Tulsa-based WPX Energy reported an unaudited second-quarter loss from continuing operations attributable to common shareholders of $414 million, or 74 cents per diluted share.
That compares to second-quarter earnings of $305 million, or 72 cents per share, in 2019.
The second-quarter, 2020 loss was driven by a $275 million net loss on derivatives primarily from non-cash forward, mark-to-market changes in the company’s hedge book and lower overall commodity prices. As underlying forward commodity prices began to improve in the quarter, the value of hedging contracts was reduced from levels recorded at March 31.
Excluding the forward mark-to-market changes in derivatives and other items, WPX posted adjusted net income from continuing operations (a non-GAAP financial measure) in second-quarter 2020 of $69 million, or income of $0.12 per share.
Adjusted EBITDAX (a non-GAAP financial measure) hit a record $400 million in the quarter, up 15 percent from $347 million a year ago.