Independent oil & gas operator WPX Energy Inc. WPX reported a loss of 21 cents per share in the first quarter of 2016, wider than the Zacks Consensus Estimate of a loss of 19 cents. The quarter was primarily affected by significantly lower commodity prices.WPX Energy Inc. (WPX) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyTotal RevenuesWPX Energy’s quarterly revenues of $216 million missed the Zacks Consensus Estimate of $279 million by 22.6%. Total revenues were down 48.6% from $420 million in the year-ago quarter.Highlights of the ReleaseTotal production in the first quarter was 80,100 barrels per oil equivalent (boe) per day with oil volumes accounting for nearly 52% of the total production. This is a result of WPX Energy’s increasing focus on oil.Total production improved 20% year over year with liquids accounting for 62% of the total production. Oil, NGL and natural gas production improved by 26%, 86% and 5%, respectively year over year.Total expenses were $126 million, down 59% from $307 million in the year-ago quarter.Interest expenses in the reported quarter were $57 million, increasing 72.7% from $33 million in the year-ago quarter.Realized PricesRealized oil prices in the quarter were $25.62 per barrel, down 32.0% from $37.69 per barrel in the year-ago quarter. Realized prices for natural gas liquids were down 23.2% to $7.14 per barrel from $9.30 per barrel in the year-ago quarter.Realized natural gas prices were $1.52 per thousand cubic feet (Mcf), down 41.3% from $2.59 Mcf in the prior-year quarter.Financial UpdateWPX Energy had $11 million of cash and cash equivalents as of Mar 31, 2016, compared with $38 million at the end of 2015.Long-term debt as of Mar 31, 2016, was $2,746 million, up from $3,189 million as of Dec 31, 2015.Net cash from operating activities in first-quarter 2016 was $16 million compared with $194 million in the same period a year ago.GuidanceFor the remainder of 2016, WPX Energy has 30,438 barrels per day of oil hedged at a weighted-average price of $60.35 per barrel. For 2017, WPX has 22,804 barrels per day of oil hedged at a weighted-average price of $50.71 per barrel.The company reiterated the 2016 total production guidance of 75–80 Mboe/d.WPX Energy provided its 2016 capital expenditure guidance in a band of $350–$450 million.WPX Energy expects cash operating expenses per boe in the range of $10 to $11.50.Other Company ReleasesDevon Energy Corporation DVN reported first-quarter 2016 adjusted loss per share of 53 cents, narrower than the Zacks Consensus Estimate of a loss of 60 cents.Anadarko Petroleum Corp. APC reported a first-quarter 2016 adjusted loss of $1.12 per share, narrower than the Zacks Consensus Estimate of a loss of $1.19.Murphy Oil Corporation MUR reported a first-quarter 2016 loss of 66 cents per share, narrower than the Zacks Consensus Estimate of a loss of 87 cents.Our ViewWPX Energy’s loss in the reported quarter was wider than expected due to still weak commodity prices.The company continues to work on its strategy to increase oil production and the impact was clearly noticed in its first quarter production mix. Prior to the Piceance divestiture, natural gas volumes accounted for 70% of WPX Energy’s production a year ago. Now it accounts for 38% of the entire production.We believe WPX Energy’s exposure in the Delaware, Williston and San Juan basins will help it to achieve its production goal for 2016. WPX Energy has a Zacks Rank #3 (Hold).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DEVON ENERGY (DVN): Free Stock Analysis Report ANADARKO PETROL (APC): Free Stock Analysis Report MURPHY OIL (MUR): Free Stock Analysis Report WPX ENERGY INC (WPX): Free Stock Analysis Report To read this article on Zacks.com click here.