Whiting Loss Narrower Than Estimates, Sales Misses

(RTTNews) - Whiting Petroleum Corp (WLL) on Wednesday reported first-quarter net loss of $106 million or $0.63 per share compared with a profit of $109 million or $0.91 per share last year.

Excluding items, adjusted loss for the quarter was $0.23 per share compared with a profit of $1.05 per share a year ago.

Revenues for the quarter were $529.2 million compared with $740.2 million in the prior year.

Analysts polled by Thomson Reuters estimated a loss of $0.32 per share on revenues of $563.5 million for the quarter. Analysts' estimates typically exclude special items.

Whiting has been reducing rig count and well cost amid falling oil prices. During the quarter, the company's reazlized price slid 53% from a year ago to $37.97 per boe, while production rose 67% to 166.93 mboe/d.

For the second quarter, Whiting expects to produce 14.8 - 15.2 mmboe, and for the full year, 58.8 - 59.4 mmboe. The company plans full-year capital expenditure of $2 billion.

Whiting shares were losing $0.94 or 2.56% at $35.82 in after-hours trade on the NYSE.