3Q 2017 HIGHLIGHTS
WPX's third-quarter 2017 oil production of 64,800 barrels per day grew 11 percent vs. the most recent quarter and was up 67 percent vs. a year ago. Current oil production is approximately 75,000 bbl/d following 10 wells with first sales after the quarter closed.
Oil and NGL sales of $288 million accounted for 88 percent of WPX’s third-quarter 2017 total product revenues, up $39 million (16 percent) vs. the most recent period.
Quarterly oil sales grew by 86 percent vs. the same period a year ago driven by higher production volumes and higher average prices.
Total company production volumes of 112 Mboe/d in third-quarter 2017 were up 6 percent vs. second-quarter 2017 and 33 percent higher than the same period a year ago.
Third-quarter liquids production (oil and NGL) surpassed 75,000 bbl/d for the first time in a quarter, averaging 78,100 bbl/d. Liquids growth was driven by higher than expected well performance and WPX’s fourth consecutive quarterly high for oil output.
WPX completed 37 gross operated wells (35.48 net) in its three basins during third-quarter 2017 and participated in another 10 gross (1.83 net) non-operated wells.
A financial transformation is evident in the company’s results. Over the past 12 months, WPX has increased unhedged adjusted EBITDAX 87 percent and its unhedged discretionary cash flow per barrel of equivalent production by 67 percent.
These improvements highlight the health of the company’s business in a roughly flat commodity environment and illustrate WPX’s execution on its multi-year strategy.