Our absolute debt is now down to just over $2 billion after redeeming $500 million of notes due in 2020 and 2022 through a cash tender processSTORY
2018 capital that was originally earmarked for the Gallup oil play prior to its divestiture paved the way for a third rig in the Williston Basin.1Q INVESTOR UPDATE
WPX expects overall second-quarter oil volumes to grow 16% to an average of 75,000-77,000 bbl/d. The forecast is based on recent strong well performance in both of WPX’s basins.
WPX completed 25 gross operated wells (24 net) in the Delaware Basin in the first quarter, including the 2-mile Quinn 37-36C 5H lateral that posted a 24-hour high of 3,843 Boe/d (73% oil) during initial production.
There were 15 completions in the Wolfcamp A interval, seven Wolfcamp X/Y wells, one well in the Wolfcamp B interval, one well in the Wolfcamp D interval, and a well in the Third Bone Spring.
Six long laterals on the Quinn pad are averaging more than 70% oil, with 24-hour highs averaging nearly 2,400 Boe/d during initial production. All six wells are in the Wolfcamp A interval. The Quinn wells have combined 60-day cumulative production of 610,000 Boe.
The four-well Boyd pad also is averaging more than 70% oil. The wells posted an average 24-hour high of nearly 2,200 Boe/d during initial production. The Boyd wells are 1-mile laterals with combined 60-day cumulative production of 325,000 Boe. Three Boyd wells are in the Wolfcamp X/Y interval. The other Boyd lateral is a Wolfcamp A well.
Subsequent to the close of the quarter, WPX posted its best ever 24-hour high in the Williston Basin. During initial production, the Mandan North 13-24HA lateral in the North Sunday Island area posted a high of 5,172 Boe/d (81% oil), with spot hourly rates exceeding 6,000 barrels of oil per day.
The new Mandan North well is one of 23 planned wells in WPX’s North Sunday Island area. WPX’s first two wells in the area – the Hidatsa North 14-23HX well and the Mandan North 13-24HW well – now have 180-day combined cumulative production of approximately 685,000 Boe (81% oil).
WPX completed 10 Williston wells during the first quarter, including three wells on the Big Horn pad in January and seven wells on the Arikara pad in March following a variety of weather-related challenges. The Arikara wells are part of the North Sunday Island development.
The best of the three Big Horn wells posted a 24-hour high of 2,427 Boe/d (81% oil). The seven Arikara wells had an average 24-hour high of roughly 3,100 Boe/d (81% oil) despite being choked back considerably. The Arikara 15-22HB posted the best 24-hour high, reaching 3,625 Boe/d (81% oil).
WPX's CEO Rick Muncrief, COO Clay Gaspar and CFO Kevin Vann hosted our 1Q webcast on May 3 starting. You can catch the replay here.
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