Sees Q3 production 4.80-5 mmboe July 29 - Independent oil and gas company Whiting Petroleum Corp (WLL.N) reported a surprise second-quarter profit, helped by higher production from its Bakken shale and EOR projects.
For the quarter, the company's net loss was $93.2 million, or $1.83 per share, compared with a profit of $80 million, or $1.90 per share, a year earlier. Revenue was $230.2 million.
The results included non-cash losses on hedging arrangements of $96.0 million, or $1.89 per share.
Excluding special items, Whiting earned 6 cents a share, compared with analysts' average estimates of a loss of 26 cents a share, according to Reuters Estimates. Average production for the quarter increased 25 percent to 55,309 barrels per day.
The company forecast third-quarter production of 4.80 million barrels of oil equivalent (mmboe) to 5 mmboe and full year production of 19.20 mmboe to 19.60 mmboe.
Whiting raised its 2009 exploration and development budget to $440 million from $398 million. Shares of the company closed at $42.76 Wednesday on the New York Stock Exchange.
For the quarter, the company's net loss was $93.2 million, or $1.83 per share, compared with a profit of $80 million, or $1.90 per share, a year earlier. Revenue was $230.2 million.
The results included non-cash losses on hedging arrangements of $96.0 million, or $1.89 per share.
Excluding special items, Whiting earned 6 cents a share, compared with analysts' average estimates of a loss of 26 cents a share, according to Reuters Estimates. Average production for the quarter increased 25 percent to 55,309 barrels per day.
The company forecast third-quarter production of 4.80 million barrels of oil equivalent (mmboe) to 5 mmboe and full year production of 19.20 mmboe to 19.60 mmboe.
Whiting raised its 2009 exploration and development budget to $440 million from $398 million. Shares of the company closed at $42.76 Wednesday on the New York Stock Exchange.
