This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

WPX Energy Announces Third-Quarter 2012 Results

Stocks in this article: WPX

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

  • 3Q Bakken oil production increased 66% to 9,600 barrels per day from 5,800 a year ago
  • October Bakken oil production surpassed 10,500 barrels per day
  • WPX on track to hold Bakken acreage by production; initial multi-well pad drilling beginning
  • Natural gas production in the Marcellus Shale rose four-fold to 65 MMcf/d vs. 15 MMcf/d a year ago
  • Liquidity remains strong at $1.7 billion
  • Lower 3Q natural gas production vs. a year ago a result of fewer wells drilled due to capital discipline

FINANCIAL RESULTS

WPX reported an unaudited net loss attributable to WPX Energy of $64 million for third-quarter 2012, or a loss of $0.32 per share on a fully diluted basis, compared with net income of $14 million, or $0.07 per share, in third-quarter 2011.

The decrease in third-quarter 2012 was driven primarily by lower natural gas and NGL commodity prices vs. the 2011 period. Revenues in the 2012 period – not including gas management activities – declined 24 percent vs. third-quarter 2011, driven by significantly lower net realized average prices for natural gas and NGL production.

Third-quarter 2012 results also were impacted by approximately $22 million in net losses on derivatives not designated as hedges, compared with $12 million in net gains in third-quarter 2011.

Excluding unrealized mark-to-market gains (losses), WPX had an adjusted loss from continuing operations of $47 million, or a loss of $0.23 per share on a diluted basis, for third-quarter 2012, compared with adjusted income from continuing operations of $14 million, or $0.07 per share on a diluted basis, for the same period in 2011. A reconciliation is included in the statements that accompany this press release.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,195.35 +3.98 0.02%
S&P 500 2,002.89 +0.73 0.04%
NASDAQ 4,635.0180 -2.9760 -0.06%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs