Whiting Petroleum (WLL) Misses Q4 EPS by 13c

Whiting Petroleum (NYSE: WLL) reported Q4 EPS of ($0.43), $0.13 worse than the analyst estimate of ($0.30). Revenue for the quarter came in at $425.3 million versus the consensus estimate of $493.47 million.

2016 Capital Budget and Production Forecast

Whiting projects a 2016 capital budget of $500 million, a decrease of approximately 80% from its 2015 capital expenditures. The Company expects to invest $440 million of the 2016 capital budget on development activity primarily in its core Bakken and Niobrara areas, which represents 88% of the total budget. This capital budget reflects suspending completion operations commencing in the second quarter. At year-end 2016, the Company projects an inventory of 73 drilled uncompleted wells in the Williston Basin Bakken/Three Forks play and 95 drilled uncompleted wells in the DJ Basin Niobrara play. This inventory of drilled uncompleted wells should afford Whiting a highly capital-efficient means to resume growth upon a rebound in oil prices.

Whiting plans to spend the majority of its 2016 capital budget in the first half of the year as it completes projects initiated in 2015 and winds down completion operations. The projected spend rate declines to $80 million per quarter in the second half of the year.

Based on the 2016 capital budget, the Company forecasts 2016 production of 46.8 to 50.5 MMBOE (128,000 to 138,000 BOE/d).(1)

(1) At their respective dates of sale, total asset sales in 2015 were 12.4 MBOE/d.

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

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