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1Q 2019 HIGHLIGHTS

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.

technical advances

OUR PERMIAN COMPLETION DESIGNS ARE DRIVING GREATER AMOUNTS OF LATERAL FOOTAGE COMPLETED PER DAY.



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Annual Report

Annual Report

CEO: Our outlook is clear and compelling. Impressive cash flow growth. Disciplined capital investing.

The Strength of Our People

The Strength of Our People

Learn what it’s like to work at WPX. We’re always looking for great people to join our team.

Proved Reserves

Proved Reserves

At year-end 2018, we had 479.3 MMboe of proved reserves in our operating areas.

We Are WPX

We Are WPX

Learn more about us, our history and our values. At WPX, we’re inspired, involved and determined.

WPX: A Total Transformation

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Next milestone: 100,000 bbl/d of oil

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