WPX Energy jumps most in its history on strong oil production forecast

|About: WPX Energy, Inc. (WPX)|By:, SA News Editor

WPX Energy (WPX +11.4%) surges as much as 16%, the most since its trading debut, after posting a solid Q2 adjusted profit when analyst consensus called for a loss, and boosting its outlook for crude production.

WPX expects its U.S. oil production to grow by 55% this year, up from its earlier projection of 40%, it plans to add ~200 drilling locations in the Williston oil region in North Dakota and Montana and expects to increase activity in New Mexico’s San Juan basin as well.

While WPX recorded an adjusted Q2 loss due to a asset sales, the report was positive because of the strong production results, particularly in oil, Tudor Pickering analysts say.