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WPX Ups Well Activity +31% YOY; Hits 4,900 BOEPD IP24 at Wolfcamp A Well

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   |    Tuesday,May 28,2019

WPX Energy detailed its Q1 2019 results. Here are the highlights from its report and presentation.

Q1 Summary

- Well Activity (gross): Completed 46 wells in Q1 - up +31% YOY

• Delaware Basin: 31 completions - up +24% YOY

• Williston Basin: 15 completions - up +50% YOY
  

- Rigs: 8 total rigs running - down -20% YOY

• Delaware Basin: 5 rigs running

• Williston Basin: 3 rigs running
  

- Q1 D&C Spending: $280 million - down -15% YOY

- Q1 Production: Total equivalent production averaged 155.2 MBOEPD - up +50% from 102.7 MBOEPD in Q1 2018

• Oil production was 96,100 BOPD - up +46% YOY

Delaware Basin: Touts 4,943 BOEPD IP24

The highest 24-hour rate for the first-quarter Delaware completions was 4,943 Boe/d (53% oil) on the CBR 41-44E-5H well. Eight laterals on the CBR 41 pad have 60-day cumulative production in excess of 660,000 barrels of oil. Five laterals are in the Wolfcamp A interval. The other three are Wolfcamp XY wells.

Four more of the Delaware long laterals were part of the Hattie 3H pad in the River Tracts area in Reeves County, which featured wells in four different intervals (Wolfcamp A, B, D and XY) as WPX delineates acreage outside its core Stateline position.

The highest initial peak rate on the Hattie pad occurred on the Hattie 3-3H well in the Wolfcamp A interval which hit 4,440 Boe/d (44% oil). It has 60-day cumulative production in excess of 89,000 barrels of oil. The 30-day rates from the wells in the other intervals averaged over 2,000 Boe/d, with oil ranging from 47% in the XY to 26% in the D.

WPX completed 31 Delaware wells during the first quarter, predominantly in upper Wolfcamp intervals. Almost half of the completions featured lateral lengths of approximately 10,000 feet.

Williston

WPX completed 15 Williston wells during the first quarter, including eight wells in the Three Forks formation and seven wells in the Bakken formation. All were two-mile laterals.

The highest 24-hour rate for the first-quarter Williston completions was 5,628 Boe/d (81% oil) on the Young Bird 34-27HW well. The four-well Young Bird pad has 90-day cumulative production in excess of 495,000 barrels of oil.

Initial peak rates on the two-well Good Voice pad averaged just over 4,000 Boe/d (81% oil). The pad has 60-day cumulative production in excess of 207,000 barrels of oil.

Initial peak rates on the four-well Plenty Sweet Grass pad averaged more than 4,300 Boe/d (81% oil). The pad has 60-day cumulative production of approximately 378,000 barrels of oil.