4Q 2017 HIGHLIGHTS
WPX reported fourth-quarter 2017 oil volumes of 75,200 barrels per day, which was 68 percent higher vs. a year ago and 16 percent higher than third-quarter 2017.
Fourth-quarter adjusted EBITDAX was $255 million, which was 89 percent higher than a year ago. Net cash provided by operating activities in fourth-quarter 2017 was $279 million, marking an 81 percent improvement over the same period a year ago.
WPX’s first two North Sunday Island wells in the Williston Basin have 120-day cumulative production of more than 576,000 Boe (81% oil), consisting of 298,000 Boe from the Hidatsa North 14-23HX well and 278,000 Boe from the Mandan North 13-24HW well.
According to internal and public data, WPX’s North Sunday Island wells have the highest cumulative oil production over 90-day and 120-day periods for individual horizontal wells in the history of the Williston Basin.
WPX completed 137 gross operated wells (127 net) across its operating areas during 2017 and participated in another 28 gross (5 net) non-operated wells.
Year-over-year total production increased 30 percent to 109.8 Mboe/d in 2017, predominately driven by development in the Delaware Basin. WPX has now posted double-digit oil volume growth each of the past six years.
Full-year 2017 oil production averaged 61,300 bbl/d up 48 percent vs. an average of 41,500 bbl/d in 2016.
WPX’s proved reserves at Dec. 31, 2017, were 436.2 MMBoe. Sixty percent of the company’s proved reserves were oil, up from 50 percent in 2016.
Permian proved reserves increased 76 percent from a year ago to 252.4 MMBoe at year-end 2017. Williston proved reserves grew 25 percent to 131.2 MMBoe.