WPX Energy Inc.’s WPX third-quarter 2019 earnings of 9 cents per share missed the Zacks Consensus Estimate of 11 cents by 18.2%. However, the bottom line increased from 7 cents per share reported in the year-ago quarter.The company reported third-quarter GAAP earnings of 29 cents against a loss of 1 cent in the year-ago period. The difference between GAAP and operating earnings in the reported quarter was due to a one-time gain on derivatives marginally offset by loss on extinguishment of debts and taxes.Total RevenuesWPX Energy’s quarterly revenues of $795 million beat the Zacks Consensus Estimate of $637 million by 24.8% and improved 64.3% from the year-ago figure of $484 million. The improvement in revenues was due to higher contribution from oil sales.WPX Energy, Inc. Price, Consensus and EPS Surprise WPX Energy, Inc. price-consensus-eps-surprise-chart | WPX Energy, Inc. QuoteHighlights of the ReleaseTotal production in the third quarter was 173.4 thousand barrels of oil equivalent per day (Mboe/d), up 40% year over year. Liquids volumes accounted for nearly 78% of total production, reflecting the company’s increasing focus on oil.Oil production in the quarter was 108.6 thousand barrels per day, which was nearly 30.2% higher than the year-ago level, courtesy of 10% and 51% growth in volumes in Delaware and Williston basins, respectively, over the past 12 months.Total expenses were $553 million, up 20.7% from $458 million in the year-ago quarter.Interest expenses in the reported quarter were $38 million, in line with the year-ago figure.The company initiated a program to repurchase up to $400 million shares in the next 24 months, which will further increase WPX Energy’s shareholder value. To date, the company has repurchased $58 million shares of its common stock at an average price of $10.16 per share, retiring 5.7 million shares.Realized Prices & HedgesRealized oil prices in the quarter were $53.92 per barrel, down 17.7% from the year-ago level.Realized natural gas prices were 77 cents per thousand cubic feet, down 36.9% from a year ago. Realized prices for natural gas liquids were down 59.8% from the year-ago quarter to $10.73 per barrel. Substantial decline in hydrocarbon prices did not allow the company to enjoy full benefits from increase in total production.For the remainder of 2019, WPX Energy has 83,000 bbl/d of oil hedged at a weighted average price of $56.72 per barrel. The company also has 110,000 million British thermal units (MMBtu) per day of natural gas hedged at a weighted average price of $3.07 per MMBtu.Financial UpdateCash and cash equivalents of WPX Energy on Sep 30, 2019 were $13 million compared with $3 million as of Dec 31, 2018.Its long-term debt on Sep 30, 2019 was $2,201 million, down from $2,485 million at the end of 2018. Net cash from operating activities in the first nine months of 2019 was $906 million compared with $652 million in the comparable year-ago period. During the first nine months of 2019, capital expenditure was $1,090 million compared with $1,013 million in the comparable prior-year period. GuidanceTaking into consideration strong production in the first nine months of the year, WPX Energy made an upward revision in its total production guidance for 2019 to 162-167 Mboe/d from the prior guided range of 160-165 Mboe/d.The company now expects 2019 oil production in the range of 102-104 thousand barrels per day (Mbbl/d) versus prior guidance of 101-103 Mbbl/d. WPX Energy expects fourth-quarter oil volumes within 109-111 Mbbl/d.Capital expenditure for 2019 is expected in the range of $1,125-$1,250 million.Zacks RankCurrently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesApache Corporation APA reported third-quarter 2019 loss per share — excluding one-time items — of 29 cents, wider than the Zacks Consensus Estimate of a loss of 27 cents.CNX Resources Corporation CNX reported third-quarter 2019 adjusted loss of 6 cents per share, which is narrower than the Zacks Consensus Estimate of a loss of 9 cents.Transocean Ltd. RIG posted third-quarter 2019 adjusted loss of 38 cents a share, narrower than the Zacks Consensus Estimated of a loss of 40 cents.Free: Zacks’ Single Best Stock Set to DoubleToday you are invited to download our just-released Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. 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