Whiting Petroleum Q2 Profit Beats Estimate

(RTTNews) - Whiting Petroleum Corp. (WLL) Wednesday reported second-quarter net income available to common shareholders of $134.7 million or $1.14 per share, compared to $150.6 million or $1.27 per share last year.

Excluding items, adjusted earnings for the quarter were $121.3 million or $1.02 per share, compared to $86.2 million or $0.73 per share a year ago.

The Denver-based oil and gas company reported quarterly revenues of $663.57 million, compared to $502.17 million in the comparable quarter last year.

On average, analysts polled by Thomson Reuters estimated earnings of $0.90 per share on revenues of $621.68 million for the quarter. Analysts' estimates typically exclude special items.

Production in the quarter totaled 8.5 million barrels of oil equivalent, or MMBOE, of which 87 percent were crude oil/natural gas liquids (NGLs). Second quarter production was up 15.7% over the second quarter 2012 average production rate of 80,700 barrels of oil equivalent, or BOE and up 18.3% excluding the production associated with the Postle field assets which were sold on July 15, 2013.