WPX reported third-quarter oil volumes of 108,600 barrels per day, which was 30 percent higher vs. a year ago and 11 percent higher than second-quarter 2019.
WPX reported unaudited third-quarter income available to common stockholders of $121 million, or income of $0.29 per share on a diluted basis. A year ago, WPX reported a loss of $0.01 per share.
Cash flow from operations, inclusive of hedge impact, was $272 million in third-quarter 2019, which was 21 percent higher than $224 million in the same period a year ago.
Free cash flow for the third quarter was $42 million. Free cash flow for the quarter represents cash flow from operations ($272 million) adjusted for the impact of net changes in assets and liabilities ($34 million) less incurred capital expenditures ($264 million).
“Our value proposition at WPX, both financially and strategically, is stronger than ever because of our consistent execution,” said Rick Muncrief, chairman and chief executive officer.
“We generated free cash flow in the quarter, are returning capital to shareholders ahead of schedule and are applying our technical expertise to lower costs and raise margins on barrels produced.”
WPX’s Delaware production averaged 96.7 Mboe/d in third-quarter 2019, which was 28 percent higher than 75.4 Mboe/d in the same period a year ago.
Williston Basin production averaged 76.8 Mboe/d in third-quarter 2019, which was 58 percent higher than 48.5 Mboe/d in the same period a year ago.
Total product revenues of $581 million in third-quarter 2019 were five percent higher than the same period a year ago. Quarterly oil sales grew seven percent.