Whiting Petroleum Corp. (WLL) Tops Q1 EPS by 9c

Whiting Petroleum Corp. (NYSE: WLL) reported Q1 EPS of $1.05, $0.09 better than the analyst estimate of $0.96. Revenue for the quarter came in at $740.25 million versus the consensus estimate of $691.58 million.

James J. Volker, Whiting’s Chairman and CEO, commented, “Our North Dakota, Colorado and Texas teams overcame one of the most severe winters on record so that we met all of our guidance numbers in the first quarter. Recently, at our Missouri Breaks field our new completion design that better isolates the perforations to fracture the reservoir produced an initial production rate from the newest well 40% to 70% higher than our earlier wells. We also achieved our best well result to date at our Cassandra field with the completion of the Kaldahl 11-3H flowing 1,930 BOE/d on April 1, 2014 using a cemented liner.

“We also continue to streamline our asset base. We sold our remaining interests in the Big Tex prospect for $76 million. In total, we received $227 million for the two Big Tex asset sales or $3,100 per net acre and were pleased with this price given the light amount of drilling across this acreage.” Mr. Volker added, “We began selling gas at our Redtail field in mid-April as our gas plant there came on stream and the current gross inlet rate is over 8 MMcf per day. With the plant processing gas, we will generate new gas and plant product income streams and increase our net BOE daily production while being environmentally responsible by capturing and processing our gas.”

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

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