WPX Energy will spend between $1.420-$1.523 billion in 2014, with $580-600 million directed to Bakken and Three Forks targets in the Williston Basin.

WPX is planning to add a rig to bring its operated total to five in 2014.

The company expects the added rig will allow the company to drill 62 gross operated wells, or 25% more than the ~50 wells the company drilled in 2013.

Also read:Halcon Lowers Its 2014 Capital Budget & Holds Production Guidance

The emphasis in liquids producing areas will drive production growth in 2014. WPX expects daily oil production from the Williston and San Juan to increase ~50% from 16,000 b/d in the first quarter to more than 24,000 b/d by year-end.

In total, 85% of the company's capital budget is split between liquids producing plays in the Piceance, San Juan, and Williston basins.

WPX's capital budget:

• $580-600 million in the Williston Basin (oil)
• $475-495 million in the Piceance Basin (gas & ngls)
• $155-180 million in the San Juan Basin (oil)
• $20-30 million in the Appalachia region
• $10-15 million in legacy areas like the Powder River Basin
• $100-115 million on land and exploration

Read the full press release at wpxenergy.com