WPX reported unaudited second-quarter income available to common stockholders of $305 million, or income of $0.72 per share on a diluted basis.
Excluding the Oryx gain and other items such as derivatives, WPX posted adjusted net income of $0.09 per share. A reconciliation accompanies this press release.
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’s Delaware production averaged 96.6 Mboe/d in second-quarter 2019, which was 30 percent higher than 74.4 Mboe/d in the same period a year ago.
WPX’s average realized oil price in the Delaware was WTI plus $0.23 for the quarter, including Midland basis swaps. The basis swaps increased the average realized price by $0.64 per barrel.
Williston Basin production averaged 63.0 Mboe/d in second-quarter 2019, which was 25 percent higher than 50.6 Mboe/d in the same period a year ago.
The highest 24-hour rate for the second-quarter Williston completions was 5,862 Boe/d (81% oil) on the Minot Grady 26-35HD well. The seven-well pad averaged nearly 4,300 Boe/d (81% oil) during initial production.
WPX’s 2019 total capital development plan remains unchanged at $1,100-$1,275 million, including $1,000-$1,100 million for operated D&C activity; $50-$75 million for non-op D&C activity; and $50-$100 million for midstream opportunities.