Independant oil and gas company Whiting Petroleum Corp reported better than expected third quarter earnings after the market close Tuesday. Production of oil equivalent came in at the high end of guidance.
Independant oil and gas company Whiting Petroleum Corp reported better than expected third quarter earnings after the market close Tuesday. Production of oil equivalent came in at the high end of guidance
Whiting Petroleum Corp NYSE: WLL Report Earnings After Close Tuesday
Forecast $0.59 EPS on $522.46 million forecast in revenue
Whiting Petroleum reported third quarterly adjusted net income of $84.7 million, or 92 cents per share, topping analysts’ consensus for 59 cents per share. Last year, the company reported a $50 million loss for the third quarter. Revenues for the quarter were $566.7 million, beating analysts’ forecasts of $522.46 million, and up from $324.2 million a year ago. of $0.59 per share, which represents a year-over-year change of +205.4%.
Whiting Petroleum Corp NYSE: WLL
Market Reaction After Hours $36.70▲ 1.42 (+4.02%)
Whiting’s third quarter production averaged 128,680 barrels of oil equivalent per day, up 13 percent from a year ago. WLL forecast its production to increase 5 percent sequentially in the fourth quarter, Chief Executive Bradley Holly said in a statement.
Whiting Petroleum Corporation will host a conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. ET (10:00 a.m. CT, 9:00 a.m. MT) on Wednesday, October 31, 2018 to discuss Whiting’s third quarter 2018 financial and operating results.
Wells Fargo upgraded Whiting Petroleum on October 24, 2018 from Market Perform to Outperform with a price target $67.00 (from $53.00) The analyst comments “With shares trading at a discount, we believe this gap should close as the company executes on its plan to generate free cash flow, grow its inventory in the Williston, and reduce leverage.”
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain region of the United States.
The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Niobrara play in northeast Colorado. The Company trades publicly under the symbol WLL on the New York Stock Exchange
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