WPX Energy (WPX)

[56Chevy]

WPX Energy roars higher after strong Q2 results, production guidance raise

Aug. 5, 2019 PMWPX Energy, Inc. (WPX)
By: Carl Surran, SA News Editor

WPX Energy (NYSE:WPX) +10.7% after-hours following stronger than expected Q2 earnings and a 61% Y/Y increase in revenues to $695M while also raising full-year production guidance.

WPX says Q2 total production jumped 28% Y/Y to 159.6K boe/day, including a 30% increase in Delaware Basin output to 96.6K boe/day and a 25% hike in Williston Basin production to 63K boe/day.

For the full year, WPX now expects total production of 160K-165K boe/day, up from its prior estimate of 149K-161K boe/day, including 101K-103K bbl/day of oil vs. prior guidance of 96K-100K bbl/day, driven by forecast Q3 volumes of 108K-11K bbl/day.

WPX says its Q2 weighted average gross sales price prior to revenue deductions and derivatives was $57.50/bbl for oil, $1.74/Mcf for natural gas and $13.66/bbl for natural gas liquids.

WPX says its full-year capital spending plan remains unchanged at $1.1B-$1.275B.

Also, WPX's board authorized a plan to repurchase as much as $400M of shares over the next 24 months, citing expectations for generating $100M-$150M in free cash flow during H2.

Source:
https://seekingalpha.com/news/3487245-wpx-energy-roars-higher-strong-q2-results-production-guidance-raise

Marker:
WPX Energy Inc (WPX)
$10.105 up 1.175 (13.16%)
Volume: 10,367,275

*current price for WTI crude stands at $54.82 @ bbl.