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WPX reported an unaudited net loss attributable to WPX Energy of $135 million for second-quarter 2014, or a loss of $0.66 per share on a diluted basis.


2014 2Q Slide Presentation

Oil production showed dramatic growth in 2Q, increasing 57% year-over-year on a domestic basis, 37% on a consolidated basis including international volumes and 23% domestically vs. the sequential quarter.


2Q 2014 Financials

Net cash provided by operating activities for the first half of 2014 was $520 million, marking an 80% increase vs. $289 million for the same period a year ago.



“Our exposure to high-margin oil basins strengthens the diversity in our portfolio and gives us the opportunity to deploy capital in the most optimal way,” said Rick Muncrief, who joined WPX as president and CEO in May.  

“WPX’s oil assets are an important part of our value creation ability. We’re excited about adding significant inventory in some of the highest quality acreage in the entire Williston Basin.

“I’m pleased with our progress and improving execution. It’s imperative for us to relentlessly focus on increasing our margins. We have to continually improve how we operate our assets to optimize the value in our portfolio.

“We’re exceeding our 2014 oil production guidance, bringing value forward in a creative, well thought out way and setting the stage for transforming WPX. 

“Our long-term vision for WPX is coming into focus and we’re solidifying our strategy for how we’re going to accomplish it. We’re working on it diligently and plan to roll it out this fall,” Muncrief added.

New WPX CEO Rick Muncrief (center) worked on his first Bakken oil well in 1984.

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