WPX reported fourth-quarter 2018 oil volumes of 96,000 barrels per day, which was 49 percent higher vs. a year ago and 15 percent higher than third-quarter 2018.
WPX reported unaudited fourth-quarter 2018 net income from continuing operations attributable to common shareholders of $353 million, or income of $0.83 per share on a diluted basis. The same measure for full-year 2018 was $234 million, or income of $0.57 per share.
“Without question, 2018 was a pivotal year for WPX. We reduced our operating areas from three to two, paid down nearly $500 million of senior notes, achieved our deleveraging goal and continued to benefit from our midstream strategy,” said Rick Muncrief, chairman and chief executive officer.
Oil and NGL sales of $508 million accounted for 93 percent of WPX’s fourth-quarter total product revenues of $544 million. Quarterly oil revenue grew 49 percent vs. the same period in 2017 driven by higher production volumes. Total oil sales in 2018 were $1,790 million.
WPX completed 147 gross operated wells (132 net) across its operating areas during 2018 and participated in another 41 gross (8 net) non-operated wells.
WPX’s proved reserves at Dec. 31, 2018, were 479.3 MMboe. Sixty-one percent of the company’s proved reserves are oil.
Delaware production averaged 99.6 Mboe/d in fourth-quarter 2018, up 32 percent vs. the sequential quarter and 70 percent higher than the same period in 2017.
Williston Basin production averaged 56.8 Mboe/d in fourth-quarter 2018, up 17 percent vs. the sequential quarter and 47 percent higher than the same period in 2017.