Whiting Petroleum Corp. (WLL) Tops Q2 EPS by 23c

Whiting Petroleum Corp. (NYSE: WLL) reported Q2 EPS of $1.40, $0.23 better than the analyst estimate of $1.17. Revenue for the quarter came in at $835.6 million versus the consensus estimate of $773.4 million.

• Record Production Reaches 109,760 BOE/d in Q2 2014, Up 9.7% Over Q1 2014, Exceeds High End of Guidance
• Record Bakken/Three Forks Production of 80,195 BOE/d in Q2 2014, Up 33% Over Q2 2013
• Redtail Niobrara Production of 7,235 BOE/d in Q2 2014, Up 59% Over Q1 2014
• Tarpon Well Completed in 2nd Bench of Three Forks Flowing 6,071 BOE/d
• Raising Mid-Point of 2014 Production Guidance to 20% Over 2013

James J. Volker, Whiting’s Chairman and CEO, commented, “Our double-play in the Bakken and Niobrara continued in the second quarter with record production and cash flow. We believe we have plenty of running room in the Williston Basin, particularly in light of our new completion techniques and downspacing programs. Our net production from the Bakken/Three Forks in the second quarter reached a record 80,195 BOE/d, representing a 33% increase over the second quarter of 2013. In the Niobrara, our net production of 7,235 BOE/d in the second quarter represented a sequential 59% increase over the first quarter of 2014.”

Mr. Volker added, “Based on our mid-year reserve estimates, the EURs associated with our well completions that used cemented liners and plug-and-perf technology were approximately 23% higher than wells completed with uncemented liners and sliding sleeve completion technology. We believe there could be additional upside from the use of coiled tubing and slickwater frac technologies. Our first slickwater frac, the Sundheim 21-27-1H, achieved a first 120-day production rate that was 44% greater than the offsetting well, which was completed using an uncemented liner and sliding sleeve technology. We plan to utilize more coiled tubing fracs and slickwater fracs in the third quarter of 2014.”

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

You May Also Be Interested In

• Wolfe Research starts Ferrari at Outperform, sees 'solid upside potential'
• Raymond James Starts Park National (PRK) at Market Perform
• Penguin Solutions (PENG) Tops Q2 EPS by 28c, Beats on Revenue; Offers FY26 EPS Guidance