TULSA, Okla. (AP) _ WPX Energy Inc. (WPX) on Wednesday reported a second-quarter loss of $409 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Tulsa, Oklahoma-based company said it had a loss of 73 cents. Earnings, adjusted for one-time gains and costs, came to 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 2 cents per share.
The independent oil and gas company posted revenue of $33 million in the period, which missed Street forecasts. Eight analysts surveyed by Zacks expected $536.6 million.
WPX shares have fallen 56% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.98, a fall of 40% in the last 12 months.