WPX Energy Boosts Oil Production Forecast

WPX Energy WPX revealed it was lifting its oil production outlook to an average of 39 to 41 Mbbl/day for the full year from 37 to 39 Mbbl/day representing 5% uptick from the earlier level. The company added that the forecast for total equivalent production was up by 3 percent to 77 to 82 Mboe/day from a previous estimate of 75 to 80 Mboe/d.

WPX Energy said the increase was driven by better-than-expected well performance and an expected increase in drilling and completion activity in the Delaware and Williston basins in the second half of the current year.

The company's president and CEO, Rick Muncrief, commented, "We are well positioned to leverage our operational momentum in ways that can accelerate and enhance the value we deliver to stockholders. The steps we're taking to increase activity in our world-class assets are consistent with our emphasis on remaining opportunistic."

The company indicated its plan to add a third rig in the Delaware Basin, which was scheduled to occur in October, along with new plans to complete 15 to 20 drilled but uncompleted wells in the Williston Basin beginning in August.

However, there is no change in the budget for drilling, which remains $400-$450 million compared to its original outlook range of $350-$450 million.

The stock traded down by 3.05 percent on Friday.