Whiting Petroleum (WLL) Misses Q1 EPS by 34c, Revenues Miss

Whiting Petroleum (NYSE: WLL) reported Q1 EPS of ($0.16), $0.34 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $389.49 million versus the consensus estimate of $421.29 million.

Bradley J. Holly, Whiting’s Chairman, President and CEO, commented, “During the first quarter of 2019, our teams demonstrated their ability to execute under the most severe weather conditions and maintain a strong production profile. As we head into the spring and summer months, we intend to POP 104 wells over the next two quarters in the Williston Basin and unlock the full potential of our top-tier assets. As we ramp up production and taper capital spending, we expect to drive a strong free cash flow profile, particularly in the second half of the year. To protect this projected free cash flow we have continued to layer on hedges at strong prices and now have approximately 57% of our production hedged for the second half of 2019.”

Mr. Holly continued, “We continue to gain momentum as we expand the potential of the Bakken and Three Forks horizons across the Williston Basin. From expanding the Bakken core through Generation 4.0 and 5.0 completions to infill drilling in established fields that have improved new well performance by over 100%, Whiting is driving growth and taking the right steps to deliver peer leading free cash flow.”

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

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