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WPX shares swoon on wider than expected Q3 loss

Nov. 07, 2013 12:58 PM ETWPX Energy, Inc. (WPX) StockWPXBy: Carl Surran, SA News Editor
  • 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.

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