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WPX Energy easily beats Q1 earnings estimates

May 06, 2015 8:59 AM ETWPX Energy, Inc. (WPX) StockWPXBy: Carl Surran, SA News Editor
  • WPX Energy (NYSE:WPX) +5% premarket after routing Q1 earnings expectations, its third consecutive quarterly profit and more than tripling the amount earned in the prior-year quarter.
  • WPX says its operational and financial focus on margins helped overcome commodity prices that drove total revenues down 36% Y/Y, although that result also came in ahead of estimates.
  • According to CEO Rick Muncrief, WPX continues to move the needle on well costs, operating costs, production and deal flow.
  • WPX says it is now targeting 20%-25% growth in oil volumes this year, up from its original expectation of 15%-20% growth, and raises its full-year production guidance to 152M-160M boe/day, up from its original estimate of 146M-154M boe/day.
  • Maintains 2015 capital spending guidance of $675M-$775M.

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