Tags: WPX | Energy | Shares | Forecast

WPX Energy Shares Rally on Improved Oil Output Forecast

Wednesday, 06 Aug 2014 05:49 PM

Shares of WPX Energy Inc., the oil and natural gas explorer spun off by pipeline owner Williams Cos., jumped the most since its trading debut after boosting its outlook for crude production.

WPX shares surged 11 percent to $22.98 at Wednesday's close in New York, after earlier gaining as much as 16 percent, the biggest intraday increase since the stock began trading publicly in January 2012.

The company expects U.S. oil production to grow by 55 percent this year, up from its earlier projection of 40 percent, according to an earnings statement. Tulsa, Oklahoma-based WPX also said it will add about 200 drilling locations in the Williston oil region in North Dakota and Montana and plans to increase activity in New Mexico’s San Juan basin as well.

While WPX recorded a second-quarter loss due to a asset sales, the report was positive because of higher-than-expected production, analysts with investment bank Tudor Pickering Holt & Co. said in a note to clients. The oil results were “particularly strong,” according to the note.

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Shares of WPX Energy Inc., the oil and natural gas explorer spun off by pipeline owner Williams Cos., jumped the most since its trading debut after boosting its outlook for crude production.
WPX, Energy, Shares, Forecast
171
2014-49-06
Wednesday, 06 Aug 2014 05:49 PM
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