April 29 - Independent oil and gas company Whiting Petroleum Corp (WLL.N) swung to a first quarter loss hurt by hedging losses and a decline in its wellhead oil and natural gas prices.
The company's quarterly net loss of $43.8 million or 92 cents per share included hedging losses of $14.6 million or 31 cents a share.
In the year-ago quarter, the company earned net income of $62.3 million or $1.47 per share a year earlier.
Whiting said its wellhead oil prices had declined 64 percent, while wellhead gas prices had fallen 52 percent, compared to last year.
Analysts on average were expecting loss of 72 cents a share, on revenue of $164.4 million, according to Reuters Estimate.
Looking ahead, the company said its expects its operated rig count to drop to four or five drilling rigs and approximately 25 workover rigs by June 2009.
Whiting also said it plans to spend $420.6 million in exploration and development activities in 2009.
Shares of the company closed at $33.70 Wednesday on the New York Stock Exchange.
The company's quarterly net loss of $43.8 million or 92 cents per share included hedging losses of $14.6 million or 31 cents a share.
In the year-ago quarter, the company earned net income of $62.3 million or $1.47 per share a year earlier.
Whiting said its wellhead oil prices had declined 64 percent, while wellhead gas prices had fallen 52 percent, compared to last year.
Analysts on average were expecting loss of 72 cents a share, on revenue of $164.4 million, according to Reuters Estimate.
Looking ahead, the company said its expects its operated rig count to drop to four or five drilling rigs and approximately 25 workover rigs by June 2009.
Whiting also said it plans to spend $420.6 million in exploration and development activities in 2009.
Shares of the company closed at $33.70 Wednesday on the New York Stock Exchange.
