Whiting Petroleum Results Top Estimate As Production Climbs

(RTTNews) - Whiting Petroleum Corp (WLL) Wednesday reported second-quarter net earnings of $151.4 million or $1.26 per share, compared with $134.7 million or $1.14 per share last year.

Excluding items, adjusted earnings for the quarter were $1.40 per share.

Revenue for the quarter was $835.6 million, compared with $663.6 million in the prior year.

Analysts polled by Thomson Reuters projected earnings of $1.28 per share on revenue of $798.3 million for the quarter. Analysts' estimates typically exclude special items.

Production for the quarter rose 18 percent year-over-year to 109,760 barrels of oil equivalent per day.

For the third quarter, Whiting expects to produce 10.50 mmboe to 10.90 mmboe ( million barrels of oil equivalent.)

For full year 2014, the company estimates production of 40.70 mmboe to 41.30 mmboe.

Whiting also raised its capital expenditure guidance for 2014 by $100 million to $2.8 billion.

Earlier this month, Whiting agreed to acquire Kodiak Oil & Gas in an all-stock deal valued at $6 billion, including net debt of $2.2 billion. The deal will create the largest Bakken shale and Three forks producer.