Quarterly Financial Data

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA

WPX Energy, Inc.

QUARTERLY FINANCIAL DATA

(Unaudited)

Summarized quarterly financial data is presented below. The sum of earnings per share for the four quarters may not equal the total earnings per share for the year due to rounding.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019	(Millions, except per-share amounts)
Product revenues	$	507	$	558	$	581	$	601
Net gain (loss) on derivatives	$	(207)	$	78	$	175	$	(199)
Commodity management	$	59	$	58	$	38	$	39
Total revenues	$	359	$	695	$	795	$	443
Operating costs and expenses	$	410	$	422	$	454	$	472
Operating income (loss)	$	(149)	$	181	$	242	$	(130)
Income (loss) from continuing operations	$	(48)	$	305	$	122	$	(121)
Loss from discontinued operations	—		—		(1)		(1)
Net income (loss)	$	(48)	$	305	$	121	$	(122)
Amounts available to WPX Energy, Inc. common stockholders:
Income (loss) from continuing operations	$	(48)	$	305	$	122	$	(121)
Loss from discontinued operations	—		—		(1)		(1)
Net income (loss)	$	(48)	$	305	$	121	$	(122)
Basic earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.11)	$	0.72	$	0.29	$	(0.29)
Net income (loss)	$	(0.11)	$	0.72	$	0.29	$	(0.29)
Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.11)	$	0.72	$	0.29	$	(0.29)
Net income (loss)	$	(0.11)	$	0.72	$	0.29	$	(0.29)
2018
Product revenues	$	407	$	520	$	554	$	544
Net gain (loss) on derivatives	$	(69)	$	(154)	$	(139)	$	443
Commodity management	$	36	$	64	$	68	$	36
Total revenues	$	374	$	430	$	484	$	1,022
Operating costs and expenses	$	322	$	388	$	413	$	447
Operating income	$	6	$	(3)	$	26	$	525
Income (loss) from continuing operations	$	(26)	$	(79)	$	(6)	$	353
Income (loss) from discontinued operations	(89)		(2)		(1)		1
Net income (loss)	$	(115)	$	(81)	$	(7)	$	354
Amounts available to WPX Energy, Inc. common stockholders:
Income (loss) from continuing operations	$	(30)	$	(83)	$	(6)	$	353
Income (loss) from discontinued operations	(89)		(2)		(1)		1
Net income (loss)	$	(119)	$	(85)	$	(7)	$	354
Basic earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.07)	$	(0.21)	$	(0.01)	$	0.84
Loss from discontinued operations	(0.23)		—		—		—
Net income (loss)	$	(0.30)	$	(0.21)	$	(0.01)	$	0.84
Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.07)	$	(0.21)	$	(0.01)	$	0.83
Loss from discontinued operations	(0.23)		—		—		—
Net income (loss)	$	(0.30)	$	(0.21)	$	(0.01)	$	0.83

Net income or loss for each respective quarter include the following pre-tax items:

First-quarter 2019:

•$126 million gain on sale of our 20 percent equity interest in the Whitewater natural gas pipeline (see Note 5).

Second-quarter 2019:

•$247 million gain related to a distribution received for our 25 percent equity interest in the Oryx pipeline partnership after the underlying assets were sold (see Note 5).

Third-quarter 2019:

•$47 million loss on extinguishment of debt (see Note 8).

•$11 million charge included in Other-net on the Consolidated Statements of Operations associated with an offer made by us to settle certain contractual disputes in the Williston Basin (see Note 4).

Fourth-quarter 2019:

•$7 million additional gain on sale of our 20 percent equity interest in the Whitewater natural gas pipeline (see Note 5).

First-quarter 2018:

•$138 million loss included in discontinued operations for the sale of the San Juan Gallup and $9 million performance guarantee related to gathering and processing commitments (see Note 2).

Second-quarter 2018:

•$71 million loss on extinguishment of debt (see Note 8).