UPDATE: Whiting Petroleum (WLL) Reports Q3 Revenues Miss

Whiting Petroleum (NYSE: WLL) reported Q3 EPS of ($0.38), $0.29 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $375.89 million versus the consensus estimate of $410.4 million.

• Delivered Oil Production Above Mid-Point of Guidance, Despite Adverse Weather
• Capital Spending Below Low End of Company’s Guidance Range
• Anticipating Free Cash Flow Generation in the Fourth Quarter
• Maintained $1.75 Billion of Credit Facility Commitments Following Redetermination of Borrowing Base
• Successfully Tendered for $300 Million and Repurchased $100 Million of Near-Term Debt Maturities at a Discount
• Reaffirms Full-Year 2019 Production Guidance; Tightens Range for Full-Year 2019 Capital Expenditure Guidance to $810 - $830 Million

In the third quarter, Whiting delivered oil production of 80,880 barrels per day, despite adverse weather conditions and ongoing gas and natural gas liquid (NGL) infrastructure and processing constraints. The Company maintained strong capital spending discipline, with capital expenditures in the third quarter below the Company’s previously announced guidance range.

Bradley J. Holly, Whiting’s Chairman, President and CEO commented, “Today, Whiting is more energized than ever as we continue our hard work to position the Company for near- and long-term success. As part of our value-based strategy – and following significant organizational changes – we are a more focused company committed to operational efficiency and disciplined capital allocation to improve returns for investors.”

Holly added, “In the third quarter, we took decisive steps to streamline operations, improve cash flow and strengthen our financial position. From an operations standpoint, we have increased communication and efficiency throughout the organization, which contributed to solid production results despite challenging operating conditions. Improved planning processes and enhanced technology enabled us to deliver on our commitments while controlling capital spending. We remain on track to achieve our full-year 2019 production targets while reducing lease operating expenses over the coming quarters and intend to build on our results to drive further performance improvement and generate free cash flow. In addition, we are tightening the range for our full-year capital expenditure guidance to recognize the benefits of more efficient execution of our capital plan. This reflects enhanced drilling and completion efficiency in the field driven by new technologies and design optimization.”

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

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