX) had interesting assets, but was very undermanaged. When new CEO Rick Muncrief took the helm a little over a year ago, the firm decided to buy.
“We went out and did an extensive amount of interviews with everybody we could find that we had worked with Rick over the last 20 years. Results came back that he was a sterling operator, a sensible capital allocator, very tight on costs, a real leader of people, and so we made it a large holding,” Pitkowsky said.
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Pitkowsky says Muncrief has delivered by selling noncore assets and making a transformative acquisition in the Permian Basin that will move WPX Energy further into the oil area.
“As shareholders, we wouldn’t get a transaction like this without a CEO of Rick’s caliber at the helm. He’s doing what very few industry people do in any industry, which is to make an opportunistic acquisition while the industry is going through a difficult period. Most industry people buy at the top and sell at the bottom,” Pitkowsky said.
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