WPX reported an unaudited first-quarter loss from continuing operations attributable to common shareholders of $48 million, or a loss of $0.11 per share on a diluted basis. This includes $207 million in derivative losses due to an increase in forward oil prices.
Total product revenues of $507 million in first-quarter 2019 were $100 million higher than the same period a year ago. Higher product revenues in first-quarter 2019 vs. a year ago were offset by $207 million of net losses associated with WPX’s hedge book, resulting in the net loss from continuing operations of $48 million.
Excluding the derivative losses and other items, WPX posted adjusted net income from continuing operations in first-quarter 2019 of $22 million, or income of $0.05 per share.
Oil volumes of 96,100 bbl/d were 46 percent higher vs. the same period a year ago, led by a 62 percent increase in the Williston Basin over the past 12 months.
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.
Delaware Basin production averaged 92.1 Mboe/d in first-quarter 2019, up 46 percent vs. 63.2 Mboe/d in the same period a year ago. The highest 24-hour rate for the first-quarter Delaware completions was 4,943 Boe/d (53% oil) on the CBR 41-44E-5H well.
Williston Basin production averaged 63.1 Mboe/d in first-quarter 2019, which was 60 percent higher than 39.5 Mboe/d in the same period a year ago. The highest 24-hour rate for the first-quarter Williston completions was 5,628 Boe/d (81% oil) on the Young Bird 34-27HW well.
Over the past three years, cash flow from operations (inclusive of hedge impact) has climbed from $22 million in first-quarter 2017 to $145 million in first-quarter 2018 to $272 million in first-quarter 2019.