WPX’s average realized oil price in the Delaware was WTI plus $0.94 for the first quarter, including Midland basis swaps.1Q PRESS RELEASE
WPX completed 17 Williston wells during the first quarter, including 11 wells in the Three Forks formation and six wells in the Bakken formation.1Q SLIDE DECK
WPX’s total liquidity at the close of business on March 31, 2020, was approximately $1.4 billion including cash, cash equivalents and its available revolver capacity.
Subsequent to the close of the first quarter, WPX’s borrowing base under its credit facility that matures in April 2023 was reaffirmed. WPX’s borrowing base remains at $2.1 billion, with $1.5 billion in commitments. At the end of the first quarter, WPX had $114 million drawn against its revolver.
For the remainder of 2020, WPX has 91,787 bbl/d of oil hedged with fixed price swaps at a weighted average price of $57.88 per barrel and 20,000 bbl/day with fixed price collars at a weighted average floor price of $53.33.
After deterioration in oil pricing, WPX now expects to generate approximately $150 million in free cash flow in 2020. This estimate does not include savings for potential service price deflation.
For 2021, WPX has 190,000 MMBtu/d of natural gas hedged with fixed price swaps at a weighted average price of $2.60 per MMBtu and 9,959 bbl/d of oil hedged with a weighted average price of $39.81 per barrel.
In March, WPX repurchased 10.4 million shares for $43.5 million in the week after closing its acquisition of Felix Energy. Since third-quarter 2019, WPX has now retired a total of 16.1 million shares for $100.6 million. The average price was $6.30 per share.
Adjusted EBITDAX (non-GAAP) increased 19% vs. a year ago to $370 million in first-quarter 2020 despite the drop in commodity prices.
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