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Last $11.55 USD
Change Today -0.14 / -1.20%
Volume 3.4M
WPX On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

wpx energy inc (WPX) Key Developments

WPX Energy Plans to Increase Its Activity in Williston Basin

WPX Energy plans to increase its activity in the Williston Basin during the second half of 2015 by resuming completions and increasing its rig count from one to three before year-end. The decision follows significant process improvements, structural changes to lower costs, successful discussions with key vendors, a technical analysis of WPX as well performance that led to higher estimated ultimate recoveries (EURs) and favorable results from larger stimulations.

WPX Energy Adds Acreage in Gallup Oil Play

WPX Energy has completed the purchase of another 14,300 net acres in the San Juan Basin’s Gallup oil window from an undisclosed seller for approximately $26 million. The acreage purchase represents an estimated 100 gross drilling locations, boosting WPX’s tally in the San Juan Gallup to approximately 500.

WPX Energy, Inc. Continues Expand its San Juan Basin by Building Out New Oil, Gas and Water Gathering System with Installation of New Pipeline

In the San Juan Basin Gallup, WPX Energy, Inc. also continues to further margin expansion by building out a new oil, gas and water gathering system for its Gallup development activity with the installation of new pipeline.

WPX Energy, Inc. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Revises Operating Guidance and Re-Affirms Capital Expenditure Guidance for the Full Year of Fiscal 2015

WPX Energy, Inc. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company announced total revenues of $572 million compared to $894 million for the same period a year ago. Operating income was $67 million compared to $42 million for the same period a year ago. Income from continuing operations before income taxes was $35 million compared to $13 million for the same period a year ago. Income from continuing operations attributable to the company was $22 million or $0.11 per basic and diluted share. Net income was $68 million compared to $19 million for the same period a year ago. Net income attributable to the company was $67 million or $0.32 per diluted share compared to $18 million or $0.09 per basic and diluted share for the same period a year ago. Net cash provided by operating activities was $194 million compared to $206 million for the same period a year ago. Capital expenditures were $480 million compared to $352 million for the same period a year ago. The capital expenditures increases related to properties and equipment for the first quarter totaled $297 million compared to $372 million in the first quarter of 2014. On an adjusted basis, first-quarter 2015 income from continuing operations was $19 million or $0.09 per share despite materially lower commodity prices compared to $26 million or $0.13 per share for the same period a year ago. EBITDAX was $337 million compared to $269 million for the same period a year ago. Adjusted EBITDAX was $252 million compared to $277 million for the same period a year ago. For the quarter, the company announced that its overall production was 169.1 Mboe/d, or 1,014 MMcfe/d compared to 169.4 Mboe/d, or 1,016 MMcfe/d for the same period a year ago. The company average almost 35,000 barrels per day of oil in the first quarter of 2015. In the first quarter after the WPX spinoff 3 years ago, the company is producing about 10,000 barrels a day domestically. The San Juan team continues their impressive results with over 8,000 barrels per day of production. This level means the company is able to achieve a 376% increase over the last year. These results are not surprising given the efficiencies that team has been able to accomplish. NGL production for the quarter came in at nearly 17,000 barrels per day, down slightly from last year, as the ethane recovery rate averaged 17% for the quarter. As Clay noted, the total liquids production has surpassed the 50,000 barrels per day mark with crude and NGL volumes accounting for 30% of the total production. The company revised operating guidance and re-affirmed capital expenditure guidance for the full year of fiscal 2015. The company is now targeting 20% to 25% growth in oil volumes this year, up from its original expectation of 15% to 20% growth announced in February. Driven by continued growth in oil volumes, the company is raising its full-year 2015 production guidance to a range of 152 Mboe/d to 160 Mboe/d, up from its original estimate of 146 Mboe/d to 154 Mboe/d. Also despite an increase in oil volumes, the company is lowering guidance on LOE per barrel at $3.75 to $4.75. At the same time, the company is lowering range on GP&T cost per barrel by $0.25. The company's guidance for 2015 capital spending remains the same as its original forecast of $675 million to $775 million. Approximately $20 million of this amount was shifted from the Piceance Basin to the San Juan Basin.

Prometheus Energy and WPX Energy Sign LNG Services Agreement

Prometheus Energy Group Inc. (Prometheus Energy) announced it has entered into a master services agreement with WPX Energy to supply LNG plus related equipment and services for WPX's initiative to utilizing clean-burning natural gas in its drilling operations. Prometheus will be supplying LNG fuel through its established North American LNG network, and providing onsite mobile LNG storage, vaporization equipment and technical services. The agreement initially applies to WPX's operations in the San Juan basin and can be extended to Piceance operations as well. WPX Energy has primarily utilized field gas over the past two years but has moved into acreage where field gas was not available.

 

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WPX

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Valuation WPX Industry Range
Price/Earnings 16.6x
Price/Sales 1.0x
Price/Book 0.5x
Price/Cash Flow 2.0x
TEV/Sales 0.1x
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