Drilling & Completions | Well Lateral Length | Quarterly / Earnings Reports | Production | Proppant | Second Quarter (2Q) Update | Production Guidance/Forecast | Well EUR

Fresh Off Record Liquid Production, WPX Increases Production Guidance

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   |    Tuesday,August 08,2017

WPX released its Q2 results where it focused on the company's favorable production results as well as successful test results from wells using updated completion methods. 

Highlights Include:

  • All time high for company's liquid production - total liquids production (oil and NGL) was 72,400 bbls/d in Q2, which is 17% higher than its previous best liquids production of 62,000 bbls/d in Q4 2015.
  • Raising full year oil guidance from 52,000 to 56,000 to 57,000 to 60,000 bbls/d, which increases the year-over-year oil growth rate to 40%
  • Oil production for Q2 was 58,600, a 27% increase from Q1 and 43% higher than Q2 2016
  • Natural gas production for Q2 was 203 mmcf/d, down 4% from Q1 2017 and down 1% from Q2 2016
WPX experienced a record quarter for its liquid production. As a result, it raised its full year production guidance to 57 to 60 mbbl/d, up 8% from the previous guidance of 52 to 56 mmbl/d. The company originally targeted 30% volume growth for oil in 2017 but, Q2 production results, WPX forecasts a 40% growth in its oil production.

Delaware

WPX is running 7 rigs in the Delaware and identified 6,400 gross drillable locations. For the first time, the Delaware was WPX's highest producing asset in a quarter. The total production in the Delaware was 34.9 mboe/d, up 19% from 29.4 mboe/d in Q1 and 56% from Q2 2017. Additionally, the company brought 16 wells to sales including 9 Wolfcamp A, 3 Wolfcamp D and the Second and Third Bone Springs.

WPX reported several favorable well results from its Delaware asset. In the upper and lower Wolfcamp A, the company tested 15 wells per section. There are 9 wells in the spacing test that are still flowing, with a 90-day average cumulative production of 106,000 boe (51% oil). In the company's easter most part of the Wolfcamp A, the Blue 34-1H well with a 1 mile lateral had a 30 day production averaging 1,560 boe/d (69% oil). Additionally, its second Bone Spring Sand well had a 30 day production averaging 1,215 boe/d (56% oil).

Moving to the Wolfcamp D, WPX's East Pecos 22-9H well was tested with 4,000 lbs/ft of proppant on a 1 mile lateral.  This well hit a 24 hour high of 3,532 boe/d and a 30 day cumulative production of 56,181 boe. The Wolfcamp D wells are performing at/or above the 2 mmboe type curve

When asked about the concern surrounding proppant supply in the Permian, the company responded that it has an array of options but that it continues to watch the market. 

Williston

WPX is currently running 2 rigs in the Williston. During Q2, the company completed 14 wells, averaging 9,875 feet per lateral. Production from the quarter averaged 34.9 mboe/d, up 19% from 29.4 mboe/d in Q1 2017. Six wells from the Estatis pad posted a 24 hour peak IP average of 2,809 boe/d (81% oil) and 30 day cumulative production averaging 53,303 boe per well. In this pad, the Estatis 32-29HA well posted the highest IP with a 24 hour high of 3,521 boe/d.

The company has been testing multiple stage completion designs with favorable early results. The company tested 3 different designs on 3 different pads named, Caribou, Grizzly, and Beaks. These pads varied on number of stages (40 versus 60), number of clusters per stage (5 versus 10), and proppant load of 6 and 9 million pounds. Thus far, the Caribou and Grizzly are performing well above the 850 mboe type curve and the Beaks is performing slightly below.



Search Data From WPX Energy, Inc. Latest Presentations

Key Slides found in this Presentation
Acquisitions & Divestitures
        Production Rates - Oil
Capital & Finance
        Debt Maturity Schedule
        Hedging
        Capital Structure / Liquidity
        Capital Expenditures
        Operating Costs (LOE)
Data & Charts
        Bar Chart
        Type Curve
Land & Legal
        Acreage & Land
        Locations/Inventory
Maps
        Areas of Operations
        Leasehold Map
        All Maps
Midstream
        Pipelines & Facilities
Portfolio & Operations
        Production Rates
        Production Mix / Split
        Drilling Program
        IP Rates 24-Hour
        IP Rates
        Drilling - Rig Count
        Drilling - Wells Drilled
        IP Rates 30-Day
        Drilling - Wells Completed
        Corporate Production Rates
        Key Wells & Discoveries
Production2
        Cumulative Production
Well Information
        Well Results/Performance


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