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Last $7.06 USD
Change Today +0.79 / 12.60%
Volume 15.9M
WPX On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

wpx energy inc (WPX) Key Developments

WPX Energy, Inc. Reports Unaudited Consolidated Earnings and Operating Results for Second and Six Months Ended June 30, 2015; Provides Earnings and Operating Guidance for the Year 2015

WPX Energy, Inc. reported unaudited consolidated earnings and operating results for second and six months ended June 30, 2015. For the quarter, the company's oil production was 38% higher in the second quarter of this year versus last year. The company produced nearly 33,000 barrels of oil per day during the quarter. Total liquids production hit a new high for the company, averaging 52,400 barrels per day in the second quarter. Oil and natural gas liquids (NGL) volumes accounted for 32% of the company’s overall production and 57% of product revenues. For the quarter, the company's with the impressive growth in oil volumes, coupled with continued focus on cost, the company are reporting an adjusted EBITDAX of $222 million, which is down approximately 12% from the second quarter of last year. Adjusted EBITDAX for the quarter and year-to-date was down by just around 11%. Adjusted net loss was $22 million for the quarter versus an adjusted net income of $6 million in the prior year. The decline again was driven by lower commodity prices but was greatly mitigated by focus on cost and the hedging decisions the company made in the prior year. Capital expenditures totaled $138 million compared to $388 million in the second quarter of 2014. Total revenues were $284 million against $727 million a year ago. Operating loss was $6 million against $198 million a year ago. Loss before income taxes was $37 million against $226 million a year ago. Loss from continuing operations was $23 million against $144 million a year ago. Net loss attributable to company was $30 million against $135 million a year ago. Diluted loss per share was $0.14 against $0.66 a year ago. Loss from continuing operations per basic and diluted was $0.12 against $0.71 a year ago. Second-quarter 2015 results were primarily impacted by significantly lower commodity prices and a net unrealized derivatives loss related to the company’s hedging positions, partially offset by the benefit of higher oil and NGL volumes and lower expenses. EBITDAX was $221 million against $69 million a year ago. For the six months, the company reported total revenues of $856 million against $1,621 million a year ago. Operating income was $61 million against operating loss of $156 million a year ago. Loss before income taxes was $2 million against $213 million a year ago. Loss from continuing operations was $1 million against $144 million a year ago. Net income attributable to company was $37 million against net loss attributable to company of $117 million a year ago. Diluted earnings per share were $0.18 against loss per diluted share of $0.58 a year ago. Loss from continuing operations per basic and diluted was $0.01 against $0.71 a year ago. Net cash provided by operating activities was $430 million against $520 million a year ago, which benefited from higher commodity prices. Capital expenditures was $679 million against $728 million a year ago. Loss from continuing operations was $1 million against $144 million a year ago. Adjusted loss from continuing operations of $3 million, or a loss of $0.02 per share on a diluted basis, compared with adjusted income of $32 million, or income of $0.16 per share, for the first six months of 2014. Adjusted EBITDAX was $474 million against $530 million a year ago. EBITDAX was $558 million against $338 million a year ago. The company raising its full year 2015 production guidance to a range of 163,000 to 168,000 equivalent barrels per day, up from previous guidance range of 152,000 to 160,000 barrels of equivalent oil per day. In addition, the company has increased capital guidance to the range of $825 million to $925 million, which includes the expected capital activity in the Permian. For the full year 2015, the company expects to be on track with full year guidance and new activity.

WPX Energy, Inc., Q2 2015 Earnings Call, Aug 06, 2015

WPX Energy, Inc., Q2 2015 Earnings Call, Aug 06, 2015

RKI Exploration & Production, LLC, WPX Energy, Inc. - M&A Call

To consider merger agreement to acquire RKI Exploration & Production, LLC for $2.35 billion plus the assumption of $400 million of debt

RKI Seeks To Sell Powder River Basin Asset Before Merging With WPX

RKI Exploration & Production, LLC is planning to divest or transfer out its Powder River Basin assets before completing the merger with WPX Energy, Inc.(NYSE: WPX).

WPX Energy Seeks Acquisitions

WPX Energy, Inc. (NYSE:WPX) has commenced a public offering of 27 million shares of its common stock. It intends to use proceeds from the offering, cash on hand and borrowings under its revolving credit facility to finance the acquisition of RKI Exploration & Production, LLC (RKI), and to pay related fees and expenses. In addition, WPX will also use proceeds for working capital needs or general corporate purposes, including the repayment of indebtedness and other acquisitions.

 

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Industry Analysis

WPX

Industry Average

Valuation WPX Industry Range
Price/Earnings 5.5x
Price/Sales 0.7x
Price/Book 0.3x
Price/Cash Flow 1.3x
TEV/Sales NM Not Meaningful
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