Total production volumes of 125.0 Mboe/d in second-quarter 2018 increased 22 percent vs. first-quarter 2018 and were 65 percent higher than the same period a year ago. Liquids volumes accounted for 80 percent of second-quarter 2018 production.
Oil volumes of 80,800 bbl/d were 23 percent higher than the most recent quarter and 61 percent higher vs. the same period a year ago, led by a 94 percent increase in the Delaware Basin over the past 12 months.
WPX completed 32 gross operated wells (29 net) in its two core basins during second-quarter 2018 and participated in another seven gross (1 net) non-operated wells in the Delaware Basin.
Oil and NGL sales of $504 million accounted for 97 percent of WPX’s second-quarter 2018 total product revenues of $520 million. Quarterly oil sales grew 30 percent vs. the most recent quarter driven by higher average prices and production volumes.
Total product revenues of $927 million during the first half of 2018 were 124 percent higher than $413 million in the first half of 2017. Oil revenues of $828 million during the first half of 2018 were 135 percent higher than the same period a year ago.
WPX reported an unaudited second-quarter 2018 net loss from continuing operations available to common shareholders of $83 million, or a loss of $0.21 per share on a diluted basis. The loss was driven by $154 million of net losses associated with its hedge book resulting from higher forward oil prices, along with a $71 million loss on extinguishment of debt.
Adjusted net income from continuing operations in second-quarter 2018 was $23 million, or income of $0.06 per share. A reconciliation accompanies the press release online.