-
Wolfcamp X/Y well hits peak rate of 1,812 Boe/d (70% oil)
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Wolfcamp D well hits peak rate of 2,063 Boe/d (33% oil)
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Spacing test under way to optimize Wolfcamp A development
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Peterson 4-well pad in Williston has 30-day avg. of 5,600 Boe/d
(90% oil)
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Six-well West Lybrook pad hits peak rate of 8,571 Boe/d (70% oil)
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Projecting 25% oil growth in 2017; 50% oil growth in 2018
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Strong hedge position in 2017 and 2018
WPX reported an unaudited third-quarter 2016 net loss attributable to
common shareholders of $245 million, or a loss of $0.72 per share on a
diluted basis, driven by a $238 million net loss on the divestment of
certain transportation contracts. The company’s adjusted net loss in the
third quarter was $0.17 per share. A reconciliation accompanies this
release.
During the third quarter, WPX unveiled its strategy to grow oil
production and EBITDAX at a compound annual growth rate of 20-35 percent
over the next four years. The projected growth is funded with operating
cash flow, cash on-hand and assumes no incremental debt. The company’s
business strategy includes doubling oil production over the next two
years and reducing leverage (the ratio of net debt to EBITDAX) to 2.0x
to 2.5x in the same time span.
“WPX’s forward story is compelling and achievable. Everything is in
place to meet or exceed our objectives,” said Rick Muncrief, president
and chief executive officer. “All three of our assets are performing
exceptionally well and are the platforms for prudent, disciplined
growth.”
In the Delaware Basin, the company added a third rig in October, just
completed its first Wolfcamp X/Y well on bolt-on acreage it acquired
during the third quarter and will break ground on the first phase of its
crude oil gathering system this month.
Also in the Delaware Basin, WPX started a nine-well density test in
September to explore a second landing zone in the Wolfcamp A interval.
The goal is to better understand the upper and lower aspects of the
interval, which may lead to opportunities to increase recoveries, drive
development efficiencies, tighten spacing, limit future interference
from offset wells and guide the next generation of stimulation designs.
In the Williston Basin, WPX resumed completions in August and added a
second rig in late October. Three recent completions in the Wells unit
had peak rates of 3,207 Boe/d, 3,011 Boe/d and 2,590 Boe/d during
initial flowback. Production for all three wells was 83 percent oil.
2017 GUIDANCE
WPX’s 2017 capital budget for drilling and completion activity ranges
from $800-860 million. Half of the capital is targeted for development
in the Delaware Basin.
WPX’s plan would fund an eight-rig program, with five in the Delaware
Basin, two in the Williston Basin and one in the San Juan Basin. WPX
currently has three rigs in the Delaware, with a fourth one rigging up
in a few days and a fifth scheduled to mobilize in early December.
In 2017, the company expects to complete more than 150 operated wells
under its plan, consisting of roughly 70-80 Delaware wells, 38-42
Williston wells and 40-46 San Juan wells. WPX expects to increase
lateral lengths for its Delaware wells in 2017 by more than 35 percent
to an average of over 6,200 feet.
WPX expects total production in 2017 ranging from 97-107 Mboe/d,
including 49-53 Mbbl/d of oil. Cash operating expense (not including
DD&A) is estimated at $9-$10.50 per Boe. This represents a decline in
operating costs by approximately 3 percent on a Boe basis.
WPX expects fourth-quarter 2016 oil production of 42-44 Mbbl/d and total
full-year 2016 equivalent production of approximately 82-87 MBoe/d.
Estimated total equivalent production is approximately 8 percent higher
based on the mid-point of full-year guidance.
Additional information about the company’s 2017 and updated 2016
guidance is available in a slide presentation at www.wpxenergy.com.
THIRD-QUARTER FINANCIAL RESULTS
In addition to the $238 million net loss associated with divesting
Piceance Basin transportation contracts, WPX’s third-quarter 2016
reported financial results were impacted by a $22 million loss on the
induced conversion of preferred stock.
The adjusted net loss from continuing operations (a non-GAAP financial
measure that excludes certain items typically excluded from published
analyst estimates) in the third quarter was $59 million, or a loss of
$0.17 per share. Adjusted EBITDAX (a non-GAAP financial measure) for the
third quarter was $115 million. Through the first nine months of 2016,
adjusted EBITDAX was $340 million. Reconciliations for non-GAAP
financial measures are available in the tables that accompany this press
release.
The weighted average gross sales price – prior to revenue deductions –
for oil was $39.15 per barrel in third-quarter 2016 vs. $39.66 a year
ago. Natural gas prices decreased 5 percent to $2.44 per Mcf. NGL prices
rose 4 percent to $14.92 per barrel.
Third-quarter oil revenues of $139 million accounted for 74 percent of
total product revenues. Total product revenues were $188 million in
third-quarter 2016, up 7 percent vs. the preceding quarter and up 15
percent vs. the same period a year ago.
AMPLE LIQUIDITY FOR GROWTH
WPX’s total liquidity at the close of business on Sept. 30 was
approximately $1.65 billion, consisting of its undrawn capacity on a
revolving credit facility and the company’s unrestricted cash and cash
equivalents.
WPX’s borrowing base of $1.025 billion was reaffirmed during a recent
redetermination process. The company remains in full compliance with the
financial covenants in its credit agreement and has full access to its
credit facility.
Based on current commodity prices, WPX expects to fund its drilling and
completion activities and build a crude oil gathering system in the
Delaware Basin with operating cash flow, cash on-hand and no incremental
debt through 2020.
PRODUCTION OVERVIEW
Total company production volumes were 84.4 Mboe/d in the third quarter,
up 16 percent vs. a year ago. Production declined 1 percent vs. the
preceding quarter, primarily from decreased development activity in the
first half of the year.
Third-quarter oil output of 38,900 bbl/d continues to track closely with
WPX’s high of 41,500 bbl/d in first-quarter 2016 despite reduced
development activity earlier this year. Total liquids accounted for 60
percent of production in third-quarter 2016, up considerably from 34
percent a year ago prior to the company’s disposition of its Piceance
Basin subsidiary.
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Average Daily Production
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3Q
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2Q Sequential
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2016
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2015
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Change
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2016
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Change
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Oil (Mbbl/d)
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Delaware Basin
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14.3
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4.6
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n/m
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13.8
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4%
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Williston Basin
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17.3
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18.9
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-9%
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20.0
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-14%
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San Juan Basin
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7.2
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10.4
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-31%
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7.0
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3%
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Other
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0.0
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0.0
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–
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0.0
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–
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Subtotal (Mbbl/d)
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38.9
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33.9
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15%
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40.9
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-5%
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NGLs (Mbbl/d)
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Delaware Basin
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5.3
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1.6
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n/m
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4.1
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29%
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Williston Basin
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2.0
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2.1
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-5%
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2.1
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-5%
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San Juan Basin
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3.9
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4.1
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-5%
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3.7
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5%
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Other
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0.1
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0.1
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–
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0.1
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–
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Subtotal (Mbbl/d)
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11.4
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8.0
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43%
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10.0
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14%
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Natural gas (MMcf/d)
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Delaware Basin
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52
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19
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n/m
|
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49
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6%
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Williston Basin
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11
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10
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10%
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12
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-8%
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San Juan Basin
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125
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131
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-5%
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127
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-2%
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Other
|
|
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|
18
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|
|
24
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-25%
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|
|
18
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|
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–
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Subtotal (MMcf/d)
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|
|
|
205
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|
|
184
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11%
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|
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206
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-1%
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|
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|
|
|
|
|
|
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|
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Total Production (MMcfe/d)
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|
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506
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|
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435
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16%
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|
|
|
511
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-1%
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Total Production (Mboe/d)
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|
|
|
84.4
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|
|
72.5
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|
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16%
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|
|
|
85.2
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-1%
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|
|
|
|
|
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|
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|
|
|
|
|
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Note: 3Q 2015 Delaware volumes reflect partial quarter results due to
the timing of the acquisition.
For the remainder of 2016, WPX has 30,403 barrels per day of oil hedged
at a weighted average price of $60.13 per barrel. WPX has natural gas
derivatives totaling 145,510 MMBtu per day for the remainder of 2016 at
a weighted average price of $3.93 per MMBtu.
For 2017, WPX has 34,554 barrels per day of oil hedged at a weighted
average price of $51.45 per barrel. WPX also has 170,000 MMBtu per day
of natural gas hedged at a weighted average price of $3.02 per MMBtu.
For 2018, WPX has 20,000 barrels per day of oil hedged at a weighted
average price of $56.96 per barrel. WPX also has 60,000 MMBtu per day of
natural gas hedged at a weighted average price of $2.93 per MMBtu.
WPX participated in the completion of 25 gross (12.6 net) wells in
third-quarter 2016, comparable to 26 gross (14.1 net) in the preceding
quarter.
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3Q 2016 WELL COMPLETIONS
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OPERATED
|
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NON-OPERATED
|
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Gross
|
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Net
|
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|
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Gross
|
|
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Net
|
Delaware Basin
|
|
|
|
7
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|
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7
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|
|
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1
|
|
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0.01
|
Williston Basin
|
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5
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3.6
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0
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0
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San Juan Basin
|
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2
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2
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0
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0
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Other (Green River)
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0
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|
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0
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|
|
10
|
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0.05
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TOTAL
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14
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12.6
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11
|
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0.06
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Note: Delaware completions include 5 Wolfcamp A wells and 2 Wolfcamp
D wells.
Total capital spending in the first three quarters of 2016 was $424
million, including approximately $60 million in land purchases and $27
million in Piceance activity that was reimbursed in conjunction with the
divestiture of that business.
Projected 2016 capital spending for drilling and completion activity
only remains in line with the company’s guidance of up to $450 million
for the full year.
DELAWARE BASIN OPERATIONS UPDATE
WPX operates in the core of the Permian’s world-class Delaware Basin,
where the company has more than 5,500 gross drillable locations across
13 prospective intervals based on a resource assessment conducted this
summer.
Delaware production averaged 28.3 Mboe per day in the third quarter, up
9 percent vs. the preceding quarter from greater gas and NGL volumes due
in part to delineation work in the Wolfcamp D horizon. WPX’s oil volumes
in the basin increased 4 percent vs. the preceding quarter.
During the third quarter, WPX closed a previously announced bolt-on
acquisition involving a privately held undisclosed seller. The acreage
is close to WPX’s acreage position in central Eddy County, New Mexico.
Since closing the RKI acquisition in August 2015, WPX has added roughly
12,300 net acres in the Permian Basin at an average cost of $7,900 per
acre. Including the bolt-ons, WPX now has 102,000 net acres in the basin.
Subsequent to closing a bolt-on purchase, WPX proceeded to drill its
first 1-mile Wolfcamp X/Y delineation well, the C-State 16-1H. WPX
drilled the well in just 17.5 days, the company’s best drilling time to
date in the basin. The well had a 24-hour IP of 1,812 Boe/d (70% oil)
with a completed well cost of approximately $5.1 million, including
facilities.
WPX has initiated delineation work in the Wolfcamp D interval, as well,
by bringing its first two Wolfcamp D wells to first sales during the
third quarter. The well results are consistent with offset operator
wells to the west.
The East Pecos 22-14H well in the D interval had a 24-hour peak rate of
2,063 Boe/d (33% oil) at a flowing casing pressure of 3,800 PSI. The
Lindsay 16-6H well in the D interval posted a 24-hour peak rate of 1,662
Boe/d (18% oil) at a flowing casing pressure of 4,400 PSI.
WPX is scheduled to spud its second long lateral in the Delaware Basin –
a 2-mile lateral from the CBR 6-7 pad – in December. This is the first
of four 2-mile laterals scheduled in CBR sections 6 and 7. In late
December, WPX also is scheduled to spud a 1.5-mile lateral on the
Lindsay 10-15 pad.
Drilling on the previously mentioned nine-well spacing test in the upper
and lower Wolfcamp A is expected to conclude in January, with first
sales expected in February and March. The project is designed to
validate 16-well Wolfcamp A drilling spacing units.
Progress also is occurring on WPX’s midstream expansion. The company is
ready to break ground on the first phase of its Permian crude oil
gathering system this month, with an in-service date for the first 13
miles of pipe set for the first quarter of 2017. WPX is planning a total
installation of approximately 50 miles of crude oil pipe to support its
Delaware production.
WILLISTON BASIN OPERATIONS UPDATE
WPX’s Williston Basin production comes from the Bakken and Three Forks
formations. Approximately 85 percent of the production stream is oil.
Completion activity in the basin resumed in August, starting with the
Peterson four-well pad. WPX is working to complete three to four wells
per month through December.
After 30 days, the four-well Peterson pad had cumulative production
exceeding 167,000 Boe (90% oil). The average peak rate during initial
production was 1,998 Boe/d per well, with the Peterson 6-5-4 HD well
hitting a high of 2,173 Boe/d. All of the Peterson wells are 3-mile
laterals completed with 9-million-pound stimulations.
Subsequent to the close of the third quarter, three completions in the
Wells unit produced even higher IPs. As previously mentioned, the wells
posted peak rates of 3,207 Boe/d, 3,011 Boe/d and 2,590 Boe/d during
initial flowback. These 2-mile laterals were completed with
6-million-pound stimulations.
During the third-quarter, WPX drilled the Behr 30-31HI on a 3-well pad
in just 11.9 days, marking a dramatic jump from the company’s previous
best of 16.3 days for a 2-mile well in the basin which occurred in the
second quarter.
SAN JUAN BASIN OPERATIONS UPDATE
WPX produces oil in the southern end of the San Juan Basin from the
Gallup Sandstone and has a legacy natural gas position in the northern
end of the basin, including considerable dry Mancos upside.
WPX’s six-well pad in the West Lybrook unit now has 60 days of
cumulative production of approximately 365,000 Boe (70% oil), which
represents an average of just over 1,000 Boe/d per well. The pad had a
peak rate of 8,571 Boe/d during initial production despite early-time
facilities constraints.
During the third quarter, WPX completed its first two wells in the
Kimbeto Wash and North Escavada federal units. These units are located
east and west of WPX’s most recent activity in the West Lybrook unit.
Cumulative 30-day production from these step-out locations exceeds
70,000 Boe (67% oil), which represent a combined average of more than
1,100 Boe/d per well.
Drilling times averaged just under nine days per well. One of the wells,
a 1-mile lateral, was completed with a 5-million-pound stimulation. The
other well, a 1.5-mile lateral, was completed with an 8-million-pound
stimulation.
JOIN THURSDAY’S WEBCAST
The company’s next webcast takes place on Nov. 3 beginning at 10 a.m.
Eastern. Investors are encouraged to access the event and the
corresponding slides at www.wpxenergy.com.
A limited number of phone lines also will be available at (844)
215-3288. International callers should dial (615) 247-5915. The
conference identification code is 78803708.
FORM 10-Q
WPX plans to file its third-quarter 2016 Form 10-Q with the Securities
and Exchange Commission this week. Once filed, the document will be
available on the SEC and WPX websites.
About WPX Energy, Inc.
WPX is an oil-focused energy company with operations in the Permian’s
Delaware Basin, the Williston Basin and the San Juan Basin. The company
has reshaped its holdings through more than $5 billion of transactions
and posted double-digit oil volume growth in each of the past four years.
This press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the
control of the company. Statements regarding future drilling and
production are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil
and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise. WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our
filings with the Securities and Exchange Commission, available from us
at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa,
Okla., 74102, or from the SEC’s website at www.sec.gov.
Additionally, the SEC requires oil and gas companies, in filings made
with the SEC, to disclose proved reserves, which are those quantities of
oil and gas, which, by analysis of geoscience and engineering data, can
be estimated with reasonable certainty to be economically producible –
from a given date forward, from known reservoirs, under existing
economic conditions, operating methods, and governmental regulations.
The SEC permits the optional disclosure of probable and possible
reserves. From time to time, we elect to use “probable” reserves and
“possible” reserves, excluding their valuation. The SEC defines
“probable” reserves as “those additional reserves that are less certain
to be recovered than proved reserves but which, together with proved
reserves, are as likely as not to be recovered.” The SEC defines
“possible” reserves as “those additional reserves that are less certain
to be recovered than probable reserves.” The Company has applied these
definitions in estimating probable and possible reserves. Statements of
reserves are only estimates and may not correspond to the ultimate
quantities of oil and gas recovered. Any reserve estimates provided in
this presentation that are not specifically designated as being
estimates of proved reserves may include estimated reserves not
necessarily calculated in accordance with, or contemplated by, the SEC’s
reserves reporting guidelines. Investors are urged to consider closely
the disclosure in our SEC filings that may be accessed through the SEC’s
website at www.sec.gov.
The SEC’s rules prohibit us from filing resource estimates. Our
resource estimations include estimates of hydrocarbon quantities for (i)
new areas for which we do not have sufficient information to date to
classify as proved, probable or even possible reserves, (ii) other areas
to take into account the low level of certainty of recovery of the
resources and (iii) uneconomic proved, probable or possible reserves.
Resource estimates do not take into account the certainty of resource
recovery and are therefore not indicative of the expected future
recovery and should not be relied upon. Resource estimates might never
be recovered and are contingent on exploration success, technical
improvements in drilling access, commerciality and other factors.
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WPX Energy, Inc.
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Consolidated (GAAP)
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(UNAUDITED)
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2015
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2016
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(Dollars in millions)
|
|
|
|
1st Qtr
|
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|
2nd Qtr
|
|
|
3rd Qtr
|
|
|
4th Qtr
|
|
|
YTD
|
|
|
|
1st Qtr
|
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2nd Qtr
|
|
|
3rd Qtr
|
|
|
YTD
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Revenues:
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Product revenues:
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|
|
|
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|
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|
|
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Oil sales
|
|
|
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$
|
112
|
|
|
|
$
|
138
|
|
|
|
$
|
120
|
|
|
|
$
|
124
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|
|
|
$
|
494
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|
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|
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$
|
97
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|
|
|
$
|
142
|
|
|
|
$
|
139
|
|
|
|
$
|
378
|
|
Natural gas sales
|
|
|
|
|
41
|
|
|
|
|
26
|
|
|
|
|
37
|
|
|
|
|
34
|
|
|
|
|
138
|
|
|
|
|
|
25
|
|
|
|
|
24
|
|
|
|
|
37
|
|
|
|
|
86
|
|
Natural gas liquid sales
|
|
|
|
|
3
|
|
|
|
|
5
|
|
|
|
|
6
|
|
|
|
|
9
|
|
|
|
|
23
|
|
|
|
|
|
5
|
|
|
|
|
10
|
|
|
|
|
12
|
|
|
|
|
27
|
|
Total product revenues
|
|
|
|
|
156
|
|
|
|
|
169
|
|
|
|
|
163
|
|
|
|
|
167
|
|
|
|
|
655
|
|
|
|
|
|
127
|
|
|
|
|
176
|
|
|
|
|
188
|
|
|
|
|
491
|
|
Gas management
|
|
|
|
|
157
|
|
|
|
|
56
|
|
|
|
|
35
|
|
|
|
|
38
|
|
|
|
|
286
|
|
|
|
|
|
31
|
|
|
|
|
116
|
|
|
|
|
25
|
|
|
|
|
172
|
|
Net gain (loss) on derivatives
|
|
|
|
|
105
|
|
|
|
|
(71
|
)
|
|
|
|
205
|
|
|
|
|
179
|
|
|
|
|
418
|
|
|
|
|
|
57
|
|
|
|
|
(154
|
)
|
|
|
|
38
|
|
|
|
|
(59
|
)
|
Other
|
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
1
|
|
|
|
|
7
|
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1
|
|
Total revenues
|
|
|
|
|
420
|
|
|
|
|
154
|
|
|
|
|
407
|
|
|
|
|
385
|
|
|
|
|
1,366
|
|
|
|
|
|
216
|
|
|
|
|
138
|
|
|
|
|
251
|
|
|
|
|
605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and facility operating
|
|
|
|
|
35
|
|
|
|
|
32
|
|
|
|
|
34
|
|
|
|
|
44
|
|
|
|
|
145
|
|
|
|
|
|
42
|
|
|
|
|
41
|
|
|
|
|
40
|
|
|
|
|
123
|
|
Gathering, processing and transportation
|
|
|
|
|
17
|
|
|
|
|
16
|
|
|
|
|
17
|
|
|
|
|
14
|
|
|
|
|
64
|
|
|
|
|
|
16
|
|
|
|
|
20
|
|
|
|
|
19
|
|
|
|
|
55
|
|
Taxes other than income
|
|
|
|
|
15
|
|
|
|
|
16
|
|
|
|
|
14
|
|
|
|
|
17
|
|
|
|
|
62
|
|
|
|
|
|
11
|
|
|
|
|
16
|
|
|
|
|
14
|
|
|
|
|
41
|
|
Gas management, including charges for unutilized pipeline capacity
|
|
|
|
|
109
|
|
|
|
|
58
|
|
|
|
|
43
|
|
|
|
|
51
|
|
|
|
|
261
|
|
|
|
|
|
39
|
|
|
|
|
132
|
|
|
|
|
31
|
|
|
|
|
202
|
|
Exploration
|
|
|
|
|
7
|
|
|
|
|
6
|
|
|
|
|
56
|
|
|
|
|
16
|
|
|
|
|
85
|
|
|
|
|
|
9
|
|
|
|
|
12
|
|
|
|
|
10
|
|
|
|
|
31
|
|
Depreciation, depletion and amortization
|
|
|
|
|
117
|
|
|
|
|
123
|
|
|
|
|
136
|
|
|
|
|
152
|
|
|
|
|
528
|
|
|
|
|
|
152
|
|
|
|
|
163
|
|
|
|
|
150
|
|
|
|
|
465
|
|
Net (gain) loss on sales of assets and divestment of transportation
contracts
|
|
|
|
|
(69
|
)
|
|
|
|
(208
|
)
|
|
|
|
(2
|
)
|
|
|
|
(70
|
)
|
|
|
|
(349
|
)
|
|
|
|
|
(198
|
)
|
|
|
|
(4
|
)
|
|
|
|
227
|
|
|
|
|
25
|
|
General and administrative
|
|
|
|
|
54
|
|
|
|
|
53
|
|
|
|
|
45
|
|
|
|
|
58
|
|
|
|
|
210
|
|
|
|
|
|
53
|
|
|
|
|
55
|
|
|
|
|
51
|
|
|
|
|
159
|
|
Acquisition costs
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
23
|
|
|
|
|
-
|
|
|
|
|
23
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Other-net
|
|
|
|
|
22
|
|
|
|
|
3
|
|
|
|
|
8
|
|
|
|
|
30
|
|
|
|
|
63
|
|
|
|
|
|
2
|
|
|
|
|
2
|
|
|
|
|
10
|
|
|
|
|
14
|
|
Total costs and expenses
|
|
|
|
|
307
|
|
|
|
|
99
|
|
|
|
|
374
|
|
|
|
|
312
|
|
|
|
|
1,092
|
|
|
|
|
|
126
|
|
|
|
|
437
|
|
|
|
|
552
|
|
|
|
|
1,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
113
|
|
|
|
|
55
|
|
|
|
|
33
|
|
|
|
|
73
|
|
|
|
|
274
|
|
|
|
|
|
90
|
|
|
|
|
(299
|
)
|
|
|
|
(301
|
)
|
|
|
|
(510
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
(33
|
)
|
|
|
|
(32
|
)
|
|
|
|
(65
|
)
|
|
|
|
(57
|
)
|
|
|
|
(187
|
)
|
|
|
|
|
(57
|
)
|
|
|
|
(53
|
)
|
|
|
|
(49
|
)
|
|
|
|
(159
|
)
|
Gain (loss) on extinguishment of debt
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(65
|
)
|
|
|
|
-
|
|
|
|
|
(65
|
)
|
|
|
|
|
3
|
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
Investment income and other
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
(4
|
)
|
|
|
|
(2
|
)
|
|
|
|
|
(1
|
)
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
$
|
81
|
|
|
|
$
|
24
|
|
|
|
$
|
(97
|
)
|
|
|
$
|
12
|
|
|
|
$
|
20
|
|
|
|
|
$
|
35
|
|
|
|
$
|
(353
|
)
|
|
|
$
|
(350
|
)
|
|
|
$
|
(668
|
)
|
Provision (benefit) for income taxes
|
|
|
|
|
29
|
|
|
|
|
1
|
|
|
|
|
(27
|
)
|
|
|
|
21
|
|
|
|
|
24
|
|
|
|
|
|
35
|
|
|
|
|
(130
|
)
|
|
|
|
(132
|
)
|
|
|
|
(227
|
)
|
Income (loss) from continuing operations
|
|
|
|
$
|
52
|
|
|
|
$
|
23
|
|
|
|
$
|
(70
|
)
|
|
|
$
|
(9
|
)
|
|
|
$
|
(4
|
)
|
|
|
|
$
|
-
|
|
|
|
$
|
(223
|
)
|
|
|
$
|
(218
|
)
|
|
|
$
|
(441
|
)
|
Income (loss) from discontinued operations
|
|
|
|
|
16
|
|
|
|
|
(53
|
)
|
|
|
|
(160
|
)
|
|
|
|
(1,525
|
)
|
|
|
|
(1,722
|
)
|
|
|
|
|
(12
|
)
|
|
|
|
25
|
|
|
|
|
(1
|
)
|
|
|
|
12
|
|
Net income (loss)
|
|
|
|
$
|
68
|
|
|
|
$
|
(30
|
)
|
|
|
$
|
(230
|
)
|
|
|
$
|
(1,534
|
)
|
|
|
$
|
(1,726
|
)
|
|
|
|
$
|
(12
|
)
|
|
|
$
|
(198
|
)
|
|
|
$
|
(219
|
)
|
|
|
$
|
(429
|
)
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Net income (loss) attributable to WPX Energy, Inc.
|
|
|
|
$
|
67
|
|
|
|
$
|
(30
|
)
|
|
|
$
|
(230
|
)
|
|
|
$
|
(1,534
|
)
|
|
|
$
|
(1,727
|
)
|
|
|
|
$
|
(12
|
)
|
|
|
$
|
(198
|
)
|
|
|
$
|
(219
|
)
|
|
|
$
|
(429
|
)
|
Less: Dividends on preferred stock
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
5
|
|
|
|
|
9
|
|
|
|
|
|
5
|
|
|
|
|
6
|
|
|
|
|
4
|
|
|
|
|
15
|
|
Less: Loss on induced conversion of preferred stock
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
22
|
|
|
|
|
22
|
|
Net income (loss) attributable to WPX Energy, Inc. common
stockholders
|
|
|
|
$
|
67
|
|
|
|
$
|
(30
|
)
|
|
|
$
|
(234
|
)
|
|
|
$
|
(1,539
|
)
|
|
|
$
|
(1,736
|
)
|
|
|
|
$
|
(17
|
)
|
|
|
$
|
(204
|
)
|
|
|
$
|
(245
|
)
|
|
|
$
|
(466
|
)
|
Amounts attributable to WPX Energy, Inc. common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
52
|
|
|
|
$
|
23
|
|
|
|
$
|
(74
|
)
|
|
|
$
|
(14
|
)
|
|
|
$
|
(13
|
)
|
|
|
|
$
|
(5
|
)
|
|
|
$
|
(229
|
)
|
|
|
$
|
(244
|
)
|
|
|
$
|
(478
|
)
|
Income (loss) from discontinued operations
|
|
|
|
|
15
|
|
|
|
|
(53
|
)
|
|
|
|
(160
|
)
|
|
|
|
(1,525
|
)
|
|
|
|
(1,723
|
)
|
|
|
|
|
(12
|
)
|
|
|
|
25
|
|
|
|
|
(1
|
)
|
|
|
|
12
|
|
Net income (loss)
|
|
|
|
$
|
67
|
|
|
|
$
|
(30
|
)
|
|
|
$
|
(234
|
)
|
|
|
$
|
(1,539
|
)
|
|
|
$
|
(1,736
|
)
|
|
|
|
$
|
(17
|
)
|
|
|
$
|
(204
|
)
|
|
|
$
|
(245
|
)
|
|
|
$
|
(466
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Production Volumes (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls)
|
|
|
|
|
2,972
|
|
|
|
|
2,832
|
|
|
|
|
3,123
|
|
|
|
|
3,551
|
|
|
|
|
12,479
|
|
|
|
|
|
3,774
|
|
|
|
|
3,719
|
|
|
|
|
3,576
|
|
|
|
|
11,069
|
|
Natural gas (MMcf)
|
|
|
|
|
15,832
|
|
|
|
|
14,913
|
|
|
|
|
16,901
|
|
|
|
|
18,542
|
|
|
|
|
66,187
|
|
|
|
|
|
16,820
|
|
|
|
|
18,764
|
|
|
|
|
18,845
|
|
|
|
|
54,428
|
|
Natural gas liquids (MBbls)
|
|
|
|
|
379
|
|
|
|
|
476
|
|
|
|
|
733
|
|
|
|
|
823
|
|
|
|
|
2,412
|
|
|
|
|
|
708
|
|
|
|
|
909
|
|
|
|
|
1,047
|
|
|
|
|
2,663
|
|
Combined equivalent volumes (MBoe) (2)
|
|
|
|
|
5,990
|
|
|
|
|
5,794
|
|
|
|
|
6,673
|
|
|
|
|
7,465
|
|
|
|
|
25,922
|
|
|
|
|
|
7,285
|
|
|
|
|
7,755
|
|
|
|
|
7,764
|
|
|
|
|
22,804
|
|
Per day volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (MBbls/d)
|
|
|
|
|
33.0
|
|
|
|
|
31.1
|
|
|
|
|
33.9
|
|
|
|
|
38.6
|
|
|
|
|
34.2
|
|
|
|
|
|
41.5
|
|
|
|
|
40.9
|
|
|
|
|
38.9
|
|
|
|
|
40.4
|
|
Natural gas (MMcf/d)
|
|
|
|
|
176
|
|
|
|
|
164
|
|
|
|
|
184
|
|
|
|
|
202
|
|
|
|
|
181
|
|
|
|
|
|
185
|
|
|
|
|
206
|
|
|
|
|
205
|
|
|
|
|
199
|
|
Natural gas liquids (MBbls/d)
|
|
|
|
|
4.2
|
|
|
|
|
5.2
|
|
|
|
|
8.0
|
|
|
|
|
9.0
|
|
|
|
|
6.6
|
|
|
|
|
|
7.8
|
|
|
|
|
10.0
|
|
|
|
|
11.4
|
|
|
|
|
9.7
|
|
Combined equivalent volumes (Mboe/d) (2)
|
|
|
|
|
66.6
|
|
|
|
|
63.7
|
|
|
|
|
72.5
|
|
|
|
|
81.1
|
|
|
|
|
71.0
|
|
|
|
|
|
80.1
|
|
|
|
|
85.2
|
|
|
|
|
84.4
|
|
|
|
|
83.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
(2) Mboe is converted using the ratio of one barrel of oil,
condensate or natural gas liquids to six thousand cubic feet of
natural gas.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized average price per unit (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil (per barrel)
|
|
|
|
$
|
37.69
|
|
|
|
$
|
48.75
|
|
|
|
$
|
38.23
|
|
|
|
$
|
35.14
|
|
|
|
$
|
39.61
|
|
|
|
|
$
|
25.62
|
|
|
|
$
|
38.38
|
|
|
|
$
|
38.71
|
|
|
|
$
|
34.14
|
|
Natural gas (per Mcf)
|
|
|
|
$
|
2.59
|
|
|
|
$
|
1.76
|
|
|
|
$
|
2.18
|
|
|
|
$
|
1.81
|
|
|
|
$
|
2.08
|
|
|
|
|
$
|
1.52
|
|
|
|
$
|
1.23
|
|
|
|
$
|
1.97
|
|
|
|
$
|
1.58
|
|
Natural gas liquids (per barrel)
|
|
|
|
$
|
9.30
|
|
|
|
$
|
9.81
|
|
|
|
$
|
8.76
|
|
|
|
$
|
9.75
|
|
|
|
$
|
9.39
|
|
|
|
|
$
|
7.14
|
|
|
|
$
|
11.21
|
|
|
|
$
|
11.50
|
|
|
|
$
|
10.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses per Boe (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and facility operating
|
|
|
|
$
|
5.90
|
|
|
|
$
|
5.54
|
|
|
|
$
|
5.07
|
|
|
|
$
|
5.82
|
|
|
|
$
|
5.59
|
|
|
|
|
$
|
5.74
|
|
|
|
$
|
5.34
|
|
|
|
$
|
5.07
|
|
|
|
$
|
5.37
|
|
Gathering, processing and transportation
|
|
|
|
$
|
2.91
|
|
|
|
$
|
2.65
|
|
|
|
$
|
2.53
|
|
|
|
$
|
1.95
|
|
|
|
$
|
2.48
|
|
|
|
|
$
|
2.17
|
|
|
|
$
|
2.57
|
|
|
|
$
|
2.51
|
|
|
|
$
|
2.42
|
|
Taxes other than income
|
|
|
|
$
|
2.45
|
|
|
|
$
|
2.83
|
|
|
|
$
|
2.06
|
|
|
|
$
|
2.26
|
|
|
|
$
|
2.38
|
|
|
|
|
$
|
1.47
|
|
|
|
$
|
2.05
|
|
|
|
$
|
1.84
|
|
|
|
$
|
1.79
|
|
Depreciation, depletion and amortization
|
|
|
|
$
|
19.56
|
|
|
|
$
|
21.21
|
|
|
|
$
|
20.37
|
|
|
|
$
|
20.43
|
|
|
|
$
|
20.39
|
|
|
|
|
$
|
20.93
|
|
|
|
$
|
21.02
|
|
|
|
$
|
19.30
|
|
|
|
$
|
20.40
|
|
General and administrative
|
|
|
|
$
|
8.94
|
|
|
|
$
|
9.21
|
|
|
|
$
|
6.72
|
|
|
|
$
|
7.88
|
|
|
|
$
|
8.12
|
|
|
|
|
$
|
7.34
|
|
|
|
$
|
7.09
|
|
|
|
$
|
6.50
|
|
|
|
$
|
6.97
|
|
Interest Expense
|
|
|
|
$
|
5.56
|
|
|
|
$
|
5.53
|
|
|
|
$
|
9.67
|
|
|
|
$
|
7.78
|
|
|
|
$
|
7.25
|
|
|
|
|
$
|
7.89
|
|
|
|
$
|
6.72
|
|
|
|
$
|
6.40
|
|
|
|
$
|
6.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes our Piceance Basin, Powder River Basin and
international operations, which were classified as discontinued
operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Reconciliation of Adjusted EPS and EBITDAX (NON-GAAP)
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
|
|
2016
|
(Dollars in millions, except per share amounts)
|
|
|
|
1st Qtr
|
|
|
2nd Qtr
|
|
|
3rd Qtr
|
|
|
4th Qtr
|
|
|
Year
|
|
|
|
1st Qtr
|
|
|
2nd Qtr
|
|
|
3rd Qtr
|
|
|
YTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to WPX
Energy, Inc. available to common stockholders
|
|
|
|
$
|
52
|
|
|
|
$
|
23
|
|
|
|
$
|
(74
|
)
|
|
|
$
|
(14
|
)
|
|
|
$
|
(13
|
)
|
|
|
|
$
|
(5
|
)
|
|
|
$
|
(229
|
)
|
|
|
$
|
(244
|
)
|
|
|
$
|
(478
|
)
|
Income (loss) from continuing operations - diluted earnings per
share
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.11
|
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
(0.06
|
)
|
|
|
|
$
|
(0.02
|
)
|
|
|
$
|
(0.76
|
)
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(1.58
|
)
|
Pre-tax adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments- exploratory related and inventory
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
47
|
|
|
|
$
|
3
|
|
|
|
$
|
50
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
4
|
|
|
|
$
|
4
|
|
Net (gain) loss on sales of assets and divestment of transportation
contracts
|
|
|
|
$
|
(69
|
)
|
|
|
$
|
(208
|
)
|
|
|
$
|
(2
|
)
|
|
|
$
|
(70
|
)
|
|
|
$
|
(349
|
)
|
|
|
|
$
|
(198
|
)
|
|
|
$
|
(4
|
)
|
|
|
$
|
227
|
|
|
|
$
|
25
|
|
Contract termination and early rig release expenses
|
|
|
|
$
|
26
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
5
|
|
|
|
$
|
31
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Accrual for Denver office lease
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
5
|
|
|
|
$
|
5
|
|
Accrual for certain future gathering obligations associated with an
abandoned area
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
23
|
|
|
|
$
|
23
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Costs related to severance and relocation
|
|
|
|
$
|
8
|
|
|
|
$
|
7
|
|
|
|
$
|
1
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
15
|
|
|
|
|
$
|
3
|
|
|
|
$
|
7
|
|
|
|
$
|
3
|
|
|
|
$
|
13
|
|
Costs related to acquisition (including loss on acquired debt
extinguishment)
|
|
|
|
$
|
-
|
|
|
|
$
|
1
|
|
|
|
$
|
103
|
|
|
|
$
|
1
|
|
|
|
$
|
105
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Previously capitalized costs expensed following credit facility
amendment
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
4
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
4
|
|
(Gain) loss on retirement of debt
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
(3
|
)
|
|
|
$
|
3
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
Unrealized MTM (gain) loss
|
|
|
|
$
|
30
|
|
|
|
$
|
203
|
|
|
|
$
|
(50
|
)
|
|
|
$
|
16
|
|
|
|
$
|
199
|
|
|
|
|
$
|
76
|
|
|
|
$
|
223
|
|
|
|
$
|
20
|
|
|
|
$
|
319
|
|
Total pre-tax adjustments
|
|
|
|
$
|
(5
|
)
|
|
|
$
|
3
|
|
|
|
$
|
99
|
|
|
|
$
|
(23
|
)
|
|
|
$
|
74
|
|
|
|
|
$
|
(118
|
)
|
|
|
$
|
229
|
|
|
|
$
|
259
|
|
|
|
$
|
370
|
|
Less tax effect for above items
|
|
|
|
$
|
2
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
(35
|
)
|
|
|
$
|
7
|
|
|
|
$
|
(27
|
)
|
|
|
|
$
|
43
|
|
|
|
$
|
(85
|
)
|
|
|
$
|
(96
|
)
|
|
|
$
|
(137
|
)
|
Impact of state deferred tax rate change
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
7
|
|
|
|
$
|
7
|
|
|
|
|
$
|
14
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
14
|
|
Impact of state tax valuation allowance
|
|
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
8
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
8
|
|
Loss on induced conversion of preferred stock
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
22
|
|
|
|
$
|
22
|
|
Total after-tax adjustments
|
|
|
|
$
|
(3
|
)
|
|
|
$
|
2
|
|
|
|
$
|
64
|
|
|
|
$
|
(9
|
)
|
|
|
$
|
54
|
|
|
|
|
$
|
(53
|
)
|
|
|
$
|
144
|
|
|
|
$
|
185
|
|
|
|
$
|
277
|
|
Adjusted income (loss) from continuing operations available to
common stockholders
|
|
|
|
$
|
49
|
|
|
|
$
|
25
|
|
|
|
$
|
(10
|
)
|
|
|
$
|
(23
|
)
|
|
|
$
|
41
|
|
|
|
|
$
|
(58
|
)
|
|
|
$
|
(85
|
)
|
|
|
$
|
(59
|
)
|
|
|
$
|
(201
|
)
|
Adjusted diluted earnings (loss) per common share
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.12
|
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
(0.08
|
)
|
|
|
$
|
0.17
|
|
|
|
|
$
|
(0.21
|
)
|
|
|
$
|
(0.28
|
)
|
|
|
$
|
(0.17
|
)
|
|
|
$
|
(0.66
|
)
|
Diluted weighted-average shares (millions)
|
|
|
|
|
205.9
|
|
|
|
|
206.8
|
|
|
|
|
251.2
|
|
|
|
|
275.4
|
|
|
|
|
234.2
|
|
|
|
|
|
276.1
|
|
|
|
|
300.7
|
|
|
|
|
341.5
|
|
|
|
|
302.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
68
|
|
|
|
$
|
(30
|
)
|
|
|
$
|
(230
|
)
|
|
|
$
|
(1,534
|
)
|
|
|
$
|
(1,726
|
)
|
|
|
|
$
|
(12
|
)
|
|
|
$
|
(198
|
)
|
|
|
$
|
(219
|
)
|
|
|
$
|
(429
|
)
|
Interest expense
|
|
|
|
|
33
|
|
|
|
|
32
|
|
|
|
|
65
|
|
|
|
|
57
|
|
|
|
|
187
|
|
|
|
|
|
57
|
|
|
|
|
53
|
|
|
|
|
49
|
|
|
|
|
159
|
|
Provision (benefit) for income taxes
|
|
|
|
|
29
|
|
|
|
|
1
|
|
|
|
|
(27
|
)
|
|
|
|
21
|
|
|
|
|
24
|
|
|
|
|
|
35
|
|
|
|
|
(130
|
)
|
|
|
|
(132
|
)
|
|
|
|
(227
|
)
|
Depreciation, depletion and amortization
|
|
|
|
|
117
|
|
|
|
|
123
|
|
|
|
|
136
|
|
|
|
|
152
|
|
|
|
|
528
|
|
|
|
|
|
152
|
|
|
|
|
163
|
|
|
|
|
150
|
|
|
|
|
465
|
|
Exploration expenses
|
|
|
|
|
7
|
|
|
|
|
6
|
|
|
|
|
56
|
|
|
|
|
16
|
|
|
|
|
85
|
|
|
|
|
|
9
|
|
|
|
|
12
|
|
|
|
|
10
|
|
|
|
|
31
|
|
EBITDAX
|
|
|
|
|
254
|
|
|
|
|
132
|
|
|
|
|
-
|
|
|
|
|
(1,288
|
)
|
|
|
|
(902
|
)
|
|
|
|
|
241
|
|
|
|
|
(100
|
)
|
|
|
|
(142
|
)
|
|
|
|
(1
|
)
|
Accrual for Denver office lease
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5
|
|
|
|
|
5
|
|
Accrual for certain future gathering obligations associated with an
abandoned area
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
23
|
|
|
|
|
23
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Net (gain) loss on sales of assets and divestment of transportation
contracts
|
|
|
|
|
(69
|
)
|
|
|
|
(208
|
)
|
|
|
|
(2
|
)
|
|
|
|
(70
|
)
|
|
|
|
(349
|
)
|
|
|
|
|
(198
|
)
|
|
|
|
(4
|
)
|
|
|
|
227
|
|
|
|
|
25
|
|
Impairment of inventory
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
4
|
|
RKI acquisition costs and loss on extinguishment of acquired debt
|
|
|
|
|
-
|
|
|
|
|
1
|
|
|
|
|
87
|
|
|
|
|
-
|
|
|
|
|
88
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Net (gain) loss on derivatives
|
|
|
|
|
(105
|
)
|
|
|
|
71
|
|
|
|
|
(205
|
)
|
|
|
|
(179
|
)
|
|
|
|
(418
|
)
|
|
|
|
|
(57
|
)
|
|
|
|
154
|
|
|
|
|
(38
|
)
|
|
|
|
59
|
|
Net cash received (paid) related to settlement of derivatives
|
|
|
|
|
135
|
|
|
|
|
132
|
|
|
|
|
155
|
|
|
|
|
195
|
|
|
|
|
617
|
|
|
|
|
|
133
|
|
|
|
|
69
|
|
|
|
|
58
|
|
|
|
|
260
|
|
(Income) loss from discontinued operations
|
|
|
|
|
(16
|
)
|
|
|
|
53
|
|
|
|
|
160
|
|
|
|
|
1,525
|
|
|
|
|
1,722
|
|
|
|
|
|
12
|
|
|
|
|
(25
|
)
|
|
|
|
1
|
|
|
|
|
(12
|
)
|
Adjusted EBITDAX
|
|
|
|
$
|
199
|
|
|
|
$
|
181
|
|
|
|
$
|
195
|
|
|
|
$
|
206
|
|
|
|
$
|
781
|
|
|
|
|
$
|
131
|
|
|
|
$
|
94
|
|
|
|
$
|
115
|
|
|
|
$
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
|
Nine months ended September 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(Millions, except per share amounts)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil sales
|
|
|
|
$
|
139
|
|
|
|
$
|
120
|
|
|
|
|
$
|
378
|
|
|
|
$
|
370
|
|
Natural gas sales
|
|
|
|
|
37
|
|
|
|
|
37
|
|
|
|
|
|
86
|
|
|
|
|
104
|
|
Natural gas liquid sales
|
|
|
|
|
12
|
|
|
|
|
6
|
|
|
|
|
|
27
|
|
|
|
|
14
|
|
Total product revenues
|
|
|
|
|
188
|
|
|
|
|
163
|
|
|
|
|
|
491
|
|
|
|
|
488
|
|
Gas management
|
|
|
|
|
25
|
|
|
|
|
35
|
|
|
|
|
|
172
|
|
|
|
|
248
|
|
Net gain (loss) on derivatives
|
|
|
|
|
38
|
|
|
|
|
205
|
|
|
|
|
|
(59
|
)
|
|
|
|
239
|
|
Other
|
|
|
|
|
-
|
|
|
|
|
4
|
|
|
|
|
|
1
|
|
|
|
|
6
|
|
Total revenues
|
|
|
|
|
251
|
|
|
|
|
407
|
|
|
|
|
|
605
|
|
|
|
|
981
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease and facility operating
|
|
|
|
|
40
|
|
|
|
|
34
|
|
|
|
|
|
123
|
|
|
|
|
101
|
|
Gathering, processing and transportation
|
|
|
|
|
19
|
|
|
|
|
17
|
|
|
|
|
|
55
|
|
|
|
|
50
|
|
Taxes other than income
|
|
|
|
|
14
|
|
|
|
|
14
|
|
|
|
|
|
41
|
|
|
|
|
45
|
|
Gas management, including charges for unutilized pipeline capacity
|
|
|
|
|
31
|
|
|
|
|
43
|
|
|
|
|
|
202
|
|
|
|
|
210
|
|
Exploration
|
|
|
|
|
10
|
|
|
|
|
56
|
|
|
|
|
|
31
|
|
|
|
|
69
|
|
Depreciation, depletion and amortization
|
|
|
|
|
150
|
|
|
|
|
136
|
|
|
|
|
|
465
|
|
|
|
|
376
|
|
Net (gain) loss on sales of assets and divestment of transportation
contracts
|
|
|
|
|
227
|
|
|
|
|
(2
|
)
|
|
|
|
|
25
|
|
|
|
|
(279
|
)
|
General and administrative (including non-cash equity-based
compensation of $10 million, $7 million, $25 million and $24 million
for the respective periods)
|
|
|
|
|
51
|
|
|
|
|
45
|
|
|
|
|
|
159
|
|
|
|
|
152
|
|
Acquisitions costs
|
|
|
|
|
-
|
|
|
|
|
23
|
|
|
|
|
|
-
|
|
|
|
|
23
|
|
Other - net
|
|
|
|
|
10
|
|
|
|
|
8
|
|
|
|
|
|
14
|
|
|
|
|
33
|
|
Total costs and expenses
|
|
|
|
|
552
|
|
|
|
|
374
|
|
|
|
|
|
1,115
|
|
|
|
|
780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
|
(301
|
)
|
|
|
|
33
|
|
|
|
|
|
(510
|
)
|
|
|
|
201
|
|
Interest expense
|
|
|
|
|
(49
|
)
|
|
|
|
(65
|
)
|
|
|
|
|
(159
|
)
|
|
|
|
(130
|
)
|
Loss on extinguishment of acquired debt
|
|
|
|
|
-
|
|
|
|
|
(65
|
)
|
|
|
|
|
-
|
|
|
|
|
(65
|
)
|
Investment income and other
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
1
|
|
|
|
|
2
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
|
(350
|
)
|
|
|
|
(97
|
)
|
|
|
|
|
(668
|
)
|
|
|
|
8
|
|
Provision (benefit) for income taxes
|
|
|
|
|
(132
|
)
|
|
|
|
(27
|
)
|
|
|
|
|
(227
|
)
|
|
|
|
3
|
|
Income (loss) from continuing operations
|
|
|
|
|
(218
|
)
|
|
|
|
(70
|
)
|
|
|
|
|
(441
|
)
|
|
|
|
5
|
|
Income (loss) from discontinued operations
|
|
|
|
|
(1
|
)
|
|
|
|
(160
|
)
|
|
|
|
|
12
|
|
|
|
|
(197
|
)
|
Net income (loss)
|
|
|
|
|
(219
|
)
|
|
|
|
(230
|
)
|
|
|
|
|
(429
|
)
|
|
|
|
(192
|
)
|
Less: Net income (loss) attributable to noncontrolling interests
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
1
|
|
Net income (loss) attributable to WPX Energy, Inc.
|
|
|
|
|
(219
|
)
|
|
|
|
(230
|
)
|
|
|
|
|
(429
|
)
|
|
|
|
(193
|
)
|
Less: Dividends on preferred stock
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
|
15
|
|
|
|
|
4
|
|
Less: Loss on induced conversion of preferred stock
|
|
|
|
|
22
|
|
|
|
|
-
|
|
|
|
|
|
22
|
|
|
|
|
-
|
|
Net income (loss) attributable to WPX Energy, Inc. common
stockholders
|
|
|
|
$
|
(245
|
)
|
|
|
$
|
(234
|
)
|
|
|
|
$
|
(466
|
)
|
|
|
$
|
(197
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to WPX Energy, Inc. common stockholders:
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(244
|
)
|
|
|
$
|
(74
|
)
|
|
|
|
$
|
(478
|
)
|
|
|
$
|
1
|
|
Income (loss) from discontinued operations
|
|
|
|
|
(1
|
)
|
|
|
|
(160
|
)
|
|
|
|
|
12
|
|
|
|
|
(198
|
)
|
Net income (loss)
|
|
|
|
$
|
(245
|
)
|
|
|
$
|
(234
|
)
|
|
|
|
$
|
(466
|
)
|
|
|
$
|
(197
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
|
$
|
(1.58
|
)
|
|
|
$
|
0.01
|
|
Income (loss) from discontinued operations
|
|
|
|
|
-
|
|
|
|
|
(0.64
|
)
|
|
|
|
|
0.04
|
|
|
|
|
(0.90
|
)
|
Net income (loss)
|
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.93
|
)
|
|
|
|
$
|
(1.54
|
)
|
|
|
$
|
(0.89
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average shares (millions)
|
|
|
|
|
341.5
|
|
|
|
|
251.2
|
|
|
|
|
|
302.8
|
|
|
|
|
220.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.29
|
)
|
|
|
|
$
|
(1.58
|
)
|
|
|
$
|
0.01
|
|
Income (loss) from discontinued operations
|
|
|
|
|
-
|
|
|
|
|
(0.64
|
)
|
|
|
|
|
0.04
|
|
|
|
|
(0.90
|
)
|
Net income (loss)
|
|
|
|
$
|
(0.72
|
)
|
|
|
$
|
(0.93
|
)
|
|
|
|
$
|
(1.54
|
)
|
|
|
$
|
(0.89
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average shares (millions)
|
|
|
|
|
341.5
|
|
|
|
|
251.2
|
|
|
|
|
|
302.8
|
|
|
|
|
221.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
|
December 31, 2015
|
ASSETS
|
|
|
|
(Millions)
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
623
|
|
|
|
$
|
38
|
|
Accounts receivable, net of allowance of $5 million as of September
30, 2016 and $6 million as of December 31, 2015
|
|
|
|
|
147
|
|
|
|
|
300
|
|
Derivative assets
|
|
|
|
|
79
|
|
|
|
|
308
|
|
Inventories
|
|
|
|
|
33
|
|
|
|
|
46
|
|
Assets classified as held for sale
|
|
|
|
|
7
|
|
|
|
|
178
|
|
Other
|
|
|
|
|
20
|
|
|
|
|
23
|
|
Total current assets
|
|
|
|
|
909
|
|
|
|
|
893
|
|
Properties and equipment (successful efforts method of accounting)
|
|
|
|
|
8,796
|
|
|
|
|
8,415
|
|
Less: Accumulated depreciation, depletion and amortization
|
|
|
|
|
(2,314
|
)
|
|
|
|
(1,893
|
)
|
Properties and equipment, net
|
|
|
|
|
6,482
|
|
|
|
|
6,522
|
|
Derivative assets
|
|
|
|
|
31
|
|
|
|
|
51
|
|
Assets classified as held for sale
|
|
|
|
|
-
|
|
|
|
|
894
|
|
Other noncurrent assets
|
|
|
|
|
24
|
|
|
|
|
33
|
|
Total assets
|
|
|
|
$
|
7,446
|
|
|
|
$
|
8,393
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
185
|
|
|
|
$
|
278
|
|
Accrued and other current liabilities
|
|
|
|
|
259
|
|
|
|
|
301
|
|
Liabilities associated with assets held for sale
|
|
|
|
|
2
|
|
|
|
|
140
|
|
Current portion of long-term debt, net
|
|
|
|
|
125
|
|
|
|
|
1
|
|
Derivative liabilities
|
|
|
|
|
53
|
|
|
|
|
13
|
|
Total current liabilities
|
|
|
|
|
624
|
|
|
|
|
733
|
|
Deferred income taxes
|
|
|
|
|
323
|
|
|
|
|
465
|
|
Long-term debt, net
|
|
|
|
|
2,574
|
|
|
|
|
3,189
|
|
Derivative liabilities
|
|
|
|
|
44
|
|
|
|
|
2
|
|
Asset retirement obligations
|
|
|
|
|
105
|
|
|
|
|
99
|
|
Liabilities associated with assets held for sale
|
|
|
|
|
-
|
|
|
|
|
133
|
|
Other noncurrent liabilities
|
|
|
|
|
142
|
|
|
|
|
237
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Preferred stock (100 million shares authorized at $0.01 par value;
4.8 million shares issued at September 30, 2016 and 7 million shares
issued at December 31, 2015)
|
|
|
|
|
232
|
|
|
|
|
339
|
|
Common stock (2 billion shares authorized at $0.01 par value; 344.5
million shares issued at September 30, 2016 and 275.4 million shares
issued at December 31, 2015)
|
|
|
|
|
3
|
|
|
|
|
3
|
|
Additional paid-in-capital
|
|
|
|
|
6,799
|
|
|
|
|
6,164
|
|
Accumulated deficit
|
|
|
|
|
(3,400
|
)
|
|
|
|
(2,971
|
)
|
Total stockholders' equity
|
|
|
|
|
3,634
|
|
|
|
|
3,535
|
|
Total liabilities and equity
|
|
|
|
$
|
7,446
|
|
|
|
$
|
8,393
|
|
|
|
|
|
|
|
|
|
|
WPX Energy, Inc.
|
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
(Millions)
|
Operating Activities(a)
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
(429
|
)
|
|
|
$
|
(192
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
|
|
474
|
|
|
|
|
685
|
|
Deferred income tax provision (benefit)
|
|
|
|
|
(209
|
)
|
|
|
|
(138
|
)
|
Provision for impairment of properties and equipment (including
certain exploration expenses)
|
|
|
|
|
29
|
|
|
|
|
78
|
|
Net (gain) loss on derivatives in continuing operations
|
|
|
|
|
59
|
|
|
|
|
(239
|
)
|
Net settlements related to derivatives in continuing operations
|
|
|
|
|
260
|
|
|
|
|
422
|
|
Net loss on derivatives included in discontinued operations
|
|
|
|
|
46
|
|
|
|
|
-
|
|
Amortization of stock-based awards
|
|
|
|
|
27
|
|
|
|
|
27
|
|
Gain on extinguishment of debt
|
|
|
|
|
-
|
|
|
|
|
81
|
|
Net (gain) loss on sales of assets and divestment of transportation
contracts
|
|
|
|
|
(28
|
)
|
|
|
|
(317
|
)
|
Cash provided (used) by operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
147
|
|
|
|
|
232
|
|
Inventories
|
|
|
|
|
13
|
|
|
|
|
(11
|
)
|
Margin deposits and customer margin deposits payable
|
|
|
|
|
-
|
|
|
|
|
25
|
|
Other current assets
|
|
|
|
|
6
|
|
|
|
|
-
|
|
Accounts payable
|
|
|
|
|
(79
|
)
|
|
|
|
(186
|
)
|
Federal income taxes payable
|
|
|
|
|
(33
|
)
|
|
|
|
-
|
|
Accrued and other current liabilities
|
|
|
|
|
(97
|
)
|
|
|
|
22
|
|
Accrued liabilities established in 2015 for retained transportation
and gathering contracts related to discontinued operations
|
|
|
|
|
(42
|
)
|
|
|
|
-
|
|
Other, including changes in other noncurrent assets and liabilities
|
|
|
|
|
(35
|
)
|
|
|
|
140
|
|
Net cash provided by operating activities (a)
|
|
|
|
|
109
|
|
|
|
|
629
|
|
|
|
|
|
|
|
|
|
Investing Activities(a)
|
|
|
|
|
|
|
|
Capital expenditures(b)
|
|
|
|
|
(440
|
)
|
|
|
|
(890
|
)
|
Proceeds from sales of assets
|
|
|
|
|
1,140
|
|
|
|
|
610
|
|
Proceeds (payments) related to divestment of transportation contracts
|
|
|
|
|
(238
|
)
|
|
|
|
209
|
|
Purchase of business, net of cash acquired
|
|
|
|
|
-
|
|
|
|
|
(1,190
|
)
|
Other
|
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
Net cash provided by (used in) investing activities (a)
|
|
|
|
|
460
|
|
|
|
|
(1,259
|
)
|
|
|
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
|
|
|
Proceeds from common stock
|
|
|
|
|
540
|
|
|
|
|
295
|
|
Proceeds from preferred stock
|
|
|
|
|
-
|
|
|
|
|
339
|
|
Dividends paid on preferred stock
|
|
|
|
|
(15
|
)
|
|
|
|
-
|
|
Payments related to induced conversion of preferred stock to common
stock
|
|
|
|
|
(10
|
)
|
|
|
|
-
|
|
Proceeds from long-term debt
|
|
|
|
|
-
|
|
|
|
|
1,000
|
|
Borrowings on credit facility
|
|
|
|
|
380
|
|
|
|
|
756
|
|
Payments on credit facility
|
|
|
|
|
(645
|
)
|
|
|
|
(636
|
)
|
Excess tax benefit of stock based awards
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Payments for retirement of debt
|
|
|
|
|
(230
|
)
|
|
|
|
(1,055
|
)
|
Payments for debt issuance costs, credit facility amendment and fees
|
|
|
|
|
(3
|
)
|
|
|
|
(40
|
)
|
Other
|
|
|
|
|
(1
|
)
|
|
|
|
-
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
16
|
|
|
|
|
659
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
585
|
|
|
|
|
29
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
38
|
|
|
|
|
70
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
623
|
|
|
|
$
|
99
|
|
|
|
|
|
|
|
|
|
________
|
|
|
|
|
|
|
|
(a) Amounts also reflect continuing and discontinued operations
unless otherwise noted.
|
|
|
|
|
(b) Increase to properties and equipment
|
|
|
|
$
|
(424
|
)
|
|
|
$
|
(640
|
)
|
Changes in related accounts payable and accounts receivable
|
|
|
|
|
(16
|
)
|
|
|
|
(250
|
)
|
Capital expenditures
|
|
|
|
$
|
(440
|
)
|
|
|
$
|
(890
|
)
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102006480/en/
Copyright Business Wire 2016