WPX Energy, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss attributable to company was $116 million or $0.58 basic and diluted loss per share on total revenue of $631 million against net loss attributable to company of $43 million or $0.22 basic and diluted loss per share on total revenue of $910 million a year ago. Operating loss was $158 million and loss from continuing operations before income taxes was $176 million against operating loss of $49 million and loss from continuing operations before income taxes of $63 million a year ago. Loss from continuing operations was $113 million or $0.58 loss per share against $38 million or $0.21 loss per share a year ago. Adjusted net loss from continuing operations was $51 million versus a loss of $7 million in the first quarter of 2012. Net cash provided by operating activities was $143 million and capital expenditures were $271 million against net cash provided by operating activities of $252 million and capital expenditures of $428 million a year ago. EBITDAX was $100 million and adjusted EBITDAX was $203 million against EBITDAX of $208 million and adjusted EBITDAX of $263 million a year ago. The primary factors contributing to the quarter-over-quarter decrease in adjusted EBITDAX were lower domestic net realized average prices, inclusive of hedges, and lower volumes for both natural gas and NGL. For the quarter, the company reported total natural gas production of 1,021 MMcf/d decreased 10% vs. the prior-year period and 5% vs. fourth-quarter 2012. This was expected given WPX's disciplined approach to gas development in a lower commodity price environment. The company announced actively executing 2013 plan to grow oil production, drive cost improvements, remain ready for accelerated natural gas drilling if the price recovery continues, and to build the body of data on Niobrara gas discovery that has the potential to more than double 3P reserves.

WPX Energy, Inc. had 3 additional horizontal wells planned for 2013. 2 of those wells will be an immediate offset to the first Niobrara well the company drilled to the west and the north and another well will be another acreage delineation well, which will be within a 4-mile radius.

WPX Energy, Inc. announced that its Niobrara Shale discovery well in the Piceance Basin exceeded 1 billion cubic feet of natural gas production in just over 100 days of operation. At this rate, WPX expects the Niobrara well to produce in its first four months what a typical well in the Piceance Basin's Williams Fork formation produces over its estimated lifecycle of 25 to 30 years. The Niobrara well is located on WPX's acreage in Western Colorado, where the company has the lease rights to approximately 180,000 net acres of the Niobrara/Mancos shale play. The discovery well initially produced 16 million cubic feet per day at a flowing pressure of 7,300 pounds per square inch. It registered an average production rate of almost 10 million cubic feet per day over its first 90 days, despite being choked back substantially.