WPX Energy (WPX) Misses Q3 EPS by 2c

WPX Energy (NYSE: WPX) reported Q3 EPS of $0.07, $0.02 worse than the analyst estimate of $0.09.

GUIDANCE

WPX has tightened its full-year 2018 guidance for oil to 79-82 Mbbl/d and total equivalent production to 123-130 Mboe/d.

For 2019, WPX is targeting 25-30 percent year-over-year growth in oil volumes, with expected production of 100-105 Mbbl/d. Total equivalent production for 2019 is estimated at 159-171 Mboe/d.

WPX expects to be net cash flow positive in 2019 using a base capital plan of $1,450-$1,650 million for next year assuming $65 oil (WTI) and $3.00 natural gas.

Additionally, WPX has identified another $250-$350 million of discretionary reinvestment opportunities such as rig additions, further midstream buildout, greater participation in non-op wells and land purchases. WPX expects to fund the potential items by monetizing its equity positions in the WhiteWater and Oryx pipeline systems. Actual sales proceeds are expected to exceed the reinvestment opportunities.

For earnings history and earnings-related data on WPX Energy (WPX) click here.

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