WPX Energy Reduces 2019 Capital Plan
WPX ENERGY (WPX)
Last wpx energy earnings: 2/26 04:15 pm
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US:NYSE Investor Relations:
wpxenergy.com/investors.aspx
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Source: Business Wire
Cuts Capital By $350+ Million; Maintains Momentum for 2020 TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE:WPX) is updating its full-year guidance following commodity price changes that occurred after the company released initial 2019 guidance nearly three months ago. The updated 2019 plan is focused on disciplined growth within cash flows based on $50 oil (WTI). Highlights include: Estimating revised production of 149 – 161 MBoe/d (63% oil) in 2019. The midpoint implies greater oil production of more than 20 percent year-over-year. Maintaining momentum into 2020 with 5-10 percent production growth from fourth-quarter 2018 to fourth-quarter 2019 based on a revised eight-rig program. Reducing capital spending from a prior midpoint estimate of $1,550 million to $1,100-$1,275 million (excluding equity investments and land).
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