WPX Energy (WPX) saw its loss narrow to $172 million, or $0.51 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1,539 million, or $0.06 a share. On the other hand, adjusted net loss for the quarter widened to $54 million, or $0.16 a share from a loss of $23 million or $0.08 a share, a year ago.
Revenue during the quarter plunged 77.14 percent to $88 million from $385 million in the previous year period. Gross margin for the quarter contracted 5617 basis points over the previous year period to 11.36 percent.
Operating loss for the quarter was $221 million, compared with an operating income of $73 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $135 million compared with $206 million in the prior year period.
"Operationally, we hit the mark in the fourth quarter and achieved more than we set out to do by bringing some of our expected oil volume growth online ahead of schedule,” said Rick Muncrief, chairman, president and chief executive officer. "We accomplished this even as we continue to do the necessary work to build an even deeper portfolio of projects that drive sustained, profitable growth. Our overriding objective is long-term value creation on a per share basis," Muncrief added.
Operating cash flow drops significantly
WPX Energy has generated cash of $262 million from operating activities during the year, down 67.69 percent or $549 million, when compared with the last year.
Cash flow from investing activities was $310 million from investing activities during the year as against cash outgo of $1,316 million in the last year.
The company has spent $114 million cash to carry out financing activities during the year as against cash inflow of $473 million in the last year period.
Cash and cash equivalents stood at $496 million as on Dec. 31, 2016.
Working capital drops significantly
WPX Energy has witnessed a decline in the working capital over the last year. It stood at $77 million as at Dec. 31, 2016, down 51.88 percent or $83 million from $160 million on Dec. 31, 2015. Current ratio was at 1.11 as on Dec. 31, 2016, down from 1.23 on Dec. 31, 2015.
Debt comes down
WPX Energy has recorded a decline in total debt over the last one year. It stood at $2,575 million as on Dec. 31, 2016, down 19.25 percent or $614 million from $3,189 million on Dec. 31, 2015. WPX ENERGY has recorded a decline in long-term debt over the last one year. It stood at $2,575 million as on Dec. 31, 2016, down 19.25 percent or $614 million from $3,189 million on Dec. 31, 2015. Total debt was 35.45 percent of total assets as on Dec. 31, 2016, compared with 38.19 percent on Dec. 31, 2015. Debt to equity ratio was at 0.74 as on Dec. 31, 2016, down from 0.90 as on Dec. 31, 2015.
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