WPX Energy (WPX) Misses Q3 EPS by 2c

WPX Energy (NYSE: WPX) reported Q3 EPS of $0.09, $0.02 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $374 million versus the consensus estimate of $628.79 million.

• Delivers free cash flow, capital discipline and share repurchase progress
• 3Q oil volumes were 108.6 Mbbl/d; up 11% vs. 2Q
• Projecting 109-111 Mbbl/d in 4Q oil volumes: up 4% vs. prior outlook
• 3Q CAPEX was $264 million
• Repurchased $58 million in shares to date at an avg. of $10.16 per share
• CFFO up 39% in first three quarters of 2019 vs. year ago
• Swapped 6.00% and 8.25% notes for 5.25% notes

CEO PERSPECTIVE

“Our value proposition at WPX, both financially and strategically, is stronger than ever because of our consistent execution,” said Rick Muncrief, chairman and chief executive officer.

“We generated free cash flow in the quarter, are returning capital to shareholders ahead of schedule and are applying our technical expertise to lower costs and raise margins on barrels produced.

“All of this contributes to an exceptional outlook for the fourth quarter, 2020 and beyond, especially with improved capital efficiency, greater gas capture, lower interest expense and how we’re working to drive our leverage even lower,” Muncrief added.

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

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