NEW YORK (TheStreet) -- Shares of WPX Energy (WPX) are declining 0.38% to $13.09 after its 2015 earnings estimates were lowered to $0.35 from $0.36 at Oppenheimer, with 2016 earnings estimates lowered to $0.82 from $0.96.
However, the firm maintained its "perform" rating as WPX Energy has rapidly driven costs out of its Williston operations. The company's estimated drilling and completion costs in the basin are approaching $8 million per well with six million pound completions, representing a decrease of more than 30% vs. its average in 2014, according to Business Wire.
In the Williston, WPX Energy will transfer a second rig from the Piceance in August and add a third in November, which will start working down its 14-well backlog, Oppenheimer added.
"D&C (drilling and completion) spending will remain in line with cash flows, reflecting both lower well costs and a reallocation of capital from the Piceance," Oppenheimer analysts said.
WPX Energy is an independent natural gas and oil exploration and production company that is engaged in the exploitation and development of unconventional properties.
Separately, TheStreet Ratings team rates WPX ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WPX ENERGY INC (WPX) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall."