WPX Chairman & CEO Rick Muncrief spoke at the Barclays CEO Energy-Power Conference on September 3. Catch the webcast replay and see the slides.REPLAY
Oil output of 46.4 Mbbl/d comprised 48% of second-quarter total Permian volumes. WPX oil volumes in the basin were up 19% vs. 39.1 Mbbl/d in 2Q 2018.2Q HIGHLIGHTS
2Q PRESS RELEASE
WPX’s board of directors has authorized a plan for the company to repurchase up to $400 million of shares over the next 24 months.
“This accelerates our original plan to return capital to shareholders in 2021,” said Rick Muncrief, WPX chairman and chief executive officer.
Total production in the second quarter averaged 159.6 MBoe/d, which was 28 percent higher vs. a year ago. Oil and natural gas liquids volumes comprised 79 percent of total volumes. Oil sales of $511 million from 97.9 Mbbl/d accounted for 92 percent of second-quarter product revenues.
Cash flow from operations, inclusive of hedge impact, in the first half of 2019 was $634 million, including $362 million in the second quarter. Cash flow for the first half of 2019 was 48 percent higher than the same period a year ago.
WPX now expects full-year total production of 160-165 Mboe/d in 2019, up from prior estimates of 149-161 Mboe/d.
WPX now expects to produce 101-103 Mbbl/d of oil for full-year 2019, up from prior estimates of 96-100 Mbbl/d. Third-quarter oil volumes are driving the upward revision.
“Our assets in the Permian, the Williston and our midstream portfolio continue to deliver value for our shareholders,” said Rick Muncrief, chairman and chief executive officer.
“Our teams executed at a high level during the quarter, which allows us to increase our volume guidance, maintain our capital plan, and generate free cash flow.
“Fundamentally, things look very good, and unsurprisingly, we remain confident in our company’s 2019 outlook and our momentum going into 2020,” Muncrief added.
WPX now expects to produce 101-103 Mbbl/d of oil for full-year 2019, up from prior estimates of 96-100 Mbbl/d.
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