Whiting Petroleum (WLL) Tops Q3 EPS by 33c, Revenues Beat

Whiting Petroleum (NYSE: WLL) reported Q3 EPS of $0.92, $0.33 better than the analyst estimate of $0.59. Revenue for the quarter came in at $566.7 million versus the consensus estimate of $521.27 million.

Bradley J. Holly, Whiting’s President, Chairman and CEO, commented, “The Whiting team generated strong third quarter discretionary cash flow by maintaining a focus on cost control. LOE and G&A per BOE came in at the low end of guidance and capital expenditures were in line with expectations. This resulted in another quarter where operating cash flow significantly exceeded capex. Over the previous four quarters, operating cash flows of $1,094 million exceeded capital expenditures by $325 million. Heading into the current quarter, we anticipate strong value creation as our production is forecast to increase approximately 5% sequentially and capital expenditures are projected to decrease significantly from third quarter levels. Also, as detailed in the operating highlights below, Whiting’s teams continue to lead the industry in the application of optimized completions. Their efforts have been a key factor in our ability to expand top-tier results outside the established core of the Bakken.”

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

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