Why WPX Energy Stock Is Soaring Today
Shares of WPX Energy (NYSE: WPX) rallied more than 12% by 10:45 a.m. EDT on Tuesday. Fueling the oil driller's surge was its second-quarter earnings report.
WPX Energy produced $0.09 per share of adjusted net income during the second quarter, beating the consensus estimate by $0.02 per share. Driving that expectation-thumping result was robust production out of both the Delaware Basin and the Bakken shale. Output in the Delaware Basin surged 30% year over year, powered by a 53% jump in natural gas liquids (NGLs) volumes thanks to the recent completion of several midstream projects. Meanwhile, production in the Bakken jumped 25% after WPX brought several high-rate wells online during the quarter.
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