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WPX Energy posts first-quarter results

WPX Energy announced this week it boosted cash flows but lost $48 million during the first quarter of the year.

The company’s net loss, equating to 11 cents per share, was based upon total revenues of $507 million, which was impacted by a $207 million accounting hit it took because of derivatives contracts in effect during the quarter. In the first quarter of 2018, the company lost $115 million, or 30 cents per share, on total revenues of $407 million.

During the quarter, WPX signed deals to sell its ownership of a natural gas pipeline system, peripheral properties it owned in the Delaware Basin and its ownership in the Oryx II Pipeline project, raising $550 million.

Officials said the company used about $102 million of that to buy about 14,000 surface acres within its Stateline operations area.

“Our first quarter results are straight down the fairway,” CEO Rick Muncrief said. “WPX’s 2019 plan is right on track for delivering capital discipline, production increases and more than $100 million of free cash flow.”

Mid-Con Energy reports Q1 results

Mid-Con Energy Partners announced this week it trimmed its net loss for the first quarter of 2019 compared to the same quarter a year ago.

The company said its net loss of about $3.8 million, or 16 cents a share, was based on total revenue of about $3 million, aided by about $9.5 million in net proceeds from its deals to sell its Texas assets and to acquire producing assets in Caddo, Grady and Osage counties. Its earnings, however, were impacted by a $12.2 million accounting hit it took for derivatives contracts in effect during the quarter.

In the first quarter of 2018, the company posted a net loss of about $10.4 million, or 37 cents a share, on total revenue of about $11.3 million. The company reported its average daily production during the first quarter of 2019 was 3,467 barrels of oil equivalent, with 94% of that being oil.

“We continue to transform Mid-Con Energy through acquisitions and divestitures that our focused on improving our financial flexibility and utilizing our operational expertise to maximize the value of our assets,” CEO Jeff Olmstead said. “We are excited with the upside potential within our assets.”

AAON Inc. reports higher profits in Q1

AAON Inc. on Thursday reported a first-quarter profit of $10.9 million, or 21 cents a share, up from $4.26 million, or 8 cents a share, in the year-ago quarter. Net sales improved to $114 million from $99.1 million in the first quarter of 2019.

The company's backlog expanded 9.7% to almost $167 million, up from $152 million one year ago.

"While we witnessed increases in both labor and raw material costs, the price increases implemented during the second half of 2018, as well as increased productivity and higher sales helped partially offset these costs and had a positive impact on our gross margins in the first quarter," CEO Norman H. Asbjornson said. "We expect our gross margins will continue to recover as our production increases and we work through the lower-priced portion of our backlog."

Samson Resources markets assets in Wyoming

Samson Resources II announced Wednesday it has hired EnergyNet to market holdings it owns in Johnson County, Wyoming, that aren’t part of its core positions.

Officials said the company owns about 47,000 net acres and a working interest of 75% in the area.

CEO Joseph A. Mills said the company continues to focus its efforts on producing from its holdings in the Powder River and Greater Green River basins in Wyoming, noting its daily production in March exceeded 10,500 barrels of oil equivalent, with 64 percent of that liquids.

"A sale of our Johnson County assets will assist the company in executing on its 2019 capital plan while maintaining its very strong financial and liquidity position," Mills said.

Staff reports

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