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WPX Adds Permian Rig, Restarts Bakken Completions
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WPX reported an unaudited second-quarter 2016 net loss attributable to common shareholders of $204 million, or a loss of $0.68 per share on a diluted basis.
Key Points: WPX plans to add a third rig in the Delaware Basin in October to support delineation of the Wolfcamp D and X/Y intervals. WPX is more than doubling its estimate for net resource potential in the Permian's Delaware Basin from 1.1 billion barrels of oil equivalent to approximately 2.4 billion boe and raising the projected number of gross drillable locations from more than 3,600 to more than 5,500. For the first half of 2016, the maximum initial production rates for Wolfcamp A wells averaged 1,024 barrels of oil per day, 36 percent higher than 2015 IP rates. Sixty-day rates for Wolfcamp A wells in the first half of 2016…- ✓ Full news archive — U.S., Canada & international coverage
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