WPX Energy, Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company reported total product revenue of $544 million. Net income from continuing operations attributable to common shareholders was $353 million against loss of $24 million a year ago. Basic earnings per share was $0.35 against loss per basic share of $0.08 a year ago.

For the year, the company reported revenue of $2,310 million against $1,045 million a year ago. Operating income was $554 million against $98 million a year ago. Net income for the period was $151 million against loss of $16 million a year ago. Basic earnings per share was $0.35 against loss per basic share of $0.08 a year ago.

The company announced operating results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported average daily production of oil 96.0 Mbbl/d against 64.3 Mbbl/d a year ago. NGLs was 26.3 Mbbl/d against 12.6 Mbbl/d a year ago. Natural gas was 204.8 MMcf/d against 122.4 MMcf/d a year ago. Total production was 156.4 Mboe/d against 97.3 Mboe/d a year ago.

For the year, the company reported average daily production of oil 81.6 Mbbl/d against 52.0 Mbbl/d a year ago. NGLs was 18.4 Mbbl/d against 10.0 Mbbl/d a year ago. Natural gas was 162.6 MMcf/d against 92.0 MMcf/d a year ago. Total production was 127.1 Mboe/d against 77.3 Mboe/d a year ago.

The company provided updated guidance for full year 2019. It reflects a 23% reduction in capital spending against initial guidance released late last year. The company expects production of 149-161 Mboe/d (63% oil) in 2019. The midpoint is 22% higher than 2018 production.