Whiting Petroleum (WLL) Tops Q3 EPS by 2c

Whiting Petroleum (NYSE: WLL) reported Q3 EPS of $1.24, $0.02 better than the analyst estimate of $1.22. Revenue for the quarter came in at $813.1 million versus the consensus estimate of $832.4 million.

James J. Volker, Whiting’s Chairman, President and CEO, commented, “Whiting continues to lead the way in implementing new technologies to enhance productivity and recovery rates in the Williston Basin. We are systematically honing the best completion designs in our different areas of operations. At our Sanish field, the Brehm 13-7H was completed in the Middle Bakken formation using a slickwater frac design flowing 3,770 BOE/d. Adjusted for lateral length, it is one of the most productive wells we have drilled in this prolific asset. We also continue to enhance our plug-and-perf completion technology with multiple frac clusters. At Hidden Bench, our four-well Sovig pad achieved an average initial production rate of 3,278 BOE/d per well. All the new producers were completed with five perf clusters per stage versus our prior design of three perf clusters.”

Mr. Volker added, “At Redtail, we are seeing exciting results from our initial drilling in the Niobrara “C” zone and the Codell/Fort Hays formation. The Razor 25B-2549 in our Redtail field achieved a recent ten-day average rate of 712 BOE/d in the Niobrara “C” zone. The Razor 25B-2551 was completed in the Codell/Fort Hays formation and achieved a recent ten-day average rate of 570 BOE/d. Our mapping of the Codell/Fort Hays formation indicates it is prospective over approximately half of our Redtail acreage. We believe these favorable results will add significantly to our inventory of wells at our Redtail field.”

Mr. Volker continued, “Despite the recent pullback in oil prices, we remain confident in our outlook for continued strong growth in our production and reserves. We believe our efficient operations and leadership in the implementation of new completion technologies enhances the capital productivity of our asset base helping to offset the impact of lower prices. Also, Whiting has been proactive in rationalizing its portfolio to build a strong balance sheet and liquidity position. In conjunction with the pending Kodiak acquisition, we have arranged $3.5 billion of bank commitments under our credit facility. In addition, Whiting continues to review its asset base for further liquidity enhancements. In the last 15 months, Whiting has generated $1.1 billion of liquidity through asset sales.”

For earnings history and earnings-related data on Whiting Petroleum (WLL) click here.

You May Also Be Interested In

• Nanometrics (NANO) Issues Business Update, Reports FY23 Results
• Meritage Homes Corporation (MTH) Tops Q1 EPS by 151c; offers guidance
• First Internet Bancorp (INBK) Tops Q1 EPS by 5c