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WPX Energy Announces First-Quarter 2012 Results

Stocks in this article: WPX

WPX Energy (NYSE:WPX) today announced its unaudited operating and financial results for the first-quarter of 2012. Recent highlights include:

  • Domestic oil volumes increased approximately 150% vs. a year ago
  • Bakken Shale oil production averaged 8,700 barrels per day in March
  • Total oil and NGL sales revenue rose 45% vs. a year ago
  • Total oil and NGL production up 26% vs. a year ago
  • Total volumes for all production up 11% vs. a year ago
  • $306 million sale of non-core properties further strengthens balance sheet

MANAGEMENT PERSPECTIVE

“Our first-quarter operations show increased oil and liquids production, disciplined cost management and strength in our financial position,” CEO Ralph Hill said.

“For the first three months of the year, our daily oil and gas liquids volumes increased 26 percent and accounted for 20 percent of our overall daily production.

“The shift that’s taking place in our production profile is evidence of the diversity and quality we have in our existing properties.

“Because of this transformation and the strength of our assets, our adjusted EBITDAX for the quarter was only down 6 percent despite decade-low prices for natural gas and a 20 percent drop in our own net realized average price for gas.

“We responded decisively to these headwinds by cutting our capital early on and tightening our business focus by selling non-core assets.

“We have ample financial flexibility and a very strong balance sheet that will serve us well as we continue to execute on our value-creation priorities.”

PRODUCTION

First-quarter 2012 production was led by a 68 percent increase in overall oil production and a 12 percent increase in overall NGL production.

Oil production in the company’s highest rate-of-return basin – the Bakken Shale – averaged close to 8,700 barrels per day in March, which is nearly five times higher than in first-quarter 2011.

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