WPX reported earnings of 9 cents a share, which handily surpassed the consensus estimate of a loss of 15 cents a share from analysts polled by Thomson Reuters. Revenue totaled $572 million, which beat analysts' expectations of $537.07 million.
WPX also received a boost from the ongoing rally in oil and natural gas prizes on Wednesday. WTI crude rose 2.73% to $62.05 at 11:04 a.m., while Brent crude was up 2.52% to $69.22, according to CNBC.
Oil prices touched 2015 highs today after the American Petroleum Institution (API) said Tuesday that U.S. crude oil stocks fell, which boosted oil prices. The API said the nation's oil stocks fell by 1.5 million barrels, while stocks at the key delivery point of Cushing, Oklahoma fell by 336,000 barrels.
The U.S. Energy Information Administration will release official stockpile data later today.
Separately, TheStreet Ratings team rates WPX ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WPX ENERGY INC (WPX) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."