- WPX Energy (WPX -8.6%) plunges after reporting an adjusted Q3 loss of $0.57/share vs. analyst expectations of $0.21 loss and disappointing production guidance.
- Results also were hurt by lower price realizations, due in part to a legacy 2009 sales agreement in which WPX received lower pricing for 200M cf/day in gas from Rocky Mountain wells.
- Overall production volume hit a record 22.4K bbl/day but expects full-year outlook to come in at the lower end of its forecast range.
- WPX’s Marcellus Shale operations "continue to struggle as infrastructure constraints persist," Tudor Pickering Holt analysts say.