TULSA, Okla. (AP) _ WPX Energy Inc. (WPX) on Wednesday reported a loss of $388 million in its first quarter.
The Tulsa, Oklahoma-based company said it had a loss of 85 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 7 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 5 cents per share.
The independent oil and gas company posted revenue of $1.4 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $629.2 million.
WPX shares have dropped 59% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.65, a decline of 56% in the last 12 months.