"Everyone here owns our results. All of us at WPX are accountable for identifying what we can do better, as well as the solutions to make it happen."SEE REPORT
Free cash flow (non-GAAP) was $166 million in 2Q. WPX now expects approximately $200 million of free cash flow in 2020, up from its prior estimate of $150 million.NEWS
WPX’s Delaware production in the Permian averaged 143.7 Mboe/d in the second quarter compared with 117.5 Mboe/d in the most recent quarter and 96.6 Mboe/d a year ago.
WPX completed eight Delaware wells during the second quarter (prior to the release of frac crews) including the six-well Huerfano pad associated with the Felix acquisition.
WPX began applying its own frac design to two of the wells on the Huerfano pad, making incremental changes to Felix’s design. The wells completed with the WPX design outperformed the others by 35 percent over 50 days at a lower cost.
The WPX design has fewer stages, longer stage lengths, additional clusters per stage and tighter spacing between clusters.
WPX continued to use Felix’s same progressive choke opening schedule, or slowback strategy, with regard to flowback. WPX will continue to monitor results and conduct more tests.SUMMARY
Adjusted EBITDAX (non-GAAP) hit a record $400 million in the 2Q, up 15% from $347 million a year ago. The same measure is at $779 million in the first half of 2020.
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