WPX’s average realized oil price in the Delaware was WTI less $0.09 for the 1Q, including Midland basis swaps, which increased the average realized price by $1.57 per bbl.1Q DECK
WPX completed 15 Williston wells in 1Q 2019, including eight wells in the Three Forks formation and seven wells in the Bakken formation. All were two-mile laterals.OPS HIGHLIGHTS
1Q PRESS RELEASE
First-quarter oil volumes were 96,100 barrels per day, up nominally from the most recent quarter. Multiple storm-related power outages in the Delaware Basin reduced first-quarter oil volumes by approximately 1,400 bbl/d.
Planned increases in 2019 production are expected to materialize more significantly in the latter half of the year. WPX continues to expect 5-10 percent oil growth from fourth-quarter 2018 to fourth-quarter 2019.
“Our first-quarter results are straight down the fairway. I’m very pleased with our strong, consistent performance and our continued success on the transaction front where we’ve generated substantial returns,” says Rick Muncrief, WPX chairman and chief executive officer.
Capital spending for drilling and completions activity on operated wells in first-quarter 2019 was $279.7 million, including the utilization of two rigs in the Delaware which were released in mid-January and late March.
WPX’s Delaware rig count is now at five, which will drive a lower run rate for the remainder of the year. WPX’s 2019 D&C budget for operated wells remains at $1.0-$1.1 billion.
Total product revenues of $507 million in first-quarter 2019 were $100 million higher than the same period a year ago. Quarterly oil sales grew 25 percent.
DD&A, general and administrative expenses, production taxes, and interest expense all declined in first-quarter 2019 on a per-Boe basis vs. a year ago.
Adjusted EBITDAX (a non-GAAP financial measure) increased 56 percent vs. a year ago to $312 million in first-quarter 2019. See our press release for reconciliations on non-GAAP financial measures.
WPX reduced its 2019 planned capital spending by more than $350 million from a prior midpoint estimate of $1,550 million to $1,100-$1,275 million.
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